Categories: Business

Course is short-about 33 000 dollars: Bitcoin Rally

Course is short-about 33 000 dollars
Bitcoin Rally continues

A man holds a counterfeit coin made with the Bitcoin Logo in the hands. Photo: Nicolas Armer/dpa

The price of the digital currency Bitcoin currently knows only one direction – upwards. The value of the Cryptocurrency has risen above the mark of USD 33,000.

The digital currency Bitcoin continues its record-hunting in the new year. On Saturday evening the price of Bitcoin rose on the Luxembourg trading platform Bitstamp to 33.099 dollars.

The level could not hold the Bitcoin completely, but at least 32.750 Dollar is only just below it. Thus, the Bitcoin price increased since the beginning of the new year to almost 4000 dollars, or 13 percent. On other trading venues, of which there are many, may differ the record stands, since there is no Central Bitcoin trading.

The recent rise of the Bitcoin is stunning. Beginning in 2020, with about 8000 dollars started the year the rate fell during the first Corona-wave in the spring to less than $ 4000. Afterwards, a slow rise that accelerated in the autumn began. Since the end of September, the exchange rate climbed in the meantime to more than $ 20,000, or almost 190 percent.

The Bitcoin is the oldest and most famous digital currency. Recently, experts had estimated the market capitalization of approximately 550 billion dollars. For the rise of the Bitcoin to the current record high shortly after the turn of the year there is no suitable justification. For the latest flight of fancy is headed to the market again and again that the digital currency was last moved more into the focus of large financial investors, and stronger will demand.

In particular, the announcement of the payment service, Paypal, to allow its customers the to Pay with Bitcoins, had been a result of a huge demand boost. Increased interest in digital currencies through the Corona of a pandemic and the associated strong increase in government debt. Some investors fear that’s why a medium to long term, rising Inflation, while you want to hedge with alternative investments.

Experts warn, however, against the extreme fluctuations in Bitcoin. So, the price of the digital currency three years ago and was broke in a short period of time by about 70 percent.

dpa

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Matthew Velter

With 5 years of experience as an editor, Matthew has been a crucial part of eTrendy Stock since its inception. He looks after the editing of news content published on eTrendy Stock. Apart from investing his time in editing, he also provides well-researched news articles for the U.S. niche. Mathew studied at University of central Florida.