The overall market value of cryptocurrencies surpassed $2 trillion once more as bitcoin continued to rise as other cryptocurrencies such as Cardano, XRP, and Dogecoin climb.
According to CoinGecko, which tracks over 8,800 coins, the market worth of cryptocurrency increased to $2.06 trillion on Saturday. Bitcoin reached $48,152, its highest level since May 16, as it demonstrated staying power above its 200-day moving average.
“Bitcoin continues above its critical 200-day moving average,” Fundstrat strategists wrote in a note Friday.
The gains occurred despite the cryptocurrency industry’s failure to obtain a modification to crypto tax reporting standards in a U.S. infrastructure package, which left intact wording allowing extensive monitoring of virtual currencies in the measure passed by the Senate on Tuesday.
“The price of Bitcoin was surprisingly resilient in the wake of the news,” wrote NYDIG Global Head of Research Greg Cipolaro in a note dated Saturday. “We interpreted this price action as extremely bullish,” and, “We think the recognition of the crypto industry by lawmakers was ultimately a legitimizing event, one that should give investors comfort that this industry is here to stay”.
Recall that, Tesla has a $1.31 billion bitcoin stake. During the second quarter of the year, the company did not buy or sell any bitcoin.
According to Tesla’s second-quarter earnings release, this was the case. The company recorded a $23 million bitcoin-related impairment. Tesla did neither acquire or sell bitcoin in the second quarter; the company’s unaudited Q2 statement of cash flows, the lone cryptocurrency acquisition was the $1.5 billion BTC buy in Q1.