Bitcoin soars above $35,000
January 6, 2021 - Bitcoin jumped to a new high on Wednesday as the world’s largest cryptocurrency traded above $35,000 for the first time. The digital coin quadrupled in 2020.
The price of Bitcoin advanced as much as 6% to $35,842, surpassing the previous high set on January 3, and was trading at $34,630 as of 7:50 a.m. in London. It had plunged as much as 17% on Monday, according to Bloomberg.
A range of factors have been cited for Bitcoin’s ascent, showing how hard it is to pinpoint the proximate cause for the latest bout of volatility. Some traders 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.