Bitcoin (or ‘Electric Money’ As Michael Saylor Calls It) Breaks Above $45K

Republished By Plato

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On Sunday (August 8), the Bitcoin price broke above the $45,000 level for the first in nearly 12 weeks.

As you can see in the 3-month BTC-USD price chart below, on crypto exchange Coinbaase, the last time that the BTC price was above $45K was on May 18.

The Bitcoin price went over $45,000 around 06:25 UTC (on August 8). By 06:42 UTC, it had reached $45,304. Currently (as of 7:38 UTC on August 8), BTC-USD is trading around $45,086, up 4.22% in the past 24-hour period (and up nearly 30% in the past two weeks).

Yesterday, Michael J. Saylor, Co-Founder, Chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc. (NASDAQ: MSTR), called Bitcoin “electric money.”

Saylor also pointed out yesterday how Bitcoin has outperformed gold over the past 10 years.

For the year the return on #Bitcoin is 277% and the return on #Gold is -13.6%. Over the last decade the annual return on Bitcoin is 132% and the annual return on Gold is 0%.https://t.co/YdNg8ArSGC

— Michael Saylor⚡️ (@michael_saylor) August 7, 2021

Interestingly, according to funding rate data by Bybt, despite Bitcoin’s highly bullish recent price action, currently (as of 07:55 UTC on August 8), the funding rate for BTC-USD or BTC-USDT perpetual swaps across multiple derivatives exchanges averages only 0.01%. As Bybt explains, “positive funding rates suggests speculators are bullish and long traders pay funding to short traders” and “negative funding rates suggests speculators are bearish and short traders pay funding to long traders.”

Will Clemente was one of the crypto analysts who was encouraged by this data:

I like 43K BTC at 0.01% funding much better than 43K BTC at 0.2% funding in February.

— Will Clemente (@WClementeIII) August 7, 2021

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.