Bitcoin re-writes the history once again!
Once again, Bitcoin just pierced past $50,000 for the second time now. The first time was earlier today when the cryptocurrency shot past $50,400 early last Monday morning as MicroStrategy doubled down on its support for the leading digital asset.
The cryptocurrency currently began to play with that milestone price level in the last 30 minutes, bouncing above and lower than $50,000.
Bitcoin has yet to firmly establish a grip over $50,000, although it may do so as the cryptocurrency sets a series of higher lows and higher highs.
Will the trouble in MacroTown Hurt Bitcoin?
While Bitcoin makes an attempt to get $50,000 into support, there are many concerns about macroeconomic trends.
The chief executive of Galaxy Digital, Mike Novogratz, highlighted that 10-year rates in the United States sold off really hard today. He explained that this could be a potentially worrying sign for the leading digital asset:
“Rates sold off hard today. Is it the beginning of something far bigger? All traders need to watch closely. Crypto is in a secular bull market. The adoption story is overshadowing the macro story. So gold and $BTC can go in opposite directions for a while.”
Notwithstanding this potential worrying side on the macro front, there is a strong support for Bitcoin on the institutional side.
MicroStrategy announced on Tuesday that it will raise 600 million by selling convertible senior notes, a type of corporate bond. Once the sale finishes, the $600 million raised can be converted into Bitcoin.
The firm purchased $650 million of the leading cryptocurrency in December after it did a similar raise in the past.
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