BTC Flirts With $50,000 During Valentine’s Day: Price Analysis

BTC flirts with $50,000 during Valentine’s day at the end of the week with the entire crypto market going wild as it reached a new ATH of $49,530 so let’s follow up on the data in today’s Bitcoin news.

In the meantime, the week leading to Valentine’s day, we got to see some quite eventful things with plenty of BTC-related announcements and news exploding over the internet. For example, Tesla’s CEO Elon Musk and DOGE supporter made ripples across the market by revealing a $1.5 billion investment in BTC. Right after that, the cryptocurrency surged from $38K to $44K and kept going higher.

Musk then was congratulated by Michael Saylor who is the CEO of Microstrategy, the popular business intelligence company that already invested over $1 billion in BTC:

 “Congratulations & thank you to [Elon Musk] Tesla on adding Bitcoin to their balance sheet.  The entire world will benefit from this leadership.”

Congratulations & thank you to @elonmusk & @Tesla on adding #Bitcoin to their balance sheet. The entire world will benefit from this leadership.https://t.co/FVTepBqAI2

— Michael Saylor (@michael_saylor) February 8, 2021

Wall Street Journal commenters, lambasted Musk for the investment saying that it will end badly for so many people but bitcoin’s price paid no attention to these naysayers. Shortly before that, the BTC blockchain was preparing to surge as its hash rate reached a new all-time high of 176 exahashes per second with the demand for the coin increasing. After Tesla’s revelation, other major traditional companies turned their eyes on BTC like Mastercard, which announced plans to add support for crypto assets to its network as Raj Dhamodharan who is the executive VP of digital asset products noted:

 “We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network.”

"There was a semi-annual town hall meeting last month where $JPM had to grapple with demand coming within from their own traders people who are actually looking at charts of #btc truly salivating at the volatility and the surge of this," says @Hugh_Son. pic.twitter.com/TE3CwTBhVl

— Squawk Box (@SquawkCNBC) February 12, 2021

Amazon on the other hand made no official statements but it then did post a few job listings for an “unrevealed” digital currency project in Mexico. JPMorgan and Morgan Stanley invested as well and consider adding BTC to their services because their traders are happy about the surge. At last, Twitter’s CEO Jack Dorsey and rapper Jay-Z announced they will launch a $24 million BTC trust which will focus on BTC development in India and Africa.

JAY-Z/@S_C_ and I are giving 500 BTC to a new endowment named ₿trust to fund #Bitcoin development, initially focused on teams in Africa & India. It‘ll be set up as a blind irrevocable trust, taking zero direction from us. We need 3 board members to start: https://t.co/L4mRBryMJe

— jack (@jack) February 12, 2021

It’s no wonder that BTC Flirts with $50,000 right at the end of this weekend so let’s brace for the next week and even more interesting events!