Business - Market Data
Updated: March 09, 2021

Bitcoin Breaks Through To $54k After U.S Government Auctions Its Coins

By Oluwatosin Ogunjuyigbe
March 09, 2021
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Bitcoin had been consolidating at the $48k - $50k region for a while, but made a breakthrough in the early hours of Tuesday, reaching $54,000 for the first time since February 22 after reports of the U.S. government auctioning some bitcoin.

On Monday, The U.S. General Services Administration (GSA) announced that it will be auctioning 0.7501 Bitcoin worth around $38,000 at the day's current price. This indicated to investors that the government had a surplus of the token, as that is the usual reason it auctions off properties.

The auction is scheduled to hold from March 15 to 17 in Atlanta, Georgia, and is starting with an opening bid of $25,000.

Also, news about Norwegian oil billionaire Kjell Inge Rokke coming out in support of bitcoin, and his company Aker announcing its investment of half a billion Norwegian kroner ($58 million) into a new bitcoin company increased investor confidence in the token's long-term upside.

Bitcoin is up 6.7 percent as of reporting time today and is currently trading around $54,000 (N25,920,000).