Bitcoin hit $ 17,000 for the first time in nearly three years

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Bitcoin: Cryptocurrency has just hit $ 17,000, a level that hasn’t been broken for nearly three years and is on a crazy track reminiscent of its monstrous rally in 2017.

The price of Bitcoin has surpassed 4% in the past 24 hours, trading at $ 17,000 and peaking on January 7, 2018.

Industry experts say that Bitcoin’s rise this year, which so far is 137%, was due to various factors, such as the sharp increase in government incentives and the interest of well-known investors. like Paul Tudor Jones. and Stanley Druckenmiller.

Read More: Cryptocurrency: Which Cryptocurrency is Best to Start Investing?

KEY POINTS

The price of Bitcoin has risen by more than 4% in the past 24 hours, trading over $ 17,000 and hitting its highest level since January 7, 2018.

Experts say that Bitcoin’s rise this year was due to a number of factors, including Covid-related incentives and the interest of investors like Stanley Druckenmiller.

The rise of Bitcoin is also accelerating as many large companies are moving into the crypto field.

Bitcoin

Bitcoin hit $ 17,000 for the first time in nearly three years | Trending Update News

“The gap between the cryptocurrency world and traditional financial institutions has narrowed dramatically,” Charles Hayter, CEO of cryptographic provider CryptoCompare.

“The bottom line is that incumbents are now good at ruining digital asset markets. The narrative that pushes them to do so is this convergence of Covid, monetary policy, and global political turmoil.”

Cryptocurrency fans have described Bitcoin as a safe haven like gold that investors turn to in times of financial crisis. They argue that fiscal and monetary measures to combat the pandemic are making currencies like the US dollar attractive.

The rise of Bitcoin is also accelerating as many large companies are moving into the crypto field. For example, Fidelity Investments has implemented a special digital data unit to facilitate the exchange of cryptocurrencies by customers, and PayPal has recently begun to allow its users to buy, hold, and sell currencies. Virtual.

Also Read: Bitcoin: Bitcoin fees increased 198 %, but Ethereum is even more profitable 

 

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