Blockchain and Cryptocurrency: People, Culture and Tech
Bitcoin showed signs of life on February 3 as largest altcoin Ether made good on its bull run and beat all-time highs. While modest compared to previous volatility, Bitcoin’s uptick buoyed sentiment among traders who had waited patiently for the market to decide short-term direction.
With attention still on stocks and hedge funds’ decimation by retail investors, few factors were pointing to Bitcoin stealing the limelight. Even positive words from Elon Musk, who in an interview on Sunday said that he “supports Bitcoin” but has no opinion on altcoins, failed to rally the bulls.
Bitcoin has seen one of the more logic-defying weeks of its 12-year existence, and the trend seems far from over—what could be next? In as much a transformative week for sentiment as for the BTC price itself, Bitcoin has gone from plumbing monthly lows to setting its sights on new all-time highs.
Bitcoin took a back seat as commentators continued to focus on developments with U.S. stocks GameStop ($GME), AMC ($AMC) and others. As Modern Consensus reported, $GME shot onto the mainstream radar after a Reddit subreddit, r/Wallstreetbets, collectively boosted its price by 1,700% in just over two weeks. Bitcoin proponents were hoping that traders would use their gains to fuel a fresh rise in BTC/USD.
