Bitcoin once again just pierced past $50,000 for the second time in history. The first time was earlier today, which was when the cryptocurrency shot past $50,400 early Monday morning as MicroStrategy doubled down on its support for the leading digital asset.<\/p>\n
The cryptocurrency recently began to flirt with that milestone price level over the past 30 minutes, bouncing above and below $50,000.<\/p>\n
Bitcoin has yet to firmly establish a grip over $50,000, though may do so as the cryptocurrency sets a series of higher lows and higher highs.<\/p>\n
While Bitcoin is making an attempt to flip $50,000 into support, there are some concerns about macroeconomic trends.<\/p>\n
Mike Novogratz, the chief executive of Galaxy Digital, noted that 10-year rates in the U.S. sold off hard today. He elaborated that this may a potentially worrying sign for the leading digital asset:<\/p>\n
“Rates sold off hard today. Is it the beginning of something far bigger? All traders need to watch closely. Crypto is in a secular bull market. The adoption story is overshadowing the macro story. So gold and $BTC can go in opposite directions for a while.”<\/p><\/blockquote>\n
\nRates sold off hard today. Is it the beginning of something far bigger? All traders need to watch closely. Crypto is in a secular bull market. The adoption story is overshadowing the macro story. So gold and $BTC<\/a> can go in opposite directions for a while. https:\/\/t.co\/fJvqSTuRBh<\/a><\/p>\n
— Mike Novogratz (@novogratz) February 17, 2021<\/a><\/p><\/blockquote>\n