Bitcoin (BTC) responded with a $ 50,000 refund on February 24 amid more bullish comments from major investors.
Data from Cointelegraph and TradingView markets followed a 14% rise from Tuesday’s lows in the past 24 hours, and Bitcoin hit a local high of $ 51,278 on Bitstamp.
At the time of writing, $ 50,000 was focused on price as bulls continue to take responsibility for dictating new levels of support.
After falling 20% from all-time highs this week, the birth of Bitcoin was almost instantaneous with credible votes from various investment sources.
They included Cathy Wood, founder, CEO and CEO of Ark Investment Management, who said the recovery was a “healthy” sign given months of near vertical rally.
Speaking to Bloomberg, she said she is “very positive about Bitcoin and very happy to see the health correction here.”
The Bespoke Investment Group said in a blog about market conditions that the correction was in fact “relatively modest” even from the drop from $ 42,000 to $ 30,000 in January. In other Twitter comparisons, commentators pointed to the many and varied declines recorded during the March 2017, most of which exceeded 30%.
Wood: Ark is “very reassuring” about Tesla and Square purchases
Meanwhile, Wood did not share Bitcoin’s pessimistic view of large corporations trading for cash on their BTC balance sheets.
She told CNBC, “It has to mature a little bit before it can be widely adopted, but we’re very reassured that companies like Square and Tesla have gone into customization.”
Square significantly expanded its Bitcoin holdings this week, buying 3318 BTC for $ 170 million, in addition to its current stock of $ 50 million. An analyst added that Tesla should seek to “double” its commitment.
Wood also reiterated that if all US companies set aside 10% of bitcoin, the value of the cryptocurrency would be an additional $ 200,000.
Earlier this month, Cointelegraph reported the ARC data that Wood had cited in the form of a report on the potential impact on Bitcoin / USD from mass adoption by companies.