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The Bitcoin market changed on the eve of Thanksgiving last week. Investors went from heaven to hell. On Monday (30), Bitcoin rallied dramatically and investors rose again from hell to heaven, topping $ 19,800, breaking 2017. It hit a record high in December 2009 and is expected to challenge the $ 20,000 mark again.
The US Treasury Department is rumored to be planning to track down the owners of “self-hosted cryptocurrency wallets.” After Bitcoin failed to break the $ 19,500 resistance last week, it began a significant correction of a thousand points.
Bitcoin returned on Monday, once it soared to $ 19,863.16, breaking the record ($ 19,666) set in December 2017. It is temporarily reported at $ 19,448 before the deadline, and the annual increase to date has reached more than 150%.
Guy Hirsch, CEO of the US trading platform eToro, said the time has come for Bitcoin and the market still has a long way to go.
Grayscale Investment, a well-known cryptocurrency investment firm, is the largest Bitcoin whale in the world. Monday’s earnings were driven by Grayscale. The agency reported a substantial increase in Bitcoin.
At the same time, a US SEC document on Monday showed that the Guggenheim Macro Opportunity Fund can indirectly invest in Bitcoin through the private tool Grayscale Bitcoin Trust (GBTC), which invests 10% of its net assets. in Bitcoin. Except for the investment in GBTC, the fund will not invest directly or indirectly in cryptocurrencies.
Cointelegraph Markets analyst Michaëlvan de Poppe concluded that the key price to close positions is now $ 18,200.
Miller Tabak + Chief Market Strategist Matt Maley believes that before reaching its peak in a period of time, Bitcoin can be worth $ 22,000.
Matt Maley judged from the technical indicators that Bitcoin is overbought, which means it may turn back soon, and any decline may be rapid, but it is extremely unlikely to crash like 2018.
The strategists at BTIG stated that the cryptocurrency market has matured and Bitcoin is predicted to hit $ 50,000 by the end of 2021.
However, Coinbase CEO Brian Armstrong stated that if (last week) this cryptocurrency regulation is introduced, it will bring dire fallout and have a long-term negative impact on the United States. “The god of stocks” Buffett has long been bullish on Bitcoin and derided it as “rat poison.”
Before the deadline, the US blockchain concept stocks got mixed up. Canaan Technology (CAN-US) plunged 8.50%, Marathon Patent Group (MARA-US) increased 32.71% and Bit Digital (BTBT-US) increased 11.79%. The Ninth City (NCTY-US) was down 11.14% and Xunlei (XNET-US) was down 3.70%.
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