LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Bitcoin surges to all-time record as 2020 rally powers on

Bitcoin soared to a record high against the dollar on Monday, as its 2020 rally steamed ahead, boosted by increased demand from both institutional and retail investors that saw the virtual currency as a safe-haven and a hedge against inflation.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Analysts say the bitcoin market has evolved since 2017, now boasting a functioning derivatives market and custody services by major financial firms.
Updated: Mon, Nov 30, 2020
11:01 pm
Reuters

Bitcoin soared to a record high against the dollar on Monday, as its 2020 rally steamed ahead, boosted by increased demand from both institutional and retail investors that saw the virtual currency as a safe-haven and a hedge against inflation.

The digital unit touched an all-time peak of $19,864.15, breaking its prior record set nearly three years ago. It was last up 6.1% at $19,306.35.

Last Friday, however, bitcoin dropped more than 8%, below $17,000, before rebounding on Monday.

Bitcoin overall has gained more than 170% this year, fuelled by a demand for riskier assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance.

"Bitcoin is a natural safe haven for those seeking shelter from rapidly increasing central bank money printing and the inflation that everyone agrees is already increasing," said Sergey Nazarov, co-founder of Chainlink, a decentralized network that provides data to smart contracts on the blockchain.

Smaller coins ethereum and XRP, which often move in tandem with bitcoin, gained 5.6% and 6.6%, respectively.

Christopher Bendiksen, head of research at CoinShares, also cited continued corporate and institutional interest as well as post-Thanksgiving retail demand for bitcoin`s renewed surge.

"While circumstantial, price action really started picking up speed when the U.S. woke up this morning, which could reflect buying pressure from retail-oriented platforms such as Square`s CashApp, Robinhood and PayPal," he added.

Square`s Cash App and PayPal, which recently launched a crypto service to its more than 300 million users, have been scooping up all new bitcoins, hedge fund Pantera Capital said in its letter to investors a fee weeks ago. That has caused a bitcoin shortage and has driven the rally in the last few weeks.

Bitcoin`s 12-year history has been peppered with steep gains and equally sharp drops. Compared to traditional assets, its market is highly opaque.

Analysts say the bitcoin market has evolved since 2017, now boasting a functioning derivatives market and custody services by major financial firms.

The shifts have made it easier for professional investors from hedge funds to family offices to seek exposure to crypto, and as a result markets are, in general, more liquid and less volatile.

Bitcoin`s march to its prior peak - reached after frenzied buying by retail investors from Japan to the United States - saw the cryptocurrency gain over 250% in just 35 days before losing 70% of its value in less than two months after its December 2017 high.

 

The story has been taken from a news agency

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:

LATEST NEWS

Homebuyers alert! Avoid real estate troubles by knowing these top 5 things before buying flat in 2021

Mann Ki Baat Latest Episode: What all PM Narendra Modi said in his popular radio programme today - Know here

Salaar Movie Prabhas: Release Date, Cast, Poster, Heroine - Confirmed! Another blockbuster from KGF makers?

Historic moment! New era of space reforms in India! PM Narendra Modi hails 1st dedicated commercial launch of PSLV-C51/Amazonia-1 Mission

Big insurance offers! 80-100 per cent discounts - All you need to know about renewal of health policies

REVEALED! This is the most preferred financial product to protect family post-COVID 19 pandemic

Websites of traditional media houses to come under the ambit of section 69(A) of IT Act: Report

Apple, Croma join hands on Steve Jobs' birth anniversary

New Inbase smartwatch Urban LYF is here - Check features, offers, promo code and more

IndiGo's select flights from Mumbai Airport from March 10

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved