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Price of Bitcoin jumps to record high

The value of the digital coin quadrupled in 2020. Photo: Yuriko Nakao/AFLO.

The price of Bitcoin reached a new high on Wednesday as the world’s largest cryptocurrency traded above $35,000 (€28,448) for the first time.

The value of the digital coin quadrupled in 2020, but has been subject to volatility.

On Wednesday the price of Bitcoin advanced as much as 6 per cent to $35,842, surpassing the previous high set on January 3rd.

It was trading at $34,630 as of 7:50 a.m. in London.

However, it had plunged as much as 17 per cent on Monday, according to Bloomberg.

A number of factors have been cited for Bitcoin’s ascent, suggesting difficulty in pinpointing the cause of the latest bout of volatility.

Some traders have pointed to a JPMorgan Chase & Co long-term price forecast of as much as $146,000, while others cited the overall risk-on mood in global financial markets, Bloomberg said.

Source:

www.breakingnews.ie

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