Bitcoin breaks $20000 level for first time
The Previous Bitcoin all time high was on December, 2017
The world’s largest cryptocurrency Bitcoin (BTC) smashed through important $20000 for the first time on Wednesday. The popular digital currency jumped almost 4.5% to move as high as $20,440. It has gain more than 170% this year, buoyed by demand from large investors attracted to its potential for quick gains, purported resistance to inflation and expectations it will become a mainstream payment method.
Bitcoin’s blistering rally has seen a massive flow to crypto coin to North America to East Asia, fueled by hunger for bitcoin among bigger and compliance-wary U.S investors.
The rally in Bitcoin, which some investors have seen as a potential safe-haven, has coincided with spot gold’s drop in recent months.
Bitcoin has surged despite a severe crash in March that saw it lose 25% amid the coronavirus pandemic. proponents have seized on the narrative that the coin could act as a store of wealth amid supposed rampant central-bank money printing, even as inflation remains mostly muted.
(With inputs Reuters)
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