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The digital coin jumps as much as 4.6% to about $22 173 on Thursday.
By Joanna Ossinger, Bloomberg
17 Dec 2020 06:44
Image: Shutterstock
Bitcoin has surged about 20% this week, breaching $22 000 for the first time and stirring predictions that more gains lie ahead for the worldâs largest cryptocurrency.
The digital coin jumped as much as 4.6% to about $22 173 on Thursday, before paring some of the advance. Bitcoin and the wider Bloomberg Galaxy Crypto Index have both more than tripled this year. Cryptocurrency-linked stocks in South Korea, Japan and China climbed.
The rally in digital assets is polarising opinion, given Bitcoinâs history of boom and bust. Proponents argue the cryptocurrency is muscling in on gold as a portfolio diversifier amid dollar weakness and potential inflationary pressure. Others see speculative fervour that will inevitably lead to a bust akin to the meltdown three years ago after a furious Bitcoin rally.
Bitcoin breaks above $23,000 as Wall Street firms pile in
As the cryptocurrency s momentum buildings, analysts predict more gains ahead
December 17, 2020 2 MINS
Bitcoin breached $23,000 for the first time in history as more Wall Street names crowd into the world’s largest digital currency, which is up 220% this year.
As momentum builds, analysts predict more gains ahead.
The digital coin jumped more than 9% on Thursday, touching a high of $23,256.92, according to a composite of prices compiled by Bloomberg. Bitcoin and the wider Bloomberg Galaxy Crypto Index have both more than tripled this year. Cryptocurrency-linked stocks in South Korea, Japan and China climbed.
Asian nations yet to contain Covid-19 as 2020 ticks to an end
South Korea reported a record number of coronavirus deaths on Thursday (Dec 17) as its biggest wave of infections strained hospital resources and sparked panic buying in anticipation of a harsh new lockdown. Japan’s capital Tokyo was also suffering from a severe strain on its healthcare system, raising its virus alert level to the highest of four stages as the daily number of new Covid-19 cases rose to another record high. In Australia, authorities scrambled to trace the source of new cases after a small cluster was detected in the country s largest city of Sydney.
Bitcoin breaks above $20,000 for the first time in price milestone Cryptocurrency peers Ether, the second-largest digital asset, Dash and Litecoin ride the wave 16 December 2020 - 22:43 Vildana Hajric Picture: REUTERS/DADO RUVIC
Bitcoin surpassed $20,000 for the first time, another milestone in what’s been an eye-popping rally for the controversial digital asset in 2020.
The world’s largest cryptocurrency rose as much as 7.6% to $20,893 in New York on Wednesday, vindicating forecasts that were scoffed at months ago and leading to even higher prognostications. Bitcoin has almost tripled in 2020.
“We have a new line in the sand and the focus shifts to the next round number of $30,000,” said Antoni Trenchev, co-founder and managing partner of Nexo, a crypto lender. This “is the start of a new chapter for bitcoin. It’s a narrative the media and retail crowd can properly latch onto because they’ve been noticeably absent from this rally.”
Top crypto adoption predictions that came true in 2020 With so many opinions regarding crypto, here is a look at some of the most impactful quotes that symbolized 2020. 14158 Total views New Year Special
Throughout the past decade, a lot has been said about Bitcoin (BTC) and the future of cryptocurrencies. However, 2020 has so far been a defining year for the industry as current events bring to life what was predicted in the past.
The world of cryptocurrency has historically been exclusive to Twitter battles and private chats on Telegram. Even when Bitcoin received its brief moment of fame on mainstream media, mentions of the token were mostly in dismissal of its potential, with some prominent individuals calling the entire industry a scam soon to burst.