Bitcoin prices are flying on Monday, up more than 10% to records.
In fact, the entire cryptocurrency space is moving higher, with etherium, bitcoin cash and others rallying as well.
Helping jolt the group higher is Tesla (TSLA) – Get Report. The company bought $1.5 billion of bitcoin, according to a recent Securities and Exchange Commission filing.
This follows MicroStrategy’s (MSTR) – Get Report decision to begin buying gobs of bitcoin in late 2020, a move that has paid off incredibly well for the company.
With hedge funds, reputable traders like Paul Tudor Jones and now companies like Tesla getting involved in bitcoin, investors are wondering how much potential the crypto industry could have. Read more…..
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If Bitcoin retraces $20,000 and falls below that key support level, then “something is wrong” said Florian Grummes, managing director of Midas Touch Consulting.
