Business & Investment

Bitcoin: Bitcoin rises above $ 30,000 for the first time

Digital currency Bitcoin extended its record-breaking rally on Saturday, starting this year with a surge of over $ 30,000 for the first time, with more traders and investors than ever before. Mainstream payment methods..

The world’s most popular cryptocurrency prices traded as high as $ 33,099 on Saturday, with almost all other markets closed on the first weekend of 2021. It rose about 12% to $ 32,883.

Bitcoin has progressed by more than 300% in 2020, with the latest legs increasing by more than 50% since it exceeded $ 20,000 just two weeks ago.

Blockchain currencies have only existed for about a decade and are attracted by the quality of inflation hedging, the potential for rapid profits, and the expectation that they will be mainstream payments in 2020, and are attracting large US investors Demand is increasing. Method.

Investors said supply was limited Bitcoin Generated by so-called “mining” computers, which verify blocks of transactions by competing to solve math puzzles — have helped recent power-ups.

Some people also considered it a safe haven play during the Covid-19 pandemic.

“It’s very likely that your assets will eventually exceed $ 100,000 per coin,” Sergey Nazarov, co-founder of the global blockchain project Chainlink, said in an email on Saturday. “People have steadily lost confidence in the government’s currency over the years, and monetary policy resulting from the economic impact of the coronavirus has only accelerated this decline.”

It is traded on many exchanges, the largest of which is Coinbase, which itself is preparing for publication and will be the first such platform to be listed on Wall Street.

Cryptocurrencies of several competitors use similar blockchain or electronic ledger technology. The second largest Ethereum increased by 465% in 2020 and almost 7% on Saturday.



Bitcoin: Bitcoin rises above $ 30,000 for the first time

https://economictimes.indiatimes.com/markets/stocks/news/bitcoin-rallies-above-30000-for-first-time/articleshow/80079687.cms Bitcoin: Bitcoin rises above $ 30,000 for the first time

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