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Home Markets Cryptos

Bitcoin starts 2021 with a new milestone

Olumide Adesina by Olumide Adesina
January 2, 2021
in Cryptos, Spotlight
94% of Bitcoin investors are making money, Bitcoin, Bitcoin running out of steam
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Bitcoin, the world’s flagship crypto is raging up at a speed not seen in the crypto-verse.

At the time of writing this report, Bitcoin broke near $31,700 some minutes ago, according to data retrieved from FTX exchange.

READ: Only 2.43 million Bitcoins left for mining

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The new milestone is coming on the heels of record-buying seen from high net worth individuals buying at record highs.

Crypto investors were left cashing in big time, as the most popular crypto rallied to record highs more than 25 times in a few days.

READ: Bitcoin miners are super-rich, earn $1,000,000 per hour

  1. Crypto fans cheered it as an inflation hedge in an era of unprecedented amounts of quantitative easing triggered by many central banks globally.
  2. Also, leading household names in finance including Paul Tudor Jones and Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
  3. Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. that moved their cash reserves into crypto in search of better returns than what near-zero interest rates deliver.

READ: Tesla’s Elon Musk seeks counsel over Bitcoin

  • Liquidity getting squashed, investors hoarding, accessible BTC becoming scarcer.
  • 1 million Bitcoin has become illiquid this year, i.e. are held by entities that spend < 25% of coins they receive.
  • Less Bitcoin for you to buy.
  • Bullish.

READ: Amazon, Apple, Facebook and Microsoft hit all-time highs, with combined market value of about $5 trillion


Follow us for Breaking News and Market Intelligence.
Tags: BitcoinBusiness NewsCryptocurrencyCryptocurrency News
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 1

  1. T says:
    January 3, 2021 at 5:21 am

    Tell us how and where to invest and where and how to withdraw our dividends in cash(Naira) here in Nigeria after onvestmentm Thanks for the in for the information.

    Reply

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