The cryptocurrency was only $ 17,000 ???? A level that has not been breached for nearly three years ???? Continue the wild run reminiscent of the 2017 monster rally
Bitcoin’s price has increased by more than 4% in the past 24 hours, trading at $ 17,030 and reaching its highest point since January 7, 2018, according to data from the industry website CoinDesk.
Industry insiders say Bitcoin’s rise this year ???? Which has seen a rise of 137% since the beginning of the year to date ???? It is due to a number of factors, including the wave of government stimulus related to Covid and interest from popular investors such as Paul Tudor Jones and Stanley Druckenmiller
“The gap between the crypto world and traditional financial institutions has been largely closed,” said Charles Hayter, chief executive of CryptoCompare, a data provider for the crypto market, for CNBC
“The result is that existing players are now okay to play in digital asset markets. The narrative that compels them to do so is this alignment between Covid, monetary policy and political chaos globally”
Cryptocurrency aficionados describe Bitcoin as having similar qualities as a safe-haven asset like gold, which investors often flock to in times of economic turmoil claiming that fiscal and monetary stimulus measures taken in response to the epidemic reduce the attractiveness of sovereign currencies like the US dollar.
Bitcoin’s skyrocketing rise also comes as many major companies make moves in the cryptocurrency space.For example, Fidelity Investments created a dedicated digital asset unit to facilitate trading of cryptocurrencies for its customers, while PayPal recently started allowing its users to purchase virtual currencies and hold It is sold out
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World News – United States – Bitcoin was valued at $ 17,000 for the first time in almost 3 years