Bitcoin Breaches US$ 23,000 For The First Time

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Bitcoin Breaches US$ 23,000 For The First Time

 

  • Bitcoin (USD) once again hit a new milestone, zooming past US$23,000 for the first time in history. The digital currency is up by over 220 per cent this year.
  • Today’s rally is supported by large institutional buying on Wall Street and bullish market sentiment.
  • Bitcoin hit the US$-20000 mark in it short two-decade life a day ago on December 16.
  • Cryptocurrency-related stocks climbed across the world, including North American and Asian markets.
  • Dizzyingly rally is primarily due to massive participation and mainstream recognition of cryptocurrencies.
  • The pandemic has accelerated a paradigm shift from the use of physical currency to digital currencies such as cryptocurrencies, Etherum, Ripple, etc. Central banks worldwide are brainstorming on systems to build digital currency.
  • At the time of filing this, Bitcoin was at US 23,083.97 (CAD 29,250.65), up +0.8257 per cent today.
  • Some of the trending crypto-related stocks in Canadian markets were HIVE Blockchain Technologies Ltd., Square, Inc., DMG Blockchain Solutions Inc., Bitfarms Ltd. etc.
  • In 2017, Bitcoin had raced to US$ 17000, but dropped to US$ 3,500 a year later.
  • Ethereum, the second-largest cryptocurrency which often moves in tandem with bitcoin, was also trading at its highest level of US$ 663.1757, at the time of filing this.

 

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