Finally, the eyes of the world are on Bitcoin. In the last 36 hours, the leading cryptocurrency has experienced a stunning rally that has taken it from $19,000 to as high as $23,800 on leading spot and futures exchanges.
Bitcoin is poised to move even higher, analysts say, as there are no technical resistance levels above the current price. This sustained rally has led to the eyes of the world being on Bitcoin and cryptocurrencies.
Mainstream media outlets such as CNN, Fox Business, and others are covering this rally. We are at a point where Bloomberg discussed BTC with one of the world’s leading asset managers yesterday – instead of covering live comments from Federal Reserve Chairman Jerome Powell.
Even Chinese state media has reported on this rally.
Chinese state media covers bitcoin rally
As noted by „Molly,“ a Chinese crypto insider, Chinese state television CCTV recently covered the bitcoin rally in a short segment that aired last night. CCTV is a state media channel watched by hundreds of millions of people in China.
The segment’s headline highlighted Bitcoin’s new all-time high and its remarkable 500 percent performance since the March 12 and 13 lows of $3,500.
CCTV appears to attribute this rally to the recent influx of Wall Street participants into the crypto asset space.
Just yesterday, a British investment firm confirmed that it has nearly $800 million worth of bitcoin on its balance sheets as it seeks to hedge its portfolio against a decline in the U.S. dollar and a drop in bond yields.
Previously, prominent Wall Street funds have announced their intention to buy Bitcoin as they also look to create a hedging position against these unprecedented macroeconomic times.
Bitcoin trending on Twitter
Bitcoin was trending on Twitter in Canada, the UK and some parts of the US. In some places, over 150,000 tweets were posted about the leading cryptocurrency in a 24-hour period, well above the norm.
Much of this engagement involved industry advocates and those watching Bitcoin expressing their excitement or confusion about the new all-time high.
The Bloomberg segment with Scott Minerd also went viral, as the Wall Street money manager was quoted as saying that BTC could reach $400,000 in the coming years.
It is interesting to note that aside from Twitter, there is not much attention on Bitcoin. Google Trends shows that overall interest in the search term „bitcoin“ in the U.S. is still less than 25 percent of the all-time high of $20,000 reached in 2017/2018.