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The current heights of Bitcoin continue. The price of the biggest cryptocurrency also surpassed the $ 18,000 mark in turbulent trading on Wednesday morning.
However, it subsequently crashed for more than $ 1,000 in minutes. It is currently trading at around $ 17,850 again on the European trading platform Bitstamp.
Bitcoin had previously hit a new multi-year high of around $ 18,480, having passed the $ 17,000 mark on Tuesday afternoon. The cryptocurrency last saw prices of this magnitude in early 2018.
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Bitcoin’s previous record of nearly $ 20,000 at the end of 2017 now appears to be within reach again.
In light of today’s huge fluctuations, German Emden Research analyst Timo Emden warns of an “explosive mix” in the market. Mood is driven primarily by “fear of missing something.” However, Emden believes that the all-time high is not expected: “By then, at the latest, investors should increasingly increase their earnings.”
The most recent rally of Bitcoin accelerated after the payment service PayPal decided to accept Bitcoin as a means of payment. The coronavirus pandemic is also increasingly helping investors hedge against inflation risks, Emden says. Additionally, interest in Bitcoin is likely to be fueled by the fact that more and more central banks are considering introducing their own digital money.
Zurich (awp)
