It might not come out as shocking news to many people or investors as they already might have predicted this development, but to people who were waiting for the winds to change their course, it is great news that Bitcoin is finally moving up the price ladder. This development has made the cryptocurrency kind of pivot and rise in terms of value to about 6% in total, where it has finally settled for $58k from the original $54.9k price point.
The doubts that were flying around in the form of superstitions that Bitcoin is finally done for trading after a long time have disappeared, and investors and financial practitioners’ trust stand stronger and enlightened by this amazing price surge. The candlesticks of Bitcoin were getting thinner and thinner and more haphazard than ever before, taking its price down the plummet, but it has proved once more that no matter how hard the situation is going to be, Bitcoin will always deliver, at least at the moment.
Support of Financial Institutions on Social Media and Bitcoin’s Price Surge
Word of mouth matters more and becomes valid if it is coming from a genuine person or an enterprise, people might boast and share posts all day long about the success of Bitcoin and making predictions, but it will not have any effect on its price at the end of the day. But when it comes to people with influence and enterprises who are always in the spotlight, such as Elon Musk and his company Tesla or other financial advisors around the globe who have vouched for Bitcoin on various social media platforms, the story starts to get a little thick and before you know it, Bitcoin starts improving in terms of price.
It is only that around 25th March, Bitcoin did drop to a horrifying $50k price level, and the bullish trends seemed to be over, but then it did pick up the pace in the following days and managed to surge over the $58k level as of today. Other than that the banking institutions such as Visa have already started to facilitate their customers for making crypto payments over their platform, and it is entirely possible that MasterCard would do the same in time.