Bitcoin Bounces Back, Nears $50k As Wall Street Tech Rallies – Chainlink Soars 17%

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Bitcoin proved highly resilient in the face of so much negative reporting. After a weekend spent waiting to see indication from stock markets (which seem to move in tandem more and more with crypto), Monday provided a healthy bounce back from previous levels.

The week’s low of $44k looks like a distant memory at the time of writing as Bitcoin is trading at $49k again and looked like it was ready to try and reach the $50k. Most analysts agree that the $50k bar is paramount to work as support if the most famous cryptocurrency wants to attack higher ground.

At the moment, the top for this year has been set at $58k.

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Tesla bounces

Meanwhile the doom and gloom of last week seemed to subside during Monday’s session on stock markets as fears over treasury yields faded and the tech-heavy Nasdaq soared 3%.

Electric Vehicle maker Tesla, whose stock and prospects seem tied to Bitcoin according to investment bank Wedbush, had a much better day than it’s previous sessions.

By now, analysts agree that the rapidly growing prospects for electric-vehicle stocks like Tesla in particular show that the current price point could be justified.

In my opinion EV stocks could be up another 40- 50% this year, given what we’re seeing in terms of a green tidal wave globally.

Said Wedbush analyst Daniel Ives (who last week explained the Tesla – Bitcoin connection as well).

Calculation show that the EV-market would grow from $250 billion in global value last year to as much as $5 trillion by 2030, also helped by the bestselling book How to avoid a climate disaster by Microsoft founder Bill Gates.

The man has a great audience with Democratic lawmakers, who now control both the House and Senate, and will therefore push for lower taxation on EVs whilst driving Americans away from gas-guzzling SUVs.

Chainlink nears $30

The crypto market followed Bitcoin’s lead and in the broader top 10 of Coin of CoinMarketCap it was mostly all green. Especially the return of Chainlink was quite the feat. At the time of writing LINK is up 17% and nears $30 again.

It came after crypto lending firm BlockFi announced that it would allow Link Marines (the social media term for Chainlink supporters) to earn 5.5% APY (annual percentage yield) on LINK deposits.

For HODLers of LINK, a great opportunity to earn some interest on their holdings of course. Chainlink grew 500% in 2020 and is continuing on the same path this year, up some 125%.

Alex1-3 / Depositphotos.com