Business & Investment

Bitcoin exceeds $ 34,000 as record-breaking rally resumes

Bitcoin surpassed $ 34,000 for the first time on Sunday, showing a record rise in volatile cryptocurrencies that made more than 300% profit last year.

Bitcoin resumed in 2021 as trading in major financial markets has not yet begun Its rapid rise, Up more than 10% in the first few days of January. By late afternoon in London on Sunday, it had given up some of its early profits to just below $ 33,000.

Marcus Swanpole, CEO of Luno, a London-based cryptocurrency platform, said: History suggests that small pullbacks may continue, he added.

“But the patterns we’ve seen in the build up to this milestone (not one sharp spike, but a consistent increase) set Bitcoin this year very well,” said Swan Paul. He added that “something close to $ 100,000 by the end of the year” is possible.

The rally raised concerns that Bitcoin was set to repeat what happened three years ago when the bull market collapsed dramatically. Economist Nouriel Roubini when cryptocurrencies hit record highs in November Called It is “pure speculative assets and bubbles with no fundamental value”.

However, some analysts have pointed to the growing interest of companies and institutions in Bitcoin.Famous investors such as Paul Tudor Jones and Stanley Drucken Miller cast their weight behind them, and crypto-focused hedge funds won Friend.

Recent profits far exceed the mainstream asset classes. Bitcoin rose 305% last year, compared to Wall Street’s leading S & P 500 stock index, which rose 16% and gold rose 25%.

Marc Bernegger, digital asset manager and director of broker Crypto Finance, said he wouldn’t be surprised if Bitcoin prices were revised to “healthy” in the short term. But he is positive in the long run because of “massive demand from professional and non-speculative investors.”

Fundstrat analysts in late December said institutional demand from US regulators and a clearer approach to the sector, as well as the latest fiscal stimulus agreed by Congress for individual investors.

Bitcoin rallies have been helped by signs that cryptocurrencies are being integrated by the financial system. October, PayPal Said US customers will be given the option to hold Bitcoin in their digital wallet. December, crypto exchange coinbase Submission Publish with regulators.

Bitcoin exceeds $ 34,000 as record-breaking rally resumes Bitcoin exceeds $ 34,000 as record-breaking rally resumes

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