After undergoing a correction yesterday, Bitcoin’s price surged to $50K on major crypto exchanges like Binance, Huobi and Bitfinex. Bitcoin futures has already reached the 50K mark as Bitcoin gains increased interest following Tesla’s $1.5 billion endorsement. Currently, the Bitcoin market cap has reached $920 billion and may soon exceed $1 trillion.
According to Cryptoquant CEO, Bitcoin’s ascent to $50K is a war between Coinbase whales, who trade Bitcoin mainly with USD, and stablecoin whales, who trade with USDT. While Binance has been pushing Bitcoin’s price up, Coinbase Premium is not doing the same. As institutional investors typically use Coinbase, this reflects that they are not quite confident in Bitcoin’s price movement above 50K. At the time of writing, Bitcoin has pulled back from its all-time high of $50K, trading at $48,964.39.
What you should know about Bitcoin
1. One of the biggest events pushing Bitcoin’s price higher is…