close
News

Bitcoin Jumps to Record High

All the content, images, articles, posts, pages written and published by https://simplebitcoinnews.com are not financial advice but opinions of the crypto community and are only for educational or entertainment purposes.

Bitcoin climbed to a record, taking less than three years to replicate the euphoric ascent that catapulted the cryptocurrency into the mainstream consciousness.

The world’s largest digital-asset rallied as much as 8.7% to $19,857.03 Monday, pushing this year’s surge to more than 170%, according to data compiled by Bloomberg. It traded at a few cents for several years after its late 2008 launch by an unknown software developer in the wake of the global financial crash. Shares of companies with exposure to cryptocurrencies also jumped, with Marathon Patent Group Inc. and Riot Blockchain Inc. each rising at least 22%. MicroStrategy Inc., a software company that has been buying Bitcoin, added 20%.

“Bitcoin’s moment has arrived,” said Guy Hirsch, managing director for the U.S. at the trading platform eToro, who cited institutional involvement as one of the reasons for its recent advance. “This rally could still have quite a ways to go.”

For Bitcoin and its fans, it’s a momentous occasion in a decade-long life cycle marked by bouts of extreme volatility. The token hit a previous high of $19,511 in December 2017 amid widespread elation, only to lose 70% over the course of the following year.

In some ways, 2020 proved fertile grounds for Bitcoin’s comeback, with global central banks driving borrowing rates to record lows and providing extraordinary stimulus because of the Covid-19 pandemic.

Proponents have seized on the money-printing narrative to promote the notion that Bitcoin is a store of wealth even though inflation remains mostly muted. Still, prominent investors including Paul Tudor Jones said they’ve bought the cryptocurrency as a hedge against central bank and government actions.

Even with the latest price surge, the ownership of Bitcoin remains concentrated in the hands of a small number of investors who were some of the earliest adopters. About 2% of the anonymous ownership accounts that can be tracked on the cryptocurrency’s blockchain control 95% of the digital asset, according to researcher Flipside Crypto.

With the eye-popping gains, traditional financial firms have sought to capitalize on increasing institutional demand, with Fidelity Investments launching a Bitcoin fund earlier this year. PayPal Holdings Inc.’s decision in October to allow customers to use cryptocurrencies was seen as opening it up to an even wider audience.

Stocks exposed to cryptocurrencies have soared this month
“You now have numerous ways for institutional investors to get exposure to crypto using regulated exchanges or instruments they are comfortable with,” said Henri Arslanian, PwC Global Crypto Leader. “Most of these did not exist in 2017.”

Bitcoin remains highly volatile. It has posted an average daily move of 2.7% this year, according to data compiled by Bloomberg. That compares with swings of 0.9% for the price of gold, which is sometimes contrasted with digital assets and also hit a record in 2020.

That volatility was on display during the week encompassing the Thanksgiving holiday, during which the coin got within $7 of its previous high only to lose $3,000 within a two-day span.

Matt Maley, chief market strategist at Miller Tabak + Co., says it could reach as high as $22,000 before it tops out for a while. Technical indicators show it’s gotten overbought, meaning it could soon pull back. Any drawdown could be swift but, he says, “it is very unlikely that it will be anywhere near as big as the 2018 decline.”

Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm

Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.

To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app.

Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30

Connect with us on…
YouTube: https://www.youtube.com/user/Bloomberg
Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews
Twitter: https://twitter.com/quicktake
Facebook: https://www.facebook.com/quicktake
Instagram: https://www.instagram.com/quicktake

Cryptocurrency trading/investing involves substantial risk of loss and clients may or may not lose more than their original investment. Any content on https://simplebitcoinnews.com should not be relied upon as advice or construed as providing recommendations of any kind.

Are you are interested in trading bitcoin?

Keep Your Crypto Safe! ?

6 Comments

  1. Seen a lot of comments about this great mining team ON telegram @ankitfadia_1. They're amazing and awesome miner. You can always trust them I just got 3.2BTC within a few minutes ago today so it's real and legit 100%, you can also reach him ON telegram for rich circle..

  2. I’m forever grateful to ankitfadia_1 on telegram for saving me with the 2.5BTC worth of $37,000 i just received from him when I lost it all. I was almost thrown out of my apartment and broke but I met him and he’s a lifesaver. You can contact ankitfadia_1 on telegram cause it even work all over the world and live your life as good as mine. Trust me this software is a magic and it's real and legit

  3. Unchained Capital, a bitcoin-focused financial services company released its HODL Waves metrics today, which shows that bitcoiners moved 185,000 dormant coins (approximately 1% of the total BTC supply) during the month of November, and Bitcoin price rallied from $13,700 to nearly $20,000 in November, the recent numbers indicate that the non-active BTC addresses are moving to take advantage of the price jump. A similar trend was spotted in coins that have not moved for the last two to three years with all this happening in the crypto business I will advise you invest in this and possibly grow your portfolio as I keep growing mine using daily trade signals from expert Burwell Coleman whose daily trade signals has helped me achieve 10 btc within 5 months of copying his trade signals. Burwell can also be reached through teligram (burwellcoleman) and his gm@il (burwellcolemanfinance@gmailcom) for more information into his services to stay profitable.

Leave a Response