Bitcoin epic rally in February

February was a record-breaking month for the world’s most popular currency. Bitcoin’s price jumped more than 50% to hit a $1 trillion market cap and smashed above the $58,000-level.
The month also saw heavyweight institutions such as Tesla and Mastercard embrace the cryptocurrency, while MicroStrategy reinforced its support for bitcoin by adding to its existing pile.

February 1

A European Central Bank governing council sounded an alarm for bitcoin investors. “If people want to invest in bitcoin, they have to be prepared to lose all their money – that’s certainly my view,” said Gabriel Makhlouf, a governing council member of the ECB.

In other words, the ECB wants to get on the Bitcoin train so severely; they are preparing to start a digital Euro soon. In that case, we will be all losing our money then; by the way, I am just gossiping!!!

February 5

Bitcoin should trade lower after the ECB governing council statement, but instead, it rose as high as $38,346 briefly then bounced back below $37,000 later in the day. 

February 8

Once the Electro Automaker Tesla announced, it invested $1.5 billion in bitcoin; the price went up 16% to a record $44,795. At the same time, Tesla also unveiled plans to accept the cryptocurrency as payment soon. 

A day later, Bitcoin’s price soared above $48,000 for the first time, riding the rally sparked by the Tesla announcement. Truly Tesla is a believer in new technologies and advancement, maybe because they have been in the same situation before when many said Elektro vehicle wouldn’t work and succeed, just gossiping!!! 

February 10

The ECB’s Christine Lagarde said she does not consider bitcoin a real currency and will not hold it as reserve currency anytime soon. “It’s improbable – I would say it’s out of the question,” Lagarde said.

She means the ECB will eventually hold Bitcoin as a reserve, just not at the moment. We are more into starting our digital Euro to ultimately replace Bitcoin because we will control the digital Euro better.

US Treasury Secretary Janet Yellen also criticized bitcoin. “I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism,” she said.

Bitcoin hasn’t even escaped criticism from a US Treasury Secretary. Bitcoin is here to stay; it’s not money, but the Technology behind it will revolutionize the financial system as we know. “It has been used to launder the profits of online drug traffickers”, but can Dollar and Euro used for drug trafficking and money laundering? I am just asking. 

February 11

Mastercard announced that it would begin allowing customers to use some cryptocurrencies on its network later this year. “We are preparing right now for the future of crypto and payments,” Raj Dhamodharan, executive vice president of digital asset products, said in a blog.

America’s oldest bank also revealed plans to issue, hold, and transfer clients’ bitcoin. Bank of New York Mellon said it would soon allow digital currencies to be treated the same as traditional investments. 

Bitcoin surged to an intraday high of $48,364 following continued buy-in from significant players. The second time the world’s most popular cryptocurrency blew past the $48,000-mark in one week.

Elon Musk posted a vague tweet with an image of a ring with bitcoin’s logo earlier in the day.

February 12

Twitter CEO and a longtime bitcoin advocate Jack Dorsey announced a partnership with Jay-Z to start a bitcoin endowment that will focus on developing the cryptocurrency in India and Africa. “It’ll be set up as a blind irrevocable trust, taking zero direction from us,” Dorsey said.

On the same day, Andrew Yang said he would make New York City a hub for bitcoin if elected mayor. “As mayor of NYC – the world’s financial capital – I would invest in making the city a hub for BTC and other cryptocurrencies,” the former presidential candidate said in a tweet.

February 13

BitPay floated the possibility of its bitcoin cards being added to their Apple Wallet, giving cryptocurrency holders a new way to spend via Apple Pay. “We have thousands of BitPay Wallet app customers using the BitPay Card who are always looking for new places and ways to spend their crypto,” said Stephen Pair, CEO of BitPay.

February 16

Bitcoin jumped above $50,000 for the first time, bringing its year-to-date gain to 74%. The cryptocurrency rose nearly 5%, to $50,547. 

February 17

Bitcoin hit another record high, climbing above $51,700 for the first time and bringing its market capitalization close to $1 trillion.

MicroStrategy increased its convertible debt offering from $600 million to $1 billion. The software technology company owned nearly 71,000 bitcoin to date since it began purchasing bitcoin last summer. 

February 18

Bitcoin continued its rally to just above $52,600.

February 19

Bitcoin cracked the $1 trillion market capitalization threshold, joining the ranks of companies like Apple, Tesla, and Microsoft and shrugging off speculation concerns.

The digital coin traded at $53,038 as of 10:10 a.m. ET, having risen around 1.9% over the previous 24 hours. 

North America’s first bitcoin ETF, the Purpose Bitcoin ETF (BTCC), began trading. 

February 21

Bitcoin hit its highest record to date on a quiet Sunday, jumping to $58,640, according to cryptocurrency tracker CoinGecko. It soon slumped back below $57,000.

February 22

Bitcoin tumbled 7% to below $48,000. A chorus of bears decried the cryptocurrency’s volatility. 

February 23

Bitcoin extends its losses for a second day, tumbling by as much as 18%, to $45,000. 

Later in the day, payments company Square announced it bought more bitcoin, adding 3,318 coins at an aggregate purchase price of $170 million. The payments company now owns 8,027 bitcoins, representing about 5% of its total cash. 

February 24

MicroStrategy doubles down on its bitcoin optimism. CEO Michael Saylor announced on Twitter that his company purchased an additional 19,452 bitcoins for an estimated $1.026 billion in cash at an average price of $52,765 per coin. As of this day, MicroStrategy owns 90,531 bitcoins.

February 26

Bitcoin tumbled as much as 11% to as low as $44,200 Friday morning before regaining some ground, trading at $46.989 on March 1 st.

Bitcoin is here to stay; it’s not money, but the Technology behind it will revolutionize the financial system as we know. The central banks are not ready, but they are preparing digital currencies too; the Chinese central bank had given already 200 digital yuan away for free in four cities last year. Next will be the digital Dollar and Euro. The question is: can Dollar and Euro be used for drug trafficking and money laundering? I am just asking.