Bitcoin (BTC), the largest-cap cryptocurrency on the market, crossed $ 60,000 and managed to break resistance around $ 58,000 over the weekend. The crypto, hours after exceeding said barrier and reached the record of $ 61,683.86, according to CoinDesk.
The new record is contextualized after a period of declines and consolidation, after a turbulent February that, since the middle of the month, BTC has managed to advance between new highs.
The new highs can be attributed to some reasons, among them the advance of institutional investment and the support that cryptocurrencies have begun to receive in a certain way due to the attractiveness of their returns. However, the new high follows the enactment of Joe Biden’s US $ 1.9 trillion fiscal stimulus program and speculation about inflation.
The volatility of cryptos is reflected once again in the effect produced by the media announcements around the regulation of cryptos.
The Government and the Central Bank of India, took a turn in the position towards them after attempts to prohibit cryptos due to the risk of money laundering and destabilization of the markets. They affirmed in the last hours that they plan with legislation in between, to regulate the circulation and use of cryptos.
Although specialists argue that this decision should not have major impacts, the truth is that this announcement and the decline in the yields of the US Treasury bonds this Monday, has contracted the prices of BTC.
BTC is currently trading at $ 56,598 USD and ETH at $ 1,783 USD. ETH posted losses from $ 1,892 USD.