First time in history BTC price surpassed $20.000. Now it trades for around $20800. The leading cryptocurrency's hash rate has been displaying stability for several days.
Related: MassMutual invested $ 100 million in bitcoin
Crypto analytics firm Glassnode informs that along with this, the amount of liquidations of short positions on Binance has gone up to $94,293,438. The number of large institutions purchasing BTC has been growing lately. Among them are MicroStrategy, Square, PayPal, MassMutual, and Ruffer Investment. This factor sure played its role in the rate growth. Each of these companies has profited from purchasing bitcoin. The most benefited company became MicroStrategy, which made the purchase before the bull run started.
Another factor is the US dollar index fall.
In any case, there are certainly many challenges still to come for Bitcoin and other cryptocurrencies. But the fact that their impact on global finance is growing is undeniable. Cameron and Tyler Winklevoss even predicted Bitcoin is going to be worth more than $500,000 within the next 10 years.