Search

Large investors send Bitcoin soaring to $23,000

Bitcoin rose to a record high on Thursday, just a day after passing the $20,000 milestone for the first time, amid surging interest from larger investors.


The world’s highest-profile cryptocurrency jumped 10.5% to $23,655, taking its gains this year past 220%, buoyed by demand from larger investors attracted to its potential for quick gains and perceived inflation-hedging qualities.

Smaller coin Ethereum, which often moves in tandem with bitcoin, was trading 1.75% higher.


With bitcoin’s supply capped at 21 million, investors see in the cryptocurrency a hedge against the risk of inflation as governments and central banks turn on the stimulus taps in response to the COVID-19 pandemic.

“There will be a search for alternative currencies due to constant fiat money debasement,” Deutsche Bank analysts wrote in a note. “It does feel that bitcoin will continue to be in high demand.”


Bitcoin remains less regulated than most traditional assets, but institutional investors have begun to shed scepticism towards cryptocurrencies as better market infrastructure make crypto markets more accessible.


The 2020 rally has also been driven by increasing expectations it will become a mainstream payment method, with PayPal opening its network to cryptocurrencies.

Still, few people or businesses use bitcoin for commerce, wider adoption will grow the value of bitcoin even more, surely this is just the start?


2 views0 comments
  • Twitter - White Circle
  • YouTube - White Circle
  • Instagram - White Circle

For purchased inquiries contact : Support@litcapital.co.uk

For general enquiries contact : Info@litcapital.co.uk

Endpoint Protected by 

Disclaimer :The information presented by Learn Interact Trade Capital Ltd or any of its staff is for educational purposes. Any examples used are for educational and illustrative purposes only. Learn Interact Trade Capital Ltd is not a stockbroker, broker dealer, or investment advisors. They are not recommending particular CFDs, ICOs Cryptocurrencies etc. The names of any firms of crypto Exchanges, stockbrokers, stock exchanges, financial institutions, financial planners, bookmakers, or financial websites mentioned are for illustrative purposes only. The decision on which company to use if any is at the total discretion of each individual person. It is recommended that you seek a professional licensed broker prior to implementing any investment programme or financial plan. The world of trading is HIGHLY speculative and you can lose all your investments. Learn Interact Trade Capital Ltd cannot guarantee any results or investment returns based on the information you receive. You must read and understand the above and be aware of the risks of all trading and investing and be willing to accept them before investing.

Learn lnteract Trade Capital LTD all rights reserved ©2020