It’s been exactly a year since Bitcoin (BTC) faced one of the biggest crashes in its history plummeting 50% on this very same day March 12, 2020. The COVID-19 pandemic fears sent jitters across the global stock markets as well as the crypto market.
Following it, Bitcoin (BTC) touched an hourly low of $4,130 on March 12, 2020 crashing all the way from $7,900+ levels in a single day. That day goes into the history books of Bitcoin as a Black Thursday. While some crypto critics also called it the death of Bitcoin (BTC), it has rather emerged much stronger a year later. BTC is now the first-trillion cryptocurrency and among the top-ten valued assets in the world.
Since the low levels, Bitcoin has surged a massive 1200% till now and is currently trading close to its all-time high of $58,000 levels. At press time, BTC is trading at a price of $57,041 with a market cap of $1064 billion.
Bitcoin’s Institutional And Corporate Backing
The last year’s phenomenal Bitcoin (BTC) journey has been backed by strong institutional and corporate interest in Bitcoin picking up over the last few months. Of course, we cannot forget those retail players who have been through the thick and thin of this journey. But massive institutional and corporate capital has helped to catapult things to the next level.
Business intelligence firm MicroStrategy has been one of the key drivers in raising the institutional bar for BTC. On Friday, it announced a fresh purchase of another $15 million worth of Bitcoins. So far, MicroStrategy has poured over %2 billion in Bitcoin investments.
MicroStrategy has purchased an additional ~262 bitcoins for ~$15.0 million in cash at an average price of ~$57,146 per #bitcoin. As of 3/12/2021, we #hodl ~91,326 bitcoins acquired for ~$2.211 billion at an average price of ~$24,214 per bitcoin. $MSTRhttps://t.co/QIQP30rv2q
— Michael Saylor (@michael_saylor) March 12, 2021
Last month, electric-vehicle and automobile giant Tesla announced that it purchased $1.5 billion worth of Bitcoin exposing nearly 8% of its cash reserves to BTC. Post that a number of big corporates from Asia and Europe joined the bandwagon. Commenting on the recent price movement for Bitcoin, Matt Blom, global head of sales trading at EQUOS, told Bloomberg:
“The bears’ last stand is the $57,800 level, and it looks like we might be seeing that battle play out before the week is over. On the downside, continued selling above $57,000 will see us slip back toward $56,620 and potentially $55,000. Any move below here will be supported by dip-buying bulls and dip-buying bears alike.”