Dec. 24, 2020 5:30 am ET approached $20,000 in 2017 and finally topped the mark in 2020. What drove the rallies, and what happened in the days following the peaks, show how much the market has changed in three years.
The digital currency, which has more than tripled in price this year, hit its first record of the year 24 days ago and has continued climbing, trading as high as $24,273 on Sunday. On Wednesday, it closed at $23,299. In previous rallies, such gains have quickly reversed course.
Bitcoin bulls say the money fueling this yearâs rally is coming from more reliable sources than past rallies. Since September, big new investors have collectively bought about half a million bitcoins, worth about $11.5 billion, according to analytics firm Chainalysis, which tracked the holdings of investors with at least 1,000 bitcoins in wallets that are less than a year old.
2020 Pitted Bitcoin Against The Great Reset
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JPMorgan says flows into major crypto fund are key to Bitcoin s outlook
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Major crypto fund key to bitcoin’s outlook: lender
Bloomberg
The odds of a bitcoin correction would increase if the flows into the world’s largest traded cryptocurrency fund slow significantly, strategists at JPMorgan Chase & Co said.
The Grayscale Bitcoin Trust’s assets under management have climbed to US$13.1 billion from US$2 billion at the start of December last year, amid a tripling in the digital currency’s price so far this year.
Inflows into the fund are running at about US$1 billion per month, the strategists led by Nikolaos Panigirtzoglou wrote in a note on Friday.
A representation of virtual currency bitcoin is pictured in front of a stock graph in an arranged photograph taken on Nov. 19.