In the daily trading session of December 22, the price value of Bitcoin has claimed a high point of $623,600 over crypto trading sites. As per the claim of financial experts, the coming US Coronavirus stimulus package is the major reason for pushing the price value upward over the daily trading timeframe.
The market condition of cryptocurrency markets is in a perfect state as the top digital asset has tried to claim levels above $23,600, which lost in the previous all-time high rally.
Prominent crypto supporters believe the passing of the Coronavirus bill worth $900 billion on the part of the Congress will ignite the price tag to new levels. According to Tyler Winklevoss, the co-founder of the cryptocurrency exchange Gemini, Congress’s latest initiative to curb the effects of Coronavirus is a “$900 billion dollar advertisement for Bitcoin.”
The previous stimulus package made a clear impact on the price value of the flagship cryptocurrency. A lot of people injected their $1200 into digital products in anticipation to get profit over it. The US crypto exchange Coinbase reported deposits of the same $1200 as distributed among the Americans from the US government. The expected bill of Congress will allow more people to get diving into the crypto space.
On the other hand, some think the value’s destination under $20k is not an unnatural thing. “People are focused on $19,500 for now, and I think this is a very critical level to watch, but I would not be surprised if we dip below $19,500 towards $18,500 to liquidate all the people that have taken longs at that range,” Michaël van de Poppe stated.
Many Big Players in Crypto
Market analysts claim the coming institutional money started after the investment giant MicroStrategy invested in the flagship digital asset. But the recent revelation by MicroStrategy CEO Michael Saylor tells a different story.
In his talk at Funky Crypto Podcast, the CEO of the investment firm said the all-time bullish rally witnessed last week was not due to the purchase of BTC by MicroStrategy. “I was not a green candle. The green candles were other guys,” Saylor added.
Chief technology officer of Glassnode, Rafael Schultze-Kraft, claimed there are many big forces along with Grayscale and MicroStrategy who are interested in the top digital currency.
At press time, Bitcoin is trading at $23,390 after a slight increase of 1.81% over the last 24-hours.