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Bitcoin Peaks At Record High Close To $20,000

Bitcoin Peaks At Record High Close To $20,000

Bitcoin has traded at its highest value to date, reaching $19,920.53 (£14,821) according to data-provider Coindesk. It took the virtual currency nearly three years to top its previous record, when it peaked about $137 lower. Bitcoin has risen in value by more than 170% since the start of the year.

 

Analysts suggest some investors have treated it as a "safe haven asset" at a time of uncertainty caused by the coronavirus pandemic, but others warn that it remains volatile. Bitcoin fell below $3,300 at one point after reaching its previous high. And even this Tuesday, it briefly dipped below $18,300 a couple of hours after setting its new record.

 

Other factors that have supported its recent rise include PayPal allowing its platform to be used to buy and sell the virtual coins in October, and a number of large institutional investors declaring interest in buying into funds tied to the crypto-currency.

 

These include Guggenheim Partners, a Wall Street firm that announced on Friday it might put as much as $530m into a Bitcoin-related investment trust.

 

"It seems that barely a day goes past when we don't read a headline about a mainstream fund or company expressing an intention to put some of their holdings into Bitcoin," said Rhian Lewis, author of The Cryptocurrency Revolution. "Price predictions are notorious for being wrong, so it's entirely likely there will be more dips and volatility. But this time it feels very different from the 2017 high - there seems to be more real demand, and the narrative is more measured." She added that another factor was that investors are concerned that central bank efforts to deal with Covid-19 will fuel inflation.

 

Gold and other precious metals are traditionally used to hedge against such a risk. But because in theory only a limited amount of Bitcoin can ever be created - it was designed to only let 21 million bitcoins be produced, of which about 18.6 million already exist - some favour it as an alternative. If it does climb higher there could be sudden drops in value, however, as some traders will have set automatic sell orders pegged to it reaching the $20,000 mark.

 

Source: BBC

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