Tuesday, November 24, 2020

Bitcoin surpasses $ 17,500 in risk market

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Bitcoin rallied on Tuesday for the second day in a row, gaining $ 1,500 to approach an all-time high in a market that is now ready to take risks.

At the end of European trading, the virtual currency was worth $ 17,502 and was heading towards its record of $ 19,041 reached at the end of 2017.

Forex.com analyst Fawad Razaqzada said that “there has been a strong appetite for all risky assets, including crypto, in the wake of extraordinary stimulus measures by the government and central bank to combat the negative impact of the pandemic”.

The coronavirus has forced officials to back financial markets with cash and loan guarantees to avoid an economic collapse, mitigating the level of risk and helping US equity markets set new records on Monday.

Bitcoin was created in 2008 by the pseudonym Satoshi Nakamoto and is traded as an alternative to traditional currencies.

Not regulated by any central bank, it was sold as an attractive option for investors with an appetite for the exotic, and criminals also appreciate its hidden appeal.

Michael Hewson, an analyst at CMC Markets, said that “the recovery has been largely driven by an investment community that seems more comfortable buying cryptocurrencies.”

The most recent uptrend for Bitcoin coincided with an announcement from the online payment system Paypal on October 21 that it would allow users to buy and sell using bitcoin and other cryptocurrencies such as Ethereum and Litecoin.

[AFP]

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