Bitcoin Climbs to Three-Year Peak, All-Time High in Focus

Internet

Bitcoin rose to a nearly three-year high on Friday, as investors continued to scoop the virtual currency on expectations it could well exceed its all-time peak of just under $20,000.

Bitcoin surged to $18,766.79 (roughly Rs. 13.9 lakhs), the highest since December 2017, and was last up 4.9 percent at $18,696 (roughly Rs. 13.86 lakhs). It has gained 17 percent so far this week, the largest weekly gain since June 2019, climbing more than 160 percent so far this year.

“Today bitcoin has gotten to a place where institutional investors, banks, and family offices are legitimately pondering involvement as a defence against currency devaluation,” said Alex Mashinsky, chief executive officer at Celsius Network, a crypto lending platform.

He added that in 2017, the rally in bitcoin was led by retail investors who were early adopters.

“Because large players, like LINE and PayPal are involved this go around, we can expect more stability than the 2017 bubble. This isn’t a gold rush anymore,” he added.

The bitcoin market now boasts a functioning derivatives market and custody services by established financial institutions. Large firms including Fidelity Investments and Japan’s Nomura Holdings have started safeguarding bitcoins and other cryptocurrencies for institutional investors.

Other major cryptocurrencies, including Ethereum and XRP, which often move in tandem with bitcoin, rose 7.2 percent to $505.2, and three percent to 31 cents, respectively.

© Thomson Reuters 2020


Are iPhone 12 mini, HomePod mini the Perfect Apple Devices for India? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Products You May Like

Articles You May Like

Tencent, Alibaba Have Submitted Details of Algorithms Used in Their Products, Says China Regulator
Tornado Cash Developer Arrested After U.S. Sanctions the Cryptocurrency Mixer
US FTC Considering New Rules to Rein in Tech Firms’ Collection of Personal Data, Protect Privacy
Samsung to Charge Less for Galaxy Z Fold 4, Galaxy Z Flip 4 Screen Repair for Care+ Subscribers: Report
Researchers Warn of Ongoing Mass Exploitation of Zimbra RCE Vulnerability

Leave a Reply

Your email address will not be published.