As the 2nd quarter begins for the year 2021, it has brought a bullish market for many digital currencies. Ethereum has set its eyes on the anticipated $3,500 mark, a benchmark yet to be achieved by the cryptocurrency. Currently, Ethereum is sitting comfortably above $3,200, which is the new all-time high for the coin set by ETH today on the 3rd of May. However, Bitcoin has begun correcting losses since it sets its direction for a price retest close to $60,000.
If one looks at the current movement in the market, all are indicating a bullish trend. However, Bitcoiners are optimistic for another spike in Bitcoin price as China’s leading E-commerce organization Alibaba is rumored to have invested an amount of $20 billion in the leading digital currency, Bitcoin.
Has Alibaba purchased $20 billion worth of Bitcoin?
The recent rumor circulating in the cryptocurrency community is about Alibaba collecting a significant portion of Bitcoin for its company. The reason deemed for buying such a significant amount of bitcoin is to have a first-mover advantage as later on Bitcoin market may be congested with institutions. The rumors started circulating just as the announcement was made that in few days, Alibaba is set to release its earnings report for the first quarter of 2021.
Alibaba announced that it would release its Q1 financial results on May 13th. At 7:30 Hong Kong time, a conference call is scheduled in which executives will discuss the prior released financial results.
Similar to many other financial reports, it will consist of large numbers of sums that will represent the general growth of the company over the first quarter of 2021. Here comes the Bitcoiners community, who expect the company will list its purchases of Bitcoin given the condition the circulating rumors are accurate and if the buying of Bitcoin was even made in the first quarter.
Officially no source has claimed the rumor to be true. However, significant players from the cryptocurrency community did possess few things to talk about.
Nikita Sachdev, a crypto enthusiast, spoke about him hearing a rumor about Alibaba buying Bitcoin worth $20 billion. Following a similar trend, Ran Neuner of CNBC tweeted in an intriguing way which some can say fortifies the rumors circulating are true.
The rumors may indicate that Alibaba might have bought Bitcoin. However, one cannot withdraw Jack Ma’s comment lightly as he expressed his feeling about how Bitcoin is a bubble. Nevertheless, we have seen in the past how JPMorgan and other mainstream institutions proposed Bitcoin-related amenities to their users, even though the executives of those firms have not been so fond of the digital asset.