Bitcoin Bubble: Why It’s Different Than Past Bubbles?

Compare the current growth of the cryptocurrency market with other financial bubbles, recent bitcoin price and market capitalization stats Greetings {NAME}, COVID-19 continues to shape the global economy. With the introduction of $14 trillion of pandemic stimulus globally and extremely low interest rates, investors are taking on more risk. As a result, we are seeing unprecedented growth in retail investing, historic stock market and gold price values, and a surge in demand for cryptocurrency. Last week, Bitcoin market capitalization broke $1 trillion fueled by support from large firms and institutional investors. Read on about how this cryptocurrency bubble may be different from the bubbles of the past. Get involved! Send us your feedback at DataDriven@knoema.com. From the Headlines - Investors' expectations for an economic recovery cautiously suggest a decline in [gold prices]( in 2021. - The rise in commodity prices over the past three months has led experts to speculate about the beginning of a new "[supercycle](. - Extreme winter weather hits [US Texas energy markets](. Snowflake Data Marketplace Challenge Participate in the [Snowflake Data Marketplace Challenge]( and gain access to Knoema data to drive value for your business! Submit your entry by March 16, 2021. Alt Data+ Insights [DataPulse]( specializes in enterprise adoption data & associated predictive insights for cloud-based offerings. All datasets are census level (not sample reliant) & global in scope. DataPulse uses a global network of sensors consisting of owned and partnered sources to collect data on Internet infrastructure usage by specific tech businesses. [Trade Data Monitor, Inc]( is the world’s top supplier of trade statistics to governments, corporations, manufacturers, law firms, trade associations and international organizations on six continents. TDM collects monthly import and export statistics from customs agencies, statistics institutes and other sources in over 110 countries, then uses proprietary software to assemble, organize, and publish the data in user-friendly charts. Data Driven Stories The price of Bitcoin surged to $55k+ this week for the first time in history as large firms such as Tesla, PayPal, Mastercard, and BNY Mellon as well as major investment banks including JPMorgan, Goldman Sachs, and Morgan Stanley showed support for cryptocurrencies. [Read more](. During the last five months, the price of Bitcoin increased more than five times - from $10k to $50k+ with the global cryptocurrency market capitalization topping $1.7 trillion. When it comes to traditional assets, such a rapid rise in the value of an asset may indicate the emergence of a financial bubble. But, what about cryptocurrencies? [Read more](. Despite slack in recent economic indicators, stock market indices are showing growth and breaking records. For example, the index of companies with the largest capitalization, S&P 500, and the smallest, Russell 2000, have both achieved before-corona-crisis values for about half a year in 2020. Following the Global Financial Crisis in 2008, these two indices required a few years to achieve similar results. [Read more](. New Data at Knoema [Blockchain](. The world’s most popular crypto currency, Bitcoin, hit a market capitalization of [US $1 trillion on 19th February 2021]( signaling the acceptance of the currency among investors around the world. [Investing.com](. The world’s most popular crypto currency, Bitcoin’s price tumbled below the mark of [US $50k on 23rd February]( as U.S. Treasury Secretary Janet Yellen and Tesla CEO Elon Musk raised concerns about sudden price rise. This was the highest plunge in recent time with 10.4% fall in day-to-day trade. Interested in what Knoema can do for your organization? [Get on a call]( Insights Around the Web [STATISTA](. Nigeria has become a leading example of cryptocurrency adoption, with 32% of Nigerians either using or owning cryptocurrency. Cryptocurrency has become popular as a less expensive solution to sending money across borders. [Coin ATM Radar](. As the cryptocurrency becomes mainstream, bitcoin ATMs are becoming more common. As of the end of February 2021, there were over 16 thousand cryptocurrency ATMs located in 75 countries worldwide. 80% of all cryptocurrency ATMs are located across the United States. [University of Cambridge](. Global bitcoin mining consumes around 123 terawatt-hours of electricity annually. If Bitcoin was a country it would be in the top 30 energy users worldwide surpassing electricity consumption in such countries as Norway, Argentina and Netherlands. Stay well. Charles Poliacof CEO, Knoema [knoema.com]( [Twitter]( [Facebook]( [Website]( Copyright © 2021 Knoema. All rights reserved. You are receiving this email because you are a registered Knoema user. Our mailing address is: Knoema 31 East 32nd Street 4th FloorNew York, NY 10016 [Add us to your address book]( Want to change how you receive these emails? You can [update your preferences]( or [unsubscribe from this list](.