Bitcoin regains $51,000 Binance Research: The core factors of the bull market have not changed

At noon on May 13, Bitcoin returned to $51,000 per coin, up 3.27% on the day. After Tesla suspended Bitcoin payments yesterday, Bitcoin fell below the $46,000 mark, and then quickly rebounded back above $50,000.

Binance Research Institute said that Tesla suspended Bitcoin payments today. This news has severely hit investor confidence. With the boost of high leverage in the bull market, Bitcoin has fallen sharply this time. We believe that investors should not exaggerate the impact of this incident. First of all, Tesla only suspended the use of Bitcoin as a means of purchasing cars, and promised not to sell the Bitcoin it holds. The fact that mainstream institutions have begun to allocate Bitcoin assets is the core factor of this bull market. Tesla is one of the representatives. Whether to accept Bitcoin as a payment method is more formal than substantial. In addition, the statement also pointed out that as Bitcoin mining turns to clean energy, Tesla will use Bitcoin as a means of transfer in the future. Tesla itself is also involved in the field of clean energy, which leaves room for imagination for its future turn.

It is worth noting that, in addition to the impact of Tesla's announcement, Bitcoin has been weak compared to other mainstream crypto assets in the past week. This is because a large amount of speculative funds have poured in. These hot money have little interest in Bitcoin, which has risen too much, and have turned to crazy speculation on "air coins" with low unit prices and small increases. Many "animal coins" are representatives of this. Another important event yesterday was that Ethereum founder Vitalik sold and donated many animal coins, causing them to fall sharply. These irrationally rising air coins are extremely risky, and investors need to pay attention to the risks.