The Bitcoin wave has boosted on the news of Microsoft and a New Zealand-based pension fund using the network. The first digital coin has bounced back after sustained losses. But the market seems to head for turbulence over the weekend.
After the sustained losses, the market seems to breathe again. Global crypto markets hit lows of $1.58 trillion yesterday at 4 pm UTC - the lowest number in nearly a month.
But the resistance was not long-lasting and markets appear to be in a recovery phase. The market cap is now creeping up and stands at $1.66 trillion.
Bitcoin price has gone back into the green at the time of writing, up 1.5%. The first cryptocurrency sank as low as $50,856 in the last 24 hours, according to CoinMarketCap. The value is currently in the mid $53,000.
On one side, Microsoft is deploying its decentralized identifier network on Bitcoin's main net. The project aims to help organizations and individuals to be identified online. Began four years back, the project allows traders to help organizations and individuals be identified online without having to rely on a third party.
While New Zealand pension fund KiwiSaver had invested 5% of its $350 million funds in bitcoin, it is keeping the market high.
Some $6 billion worth of contracts is expected to expire today. According to market analysts, a lead to a short squeeze is expected. While it's likely to push the prices up, short bettors are forced to buy Bitcoin to cover their losses.
Markets are heading into a frothy period as assets elsewhere are drawing investment away. As reported by ByBt, more than $2 billion is liquidated in Bitcoin futures markets. Which indicates that markets are getting tougher to navigate.
Lori Calvasina, RBC Capital Markets head of equity strategy, recently made a Statement: