Home Uncategorized Bitcoin Jumps to Record $34,800 Following 800 Percent Surge Since March

Bitcoin Jumps to Record $34,800 Following 800 Percent Surge Since March

Bitcoin Jumps to Record $34,800 Following 800 Percent Surge Since March

Bitcoin traded at 3,33,365 (approximately Rs. 24.3 lakhs) in Asia on Monday, after hitting a record high of 8,34,800 (approximately Rs. 25.4 lakhs) on Sunday, with investors continuing to bet on the digital currency.

The most popular latest landmark in the world cryptocurrency Came within three weeks $ 20,000 crossed (Approximately Rs. 14.6 lakhs) for the first time on December 16, and Bitcoin It has now risen 800 percent since mid-March.

As the supply of bitcoin reaches 21 million, some see it as a hedge against the risk of inflation, as governments and central banks turn on stimulus taps in response. COVID-19 Pandemic. Some even see it as a safe haven equal to gold during the Kovid-19 epidemic.

“Some of these reflect weak dollar fears,” Bank of Singapore currency analyst Moh Siang Sim said of the recent rally.

“Compared to gold, people seem to like bitcoin as an expression of concern over the currency’s decline.”

Bitcoin’s Advance reflects growing expectations that it will become a mainstream payment method PayPal Opens its network to cryptocurrencies.

The potential for quick profits has attracted demand from large US investors, as well as traders who are generally sticking to equities.

Dave Chapman, executive director of the BC Group, a Hong Kong – based digital property company, said the rally “gained momentum as dissatisfied investors continued to do business from home” during the New Year holidays.

He said institutional investors can reap higher risk-adjusted returns compared to traditional investments.

Bitcoin is traded on many exchanges, the largest of which is one Coinbase, The first major US cryptocurrency listed on Wall Street is preparing to go public.

Multiple competing cryptocurrencies use similar ones Blackchain, Or electronic ledger, technology. Ethereum, The second-largest, reached a record high of 0,014 (approximately Rs. 74,100) on Sunday.

© Thomson Reuters 2020

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