NEW!Incredible offer for our exclusive subscribers! Read More

Bitcoin clips $58K as Dogecoin stalls and adoption news fuels bulls

1 Mins read

Bitcoin (BTC) touched $58,000 on May 6 as the latest phase of its comeback seemed to come at the expense of altcoins.


BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

Bitcoin claws back lost limelight

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD return to battle familiar resistance near old all-time highs on Thursday.

The move builds on strength from earlier in the week. As Cointelegraph reported, Wednesday saw $57,000 and 5% daily gains.

As analysts began to note, however, altcoins are facing increasing pressure from a newly-invigorated Bitcoin, which just days before had itself been left in the shade by their performance.

Thursday thus saw 4.4% growth on BTC/USD, while Binance Coin (BNB) and Dogecoin (DOGE), previously the week’s high flyers, were both flat.

Other altcoins did manage to deliver impressive returns and beat Bitcoin on the day, notably Cardano (ADA) and Bitcoin Cash (BCH), which were up 16% and 22% respectively at the time of writing.

“Good start of the day: both ETHUSD and BTC bouncing from the expected levels,” popular trader Crypto Ed summarized about the state of the market.

The largest cryptocurrency thus again faced final resistance beginning at just under $60,000.

BTC/USD buy and sell levels (Binance). Source: Material Indicators

Bank BTC adoption strikes a chord

Bitcoin had benefited from a major U.S. bank adoption announcement, which was followed by news that the largest e-commerce company in Latin America, MercadoLibre, had added $7.6 million of BTC to its balance sheet.

“As part of our treasury strategy this quarter we purchased $7.8 million in bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets,” a filing with U.S. regulator the Securities and Exchange Commission (SEC) confirmed.

There are now six companies with at least $11.4 million in Bitcoin on their balance sheets, corresponding to at least 8,027 BTC. MicroStrategy, which only entered the market last August, is still by far the largest player with over 91,000 BTC.

Related posts
AltcoinsBTCBusinessCryptoETHMiningNewsOtherStock collaborates with to offer Crypto services for its users

1 Mins read has collaborated with to give crypto gamblers with a top-tier exchange where they can deposit, sell, and even convert Crypto…
AltcoinsBTCBusinessCryptoETHOther staking platform with the best percentages or is it a temporary phenomenon?

1 Mins read
As it became known, tradex-wallet announced the announcement of a new staking program, rewards and large payouts for staking, the platform raffles…

Cryptwex & 15 More Crypto Exchanges Face Ire of South

2 Mins read
Sixteen international crypto exchanges. Including and the Mexican heavyweight MEXC. Have landed in hot water with financial regulators. For failing to comply with local guidelines….
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *