DailyCryptonews by cryptoborges - 07/02/2021

By Francisco Borges | CryptoNews by cryptoborges | 7 Feb 2021

Bitcoin - Consolidation Brings New Opportunities

For a few weeks, Bitcoin is consolidating between US$29,000 and US$40,000.

Technically, this looks like a consolidation before the rally will continue.

However, you need to understand that Bitcoin will have multiple 30-40% pullbacks on the way higher.

But Bitcoin is outperforming all other asset classes quite significantly.

And since Ethereum is trading at new all-time highs it's now time for an altcoin season.

Billionaires pushing crypto: Mexico’s third-richest person changes Twitter bio to include Bitcoin

Ricardo Salinas Pliego, chairman at conglomerate Grupo Salinas and Mexico’s third richest person, is plugging Bitcoin on social media.

Crypto Twitter users and some of Salinas' more than 840,000 followers reported noticing the change Saturday around the time the price of the crypto asset surged to more than $40,000 for the first time in 23 days.

Salinas revealed he had first purchased Bitcoin at $200 in 2013, later selling during the 2017 bull run when the price reached the $17,000s. He described the crypto asset as his “best investment ever.”

In November, Salinas said that 10% of his “liquid portfolio” is invested in BTC, with the remaining “in precious metals miners.”

Salinas is not the only billionaire using social media to push crypto recently. Today SpaceX CEO Elon Musk continued his push of the cryptocurrency Dogecoin.