The digital gold, Bitcoin, has gained bullish momentum once again by rising over 1.7 percent, and currently trading at $50,976 on Thursday, after surpassing the $50,000 mark. This recovery has put the largest cryptocurrency back on track after steep losses in the past week. Clearly, the bull is returning once again with more intensity. Bitcoin Bullish Momentum The prices of cryptocurrencies have always been volatile. The value plunged approximately 21 percent last week, while a surge of 11 percent is seen on Wednesday, as a bounce-back in global equities. From a technical prospect, fluctuations pointing to curl upward, giving signs of bitcoin bull run. On average, the digital coin is 13 percent up this week. Antoni Trenchev, managing partner and co-founder of Nexo, in London said “With the return of the stimulus fueling activities in the US and elsewhere – this is very good for scarce assets such as bitcoin.” Meanwhile, big names of investors are also backing crypto. It is reported that Billionaire hedge-fund Manager Marc Lasry and former US Commodity Futures Trading Commission Chairman, Christopher Giancarlo, have put their money in the crypto-asset. Increasing Adoption Of Bitcoin The adoption of Bitcoin and all other cryptocurrencies are growing at the fastest pace in history. From the latest, Gary Gensler, the nominee for Chairman of the US Securities and Exchange Commission, said “crypto markets are free of fraud and manipulation is a challenge for the agency.” Mr. Gensler served as a Commodity Futures Trading Commission (CFTC) Chairman during the Obama administration, is a strong advocate for digital assets. And has also served as a Senior Advisor to the MIT Media Lab Digital Currency Initiative. Another statement from John Wu, the President of blockchain technology firm Ava Labs added, “While the bitcoin market reacted quickly to his comments, Gensler was largely positive about bitcoin and cryptocurrencies,” “I’m hopeful the new administration will help foster innovation in blockchains, cryptocurrencies, and digital assets, instead of stifling it.”
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