Bitcoin Sets Record High After Tumultuous Week
Bitcoin, world’s largest digital-asset, rocketed to an all-time high on Monday, surging 9% to $19,860.
Bitcoin, world’s largest digital-asset, rocketed to an all-time high on Monday, surging 9% to $19,860. The new record follows a prominent pullback last week when Bitcoin had plunged almost $3,000 in less than 24 hours.
Bitcoin has gained more than 170% this year as demand for risk-on assets surges. Economic stimulus along with expectations that cryptocurrencies will eventually gain mainstream acceptance have pushed bitcoin higher in recent months.
Prices had plunged below $4,000 in March, however bitcoin has rallied in the past few months.
Bitcoin had last set a record high of $19,783 in December 2017, however it plummeted to just $3,122 the following year.
Traditional financial firms have recently sought to capitalize on the gains Bitcoin has produced. Fidelity Investments launched a Bitcoin fund earlier this year while in October PayPal is now permitting customers to use the cryptocurrency for purchases.
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