Bitcoin price reaches its highest level in nearly 3 years

Bitcoin price reaches its highest level in nearly 3 years

Has risen price Bitcoin rose to more than $ 17,000 on Tuesday, its highest level in three years, after previous highs in recent weeks.

Bitcoin has risen more than 4 percent in the past 24 hours, trading at $ 17,030 and reaching its highest point since January 7, 2018, according to CoinDesk data.

Investors are hoping that more US central bank stimulus to support economies affected by the COVID-19 pandemic will lead to an increase in the value of digital assets.

Industry insiders say: The rise of Bitcoin during the current year – which has seen a 137 percent rise since the start of the year – is due to a number of factors, including: the government stimulus wave associated with the emerging coronavirus (COVID-19) COVID-19, and attention Popular investors include Paul Tudor Jones and Stanley Druckenmiller.

(Charles Hayter) – CEO of the crypto market data provider CryptoCompare said: CNBC: “The gap between the crypto world and traditional financial institutions has been largely closed.”

Cryptocurrency enthusiasts describe Bitcoin as having similar traits to safe-haven assets like gold, which investors often flock to in times of economic turmoil. They claim that the fiscal and monetary stimulus measures taken in response to the epidemic reduce the attractiveness of sovereign currencies, such as the US dollar.

Bitcoin has been on the rise over the past few weeks, after digital payments company PayPal announced it was It will allow purchases using virtual currencies On its statute.

The news reinforced long-term expectations that it could become Bitcoin and its competitors A more applicable payment method, A goal previously unattainable.

Bitcoin investors and enthusiasts are also pinning their price increase hopes on More visibility from global financial regulators Concerning the rules of cryptocurrencies, increasing reliance by major finance companies.

It is noteworthy that a sharp improvement is not common in cryptocurrencies, and is usually followed by a steep decline, and this is accompanied by the presence of many experts who are at a loss to determine a clear reason for the change of trend.

The price of Bitcoin rose to more than $ 20,000 in December 2017, and then fell by 50 percent the following month.

(David Gerrard) said – A cryptocurrency expert and author of a book on the virtual currency (Libra) led by Facebook – earlier: “Bitcoin does not rise or fall for macroeconomic reasons, such as quantitative easing or real investor decisions.” He added, “The market is weak and manipulated, and every price change is fully explained through internal market problems.”

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