Bitcoin Scales $58K for First Time; YTD Gain Over 98%
Kevin Reynolds - CoinDesk
Another day, another all-time high for the leading cryptocurrency. Bitcoin (BTC) set a new high watermark of $58,332.36, bringing the leading cryptocurrency's year-to-date gain to over 100% less than two months into the year. For all of 2020, BTC rose 305%.
Some are attributing the eye-popping rise to tremendous demand from buyers looking to hedge against inflation as governments keep spending and central banks keep printing money in a desperate effort to keep their economies afloat during the pandemic.
“Through the insatiable buy-side pressure from exchange-traded fund (ETF) issuers, closed-end funds, and large public corporations adding bitcoin to their positions, demand is massively outstripping supply,” said John Willock, chief executive at digital asset exchange Blocktane.
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