• About Us
  • Contact
  • Careers
  • Send Us a Tip
Menu
  • About Us
  • Contact
  • Careers
  • Send Us a Tip
CyberNews logo
Newsletter
  • Home
  • News
  • Editorial
  • Security
  • Privacy
  • Resources
Menu
  • Home
  • News
  • Editorial
  • Security
  • Privacy
  • Resources
CyberNews logo

Home » News » Bitcoin on record-setting spree, jumps 5% on day

Bitcoin on record-setting spree, jumps 5% on day

by Reuters
8 January 2021
in News
0
Bitcoin on record-setting spree, jumps 5% on day
18
SHARES

Bitcoin jumped more than 5% on Friday to fresh record highs of $41,530, reversing losses from earlier in the session.

The world’s most popular digital currency slid to as low as $36,618.36 on Bitstamp exchange before bouncing back. Rival cryptocurrency ethereum rose 3% after sinking more than 10%.

Bitcoin has rallied nearly 1,000% since a low in March. It topped $30,000 for the first time on Jan. 2, after surpassing $20,000 on Dec. 16.

Some market participants had warned of a correction after the $40,000 milestone was reached, but bitcoin was poised to register it’s 11th session of gains out of the last 12.

Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin’s surge, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates.

“We are seeing a continued demand spike driven largely by sustained and unprecedented institutional interest, showing no sign of abating as we move into 2021,” said Frank Spiteri of digital asset manager CoinShares.

JPMorgan strategists wrote on Jan. 5 that the digital currency has emerged as a rival to gold and could trade as high as $146,000 if it becomes established as a safe-haven asset.

Interest in the world’s biggest cryptocurrency soared last year, with investors viewing bitcoin as a hedge against inflation and an alternative to the depreciating dollar.

Bank of America investment strategists on Friday said “violent” inflationary price action in markets helped bitcoin’s rally in the last two months.

But it warned that the cryptocurrency “blows-the-doors-off prior bubbles”, such as the dotcom bubble in the late 1990s, China in the 2000s and gold in the 1970s.

(Reporting by Kevin Buckland and Thyagaraju Adinarayan, additional reporting by Tom Wilson; Editing by Himani Sarkar and Hugh Lawson)

Share18TweetShareShare

Related Posts

Italy consumer association sues Apple for planned iPhone obsolescence

Italy consumer association sues Apple for planned iPhone obsolescence

25 January 2021
Makers of Sophia the robot plan mass rollout amid pandemic

Makers of Sophia the robot plan mass rollout amid pandemic

25 January 2021
Elon Musk

Elon Musk to offer $100 million prize for ‘best’ carbon capture tech

22 January 2021
Alphabet shutting Loon, which used balloon alternative to cell towers

Alphabet shutting Loon, which used balloon alternative to cell towers

22 January 2021
Next Post
how to set up your own home VPN server

How to make your own VPN server

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Popular News

  • 70TB of Parler users’ messages, videos, and posts leaked by security researchers

    70TB of Parler users’ messages, videos, and posts leaked by security researchers

    83034 shares
    Share 83024 Tweet 0
  • The ultimate guide to safe and anonymous online payment methods in 2021

    13 shares
    Share 13 Tweet 0
  • Facebook is tracking you: learn how to delete all Facebook data

    57 shares
    Share 57 Tweet 0
  • ProtonMail review: have we found the most secure email provider in 2021?

    69 shares
    Share 69 Tweet 0
  • Custom mechanical keyboards – 17 coolest ones we’ve ever seen

    442 shares
    Share 441 Tweet 0
Teespring data leaked on hacker forum

8+ million Teespring user records leaked on hacker forum

25 January 2021
Italy consumer association sues Apple for planned iPhone obsolescence

Italy consumer association sues Apple for planned iPhone obsolescence

25 January 2021
Google on laptop and mobile

Google vs Australia: The Battle of the Precedents

25 January 2021
Makers of Sophia the robot plan mass rollout amid pandemic

Makers of Sophia the robot plan mass rollout amid pandemic

25 January 2021
Elon Musk

Elon Musk to offer $100 million prize for ‘best’ carbon capture tech

22 January 2021
Is there life on Mars?

Is there life on Mars?

22 January 2021
Newsletter

Subscribe for security tips and CyberNews updates.

Email address is required. Provided email address is not valid. You have been successfully subscribed to our newsletter!
Categories
  • News
  • Editorial
  • Security
  • Privacy
  • Resources
  • VPNs
  • Password Managers
  • Secure Email Providers
  • Antivirus Software Reviews
Tools
  • Personal data leak checker
  • Strong password generator
About Us

We aim to provide you with the latest tech news, product reviews, and analysis that should guide you through the ever-expanding land of technology.

Careers

We are hiring.

  • About Us
  • Contact
  • Send Us a Tip
  • Privacy Policy
  • Terms & Conditions
  • Vulnerability Disclosure

© 2021 CyberNews

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Policy.

Home

News

Editorial

Security

Privacy

Resources

  • In the News
  • Contact
  • Careers
  • Send Us a Tip

© 2020 CyberNews – Latest tech news, product reviews, and analyses.

Subscribe for Security Tips and CyberNews Updates
Email address is required. Provided email address is not valid. You have been successfully subscribed to our newsletter!