Cryptocurrency supporters celebrate the return of Bit with memes…

Bloomberg — It’s no secret that the digital asset market loves memes. And that became more than apparent on Monday when cryptocurrency devotees took it upon themselves to widely announce that Bitcoin had reached $50,000 for the first time in more than two years.

After a “crypto winter” that caused skeptics to question the long-term viability of digital assets, many Bitcoin supporters took to social media platform X to make their case.

The digital asset market has had a difficult few years ahead of its recovery, fueled by optimism that Bitcoin exchange-traded funds would lead to widespread adoption and growing demand for cryptocurrencies. Bitcoin’s value has tripled since the start of last year, recovering from a 64% plunge in 2022. the current price is still below its all-time high of nearly $69,000. achieved in November 2021.

It’s no surprise that many memes celebrating the $50,000 price milestone convey a sense of vindication after all the industry problems that have damaged the image of cryptocurrencies.

Another factor that could have contributed to the rise in Bitcoin prices is the Chinese Lunar New Year, as many traders in the Asia-Pacific region are taking time off this week to spend time with family and friends to celebrate the holiday. Markets with less participation and trading volume are generally more prone to more volatile price movements. This may help explain some of the surprising reactions to X.

Cryptocurrency exchange accounts have also become major producers of Bitcoin price memes, with Deribit and Kraken offering ideas that are sometimes not very funny.

Read more at Bloomberg.com.