Main navigation

Bitcoin Soars 1,000%, Inching Close to $62,000, Rising for Same Reason as Last Year

Mon, 03/15/2021 - 09:58
article image
Yuri Molchan
Over the weekend, Bitcoin came close to the $62,000 level, driven up by the same reason as last year and showing 1,000% growth since early 2020
Bitcoin Soars 1,000%, Inching Close to $62,000, Rising for Same Reason as Last Year
Cover image via
Read U.TODAY on
Google News

On Saturday, the global flagship cryptocurrency soared up to the $61,700 area, targeting $62,000 and setting a new all-time high.

By today, however, BTC has pulled back and is trading at the $57,600 level. Below is what has been pushing the world's largest crypto to the North since October 2020. Overall, since early 2020, Bitcoin has surged by approximately 1,000 percent.

U.S. stimulus measures are the key to BTC growth, $1.9 trillion has been approved

One of the major causes having a cumulative effect on the Bitcoin price in 2020 (aside from the growing interest coming from financial institutions and bullish reports from JP Morgan analysts) was money printing organized by the Fed and former U.S. president Donald Trump.

The ECB and the central banks of a few other major countries followed suit in implementing their quantitative easing programs on the population.

Last week, the U.S. Senate approved of another stimulus program for a mind-blowing 1.9 trillion USD. Stimulus checks, along with rising interest from major financial institutions, have again helped Bitcoin take a step upward and come close to the $62,000 level.

Many in the crypto community have assumed that, just as last year, many of the promised stimulus checks will be used by their owners to buy (more) Bitcoin.

Image via TradingView

India to Make Holding Bitcoin Illegal

Low exchange BTC balances

Besides, Bitcoin balances on exchanges have been low recently as financial institutions have been actively purchasing BTCincluding the dip when it dropped below the $50,000 level recently.

The son of famous Bitcoin hater Peter Schiff, Spencer, has converted his entire portfolio into Bitcoin, even selling his silver stocks to do so. MicroStrategy has also made a few BTC purchases recently, with the latest buy made on Friday of last week when it grabbed another $15 million worth of BTC.

Traders are taking profits

However, during the Asian session, Bitcoin saw a pullback toward the $57,000 level, where it is sitting at the moment as traders have been fixing their profits and withdrawing them.

The community remains optimistic, expecting Bitcoin to continue rising soon again.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at