Bitcoin price reached nearly $58,000 for 1st time since Tesla stopped accepting payments
Bitcoin price has hit $57,000 for the first time since Tesla stopped accepting payments in the largest cryptocurrency. At the time of writing, BTC is changing hands at $57,383, 5% in the last 24 hours, up 21% in the previous seven days.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price passes $57,400 in a fresh surge toward February resistance
Bitcoin hit an intraday high of $57,448 on the Bitstamp exchange, with bulls currently in complete control of the market. On May 12, BTC attempted to retrace the $58,000 level, but Tesla’s decision to stop accepting BTC gave the bears the upper hand. The cryptocurrency fell more than 16% in just a few hours after CEO Elon Musk abruptly announced the suspension of payments and raised concerns about its carbon footprint.
At the “B-Word” conference in late July, Musk said that Tesla was likely to resume accepting Bitcoin payments, as AZCoin News reported. “Most likely, the answer is that Tesla would resume accepting Bitcoin,” the CEO stated. Bitcoin is up over 80% since that statement.
BTC/USD trails $57,000 after hitting $57,450 on Bitstamp – the best level since May 10. In doing so, Bitcoin has wholly eliminated the impact of the Chinese mining crash and effectively backed the hash rate around the world.
Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has taken to Twitter to spread the good news for the Bitcoin community again.
“Relative to rising US debt and tensions over a potential default, Bitcoin may be entering a unique phase for a 4Q price rise as markets gain trust in the coding that defines the crypto’s supply. The debt-ceiling drama may work against managers that avoid allocations to Bitcoin”, he tweeted.
Bitcoin supply vs. U.S. debt-to-GDP chart | Source: Mike McGlone/Twitter
Earlier this year, in September, McGlone claimed that Bitcoin was likely to make a significant price advance this year, fueled by its diminishing supply and spreading mainstream adoption.
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