Bitcoin is back near the $ 60,000 level after more positive events

Mohammed Abdelkhalik
April 1, 2021
Cryptocurrency trading

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Bitcoin Price Outlook – 2nd April 2021

Bitcoin has gained about 6.5% this week after a short correction over the past two weeks, as it approaches the $ 60,000 level following much positive news coming from major financial institutions.

The benchmark is trying to gain more bullish momentum on its way to the next resistance target of $ 65,000.

Goldman Sachs is the latest in Bitcoin embrace

Goldman Sachs has become the latest major financial player to enter the cryptosystem, and one of the world’s largest investment banks has said it will begin offering Bitcoin and other digital assets to its clients to meet the growing demand.

The head of the bank’s global digital assets, Mary Rich, said in an interview this week that the bank is working hard in cooperation with a specialized team to explore and find appropriate ways to provide an appropriate and thoughtful way to enter the encryption system and provide it to private wealth clients, and this is likely to be revealed soon. Rich added that the bank is receiving a very high demand for crypto assets.

BTCUSD chart - 1st April 2021

They see it as a good way to hedge against inflation risks, as the overall background over the past year has definitely played a role in that, and Mary Rich said that many people have come to see that we are witnessing a new digital era. That is why they are looking for ways to participate in digital currencies.

Cryptocurrency news comes just days after Visa and PayPal announced new cryptocurrency features to further accelerate the mass adoption of cryptocurrencies.

Crypto experts say that the adoption of digital currencies is increasing unexpectedly, as major financial institutions are constantly changing their approach to digital currencies and some have even invested in them.

Visa adopts cryptocurrencies

Last Monday, Visa announced that it would allow users to settle transactions using cryptocurrency in the US dollar on its payment network, confirming the increasing mainstream acceptance of digital currencies.

Visa launched the beta program in conjunction with crypto and payment platform and said it plans to offer the option to other partners later, too, in 2021.

The move comes after a number of major companies, including MasterCard, Tesla, and BNY Mellon, announced their support or investment in cryptocurrencies. Only last week, the electric car giant Tesla announced that its customers are now able to buy Tesla cars using currency. Bitcoin.

Previously, a customer who wanted to buy something with a Visa card had to convert the digital currency into paper money, said Coy Sheffield, head of Visa’s digital assets sector.

Visa news immediately sent the entire cryptocurrency market higher, with bitcoin rising more than 4% on Monday to trade above the $ 58,000 mark, and traders buying bitcoin are hoping for another bullish journey to reach new highs.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.