ZB Academy:Bitcoin price set its biggest weekly increase in 20 months last week

Calculating from last Monday, the price of Bitcoin has risen by 23%, marking the biggest weekly increase since April 2019. In the past five years, there have been only nine single-week increases in Bitcoin prices than this week. As the new trading week begins, according to ZB.com’s official market data, the opening price of Bitcoin is around $23,600, which is about 3% higher than the closing price last Friday. The weekly strong performance of Bitcoin prices is closely related to the new round of Bitcoin investment activities by institutional investors.

According to the official market data of ZB.com, the price of Bitcoin is currently reported at $23,694, a 24-hour increase of 1.06%, and the highest 24-hour price is $24,295.

On the 19th, according to a report by Business Standard, Christopher Wood, head of global equity strategy at Jefferies, a well-known investment company, reduced his gold holdings for the first time in many years and switched to holding bitcoins. Wood will reduce the gold position in his dollar-based long-term pension fund allocation from 50% to 45%, and then increase Bitcoin by 5%. Although Wood is still bullish on gold, he said that if this cryptocurrency falls sharply, he will increase his holdings of more bitcoins. Wood had previously avoided investing in Bitcoin out of fear of hackers, and because Bitcoin is sometimes used for evil purposes, Bitcoin may be declared illegal. The rest of the fund’s distribution is 30% of Asian (except Japan) stocks and 20% of non-hedged gold mining stocks.

On the 20th, multi-millionaire Andrew Wilkinson, co-founder of the technology holding group Tiny Capital, triggered a small-scale debate on Bitcoin on Twitter. The reason is that Wilkinson raised a small question about Bitcoin, which triggered a large number of responses from netizens on Twitter, mainly trying to convince Wilkinson that Bitcoin is the future of finance and a better version of gold. On Monday, Wilkinson’s company WeCommerce Holdings Ltd. will be listed on the TSX Venture Exchange. The company started and invested in companies that provide services for the Shopify platform. And billionaire Bill Ackman is also an investor in WeCommerce. Given that Wilkinson is swift and can acquire a company in a few days instead of the usual months, if he believes that buying Bitcoin is reasonable, then it is worth paying close attention to what he will do.

The Cash App, the payment giant Square’s cash transfer app, now allows customers to withdraw bitcoins in every transaction. Before that, Cash App only allowed customers to get back U.S. dollars in transactions. In November last year, Square stated in the company’s third-quarter financial report that Cash App generated $1.63 billion in Bitcoin revenue, an 11-fold increase over the same period last year. Cash App’s move not only signifies that more and more people are accepting Bitcoin, it also means that the importance of Bitcoin to Cash App and its parent company is increasing. This may also be a step ahead of rival PayPal. According to previous reports, the cryptocurrency lending company BlockFi announced a partnership with Visa to launch a credit card with Bitcoin in early 2021. The upgrade of Cash App is the latest move in the continued development trend of Bitcoin-supported reward products.

In addition, related industry developments include Scott Minerd, chief investment officer of Guggenheim Partners, who stated that his company’s analysis shows that the value of Bitcoin should be $400,000 and that Goldman Sachs was selected as the person in charge of Coinbase’s public offering.

According to data from ZB.com, Bitcoin has risen 226% so far this year.

About ZB Group

ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.

ZB Group also includes ZBG the innovative crypto trading platform, and BW.com, the world’s first mining-pool based exchange. Other holdings include wallet leader BitBank, as well as exchange brands ZBM, ZBX and Korea’s Bithi.

Industry intelligence and standards are headed by the recently launched ZB Nexus who embody the core values of ZB Group and open-source their reports and analysis for the public.

Learn more about ZB Group by visiting www.zb.com.

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The world’s leading cryptocurrency exchange: www.zb.com. ZB Academy is to provide prefessional blockchain insights.