‘Stars align’ as bitcoin price hits $42,069 on 4/20

‘Stars align’ as bitcoin price hits $42,069 on 4/20
Two most memed numbers on the internet collide, sparking celebrations among crypto enthusiasts

The price of bitcoin hit $42,069 on Wednesday, marking a “signature meme event” for the cryptocyrrency.

The crypto’s value surged by 2 per cent on 20 April, on a day that has become a celebration of cannabis and meme culture. Combining the 4/20 number with another commonly memed number led to celebrations among crypto advocates across social media.

“The stars are aligning,” wrote one Twitter user.

Another wrote: “Ladies and gentlemen, we got him.”

It is still a long way off bitcoin’s all-time high of close to $69,000, which it reached last November, and is the inverse of the $69,420 price that meme lovers like Elon Musk have been hoping for.

One crypto commentator described this would-be record price as “the ultimate meme potential”.

After crashing from its all-time high last year, bitcoin began a steady recovery throughout the month of March before appearing to stall in April.

Market analysts have attributed the price swings to a number of factors, including geopoliticial crises, emerging regulation and the tightening of monetary policy in the US.

“The swinging price of [BTC] illustrates a tough market for crypto investors at the moment, who are watching risk assets get buffeted by current events – something that traditionally wasn’t such an issue,” Simon Peters, an analyst at the online trading platform eToro, said in a research note on Tuesday.

“But a cascade of events following the pandemic, including rising prices and interest rates, geopolitical trouble and other issues around the globle are conspiring to send investors toward ‘real’ assets such as commodities, including gold and others.”