Bitcoin surpasses the previous all-time high of $19,783

Bitcoin surpasses the previous all-time high of $19,783

Bitcoin has finally surpassed its previous all-time high and set a new record after spending the last three years in a bearish trend

It has taken nearly three years, but Bitcoin has achieved another all-time high. Bitcoin has surpassed its previous all-time high record of $19,783. The leading cryptocurrency recorded a new all-time high of $19,900 yesterday.

By trading at $19,900 per coin, Bitcoin broke the previous all-time high record set in December of 2017. Investors that ventured into the market following the 2017 bull run are finally seeing their investments yield fruit while the newer market entrants would feel validated by their investments in Bitcoin and cryptocurrencies.

Several sceptics diminished Bitcoin’s status as an investment tool, pointing out that it had struggled to replicate its 2017 performance despite having a favourable macro backdrop. However, several factors contributed to the current rally.

The halving event, which took place in May this year, saw numerous investors enter the market. Historically, the halving events are followed by a bull run and this year wasn’t any different. The halving event saw the reward for miners slashed into two, from 12.5 BTC to 6.25 BTC per block.

Despite starting the year strongly, Bitcoin stuttered and lost more than 50% of its value in March in what is now known as the Black Thursday. The coronavirus pandemic hit the financial markets hard during that period, and Bitcoin was similarly affected.

Bitcoin has recovered and is up by over 400% since its decline below the $4,000 mark in March. Another critical factor that played a role in Bitcoin’s rally is the unprecedented spending by central banks worldwide as they tried to cushion the effects of the coronavirus. An increasing number of people began to look at Bitcoin as an investment tool to hedge against potential inflation from the loose monetary policies. People had more money to invest in cryptocurrencies as they received stimulus and other packages from governments.

However, some analysts believe that the primary reason behind the current rally is the entry of institutional investors into the market. Over the past three years, several institutional firms have changed their stance and invested billions of dollars into the cryptocurrency market.

Chief amongst the institutional investments include MicroStrategy’s $425 million Bitcoin investment, Square buying $50 million worth of Bitcoin, PayPal offering cryptocurrency services, and most recently, Guggenheim planning to invest $500 million indirectly into the market.

Some analysts predict a more extended and sustainable rally, implying that Bitcoin’s price could soon cross the $20,000 mark.

Source: www.bit-cointalk.com


Crypto Broker Voyager's Q1 Revenue Soars 186%, Assets Under Management Jump to $150 Million | News Bitcoin News

Crypto Broker Voyager’s Q1 Revenue Soars 186%, Assets Under Management Jump to $150 Million | News Bitcoin News

Crypto Broker Voyager's Q1 Revenue Soars 186%, Assets Under Management Jump To $150 Million

Crypto asset broker Voyager Digital Ltd reported Monday that revenue for the fiscal first quarter ended Sept. 30 soared 186% to $2 million from $700,000 the previous quarter, as more users utilized the platform.

● Voyager co-founder and chief executive officer Stephen Ehrlich said the number of people using their brokerage to invest in cryptocurrencies such as bitcoin (BTC) and ether (ETH) has climbed 20% since September to date.

● According to Voyager’s earnings release, the Canada Stock Exchange (CSE)-listed firm now has a total of $150 million in assets under management. This is a significant increase from just $5 million AUM in December 2019. Assets under management are up 50% from $100 million on Nov. 6, 2020.

● Net deposits set daily records, said the company, averaging more than $750,000 per day during November 2020, a 1,000% increase since June this year.

● “While the rise of bitcoin and other cryptocurrencies has contributed to our AUM growth, more than 65% of the growth is driven by increased user deposits,” explained Ehrlich. He added that when markets are flat, “Voyager still earns revenue on account balances due to our interest model.”

● Shares of Voyager rose 3.8% to 1.65 Canadian dollars ($1.25) on the CSE on Monday. Over the past 52 weeks, the stock has swung between a low of 0.165 and a high of 1.83 Canadian dollars.

What do you think about Voyager’s rising assets under management? Let us know in the comments section below.

AUM growth, Bitcoin, BTC, Canada Stock Exchange (CSE), Crypto asset broker, Cryptocurrencies, earnings, ETH, Ethereum, Stephen Ehrlich, Voyager Digital Ltd

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.bitcoin.com

Author: News

by
Jeffrey Gogo


Bitcoin suddenly crashes below $19K after all-time high sparks wild volatility

Bitcoin suddenly crashes below $19K after all-time high sparks wild volatility

Bitcoin (BTC) continued an intense day of volatility on Dec. 1, hitting lows of $18,400 just over an hour after challenging $20,000 and breaking a new all-time high.

Data from Cointelegraph Markets and TradingView tracked BTC/USD as it delivered some of its most unpredictable moves in history.

At press time, the pair was moving in a range roughly bordered by $18,500 and $19,000, with conditions changing by the minute.

Just an hour previously, an attempt to crack $20,000 resulted in a firm rejection along with a $1,000 dive to $19,000 in under ten minutes.

The move mimics Bitcoin’s behavior from last week, during which an initial attempt to break $19,500 also sparked major problems.

As reported on Monday, traders will now likely be watching the newly established BTC futures gaps, between $16,900 and $18,300, which may get “filled” if the price corrects futher. 

Source: www.bit-cointalk.com


Google Searches for ‘Bitcoin Price’ Hit 18-Month High

Google Searches for ‘Bitcoin Price’ Hit 18-Month High

General interest in bitcoin looks to have risen alongside the top cryptocurrency’s rally to a new peak price.

As of last week, Google Trends, a barometer for gauging general or retail interest in trending topics, returned a value of 21 for the worldwide search query “bitcoin price”. That’s over double the value of 10 observed roughly a month ago and the highest level since June 2019.

Bitcoin set a new record high of $19,850 on Monday, having narrowly missed the previous lifetime high of $19,783 last week. The cryptocurrency surged over 40% in November to register its biggest monthly gain since May 2019.

What makes bitcoin’s ascent more impressive is that traditional assets seldom chart a 40% rally to record highs in a single month.

However, the market is far from being in a state of retail frenzy seen in December 2017, when the google search for the term “bitcoin price” returned a maximum value of 100. The data may validate analysts who say this year’s rally is mainly driven by increased institutional participation.

Many observers expect institutions to power more substantial gains over the long run. “We believe we have just scratched the surface,” Arjun Subburaj, co-founder and CEO of cryptocurrency exchange Giottus, said in an email. “We will have the mother of all bull runs in 2021 when the cryptocurrency gets adopted by masses and cryptocurrencies go mainstream.”

According to Chambers, bitcoin will sail through $20,000, and the “sky is the limit” in the long term.

Traditional and non-financial media widely reported $20,000 as the record high back in December 2017. As such, a notable rise in retail interest may not be seen until prices establish a foothold above that level.

At press time, the cryptocurrency is changing hands at $19,593, up 5% over 24 hours.

Source: www.bit-cointalk.com


Bitcoin surpasses the previous all-time high of $19,783


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