Bitcoin broke through 50000 US dollars / piece, and its total market value surpassed Tencent. Several big data revealed the driving force of the rise

Bitcoin crossed another milestone, breaking the $50000 mark for the first time. Photo source: according to real-time data from Wall Street, bitcoin hit a peak of $50448 on the 16th, with a market value of $940 billion, and then prices fell. As of 9:46 on the 17th, bitcoin was reported at $49358.3. In addition, according to bitcoin home.com, 67492 people burst into positions in 24 hours of digital currency throughout the network, and more than 3.5 billion yuan of funds “disappeared in smoke”. Among them, the amount of bitcoin explosion exceeded 2.3 billion yuan. In terms of market value, bitcoin ranks sixth in the global list of Listed Companies in terms of market value, and its total market value exceeds Tencent holdings. As of press release, the current market value of Tencent holdings is $912 billion, and the total market value of bitcoin is $916.8 billion. Several key data reveal the driving force behind bitcoin’s record price. Trend chart of defi lock up volume and market value: Recent bitcoin long short position ratio: Bitcoin two year Ma multiplier index: Change trend chart of gray trust position: gray bitcoin trust position represents the number of BTCs held in BTC trust funds issued by grayscale trust. As the first cryptocurrency investment tool reported to the SEC, the position of gray trust reflects the capital level of traditional institutional funds entering cryptocurrency to some extent. Source: daily economic news from Wall Street, bitcoin home

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