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The cryptocurrency Bitcoin set a new price record on Sunday, breaking the $ 28,000 mark. During the day, its value exceeded $ 28.2 thousand, and then it began to fall to $ 26.5 thousand. Bitcoin is currently trading slightly below $ 27,000.
This was reported by Coindesk.
There were several Bitcoin price spikes in December 2020. The cryptocurrency crossed the $ 24,000 mark on December 20, and on December 16 the price of bitcoin for the first time in history surpassed $ 20,000.
Morgan Stanley’s latest price spike was associated with large injections from the Federal Reserve and other central banks into the economy. The price of the cryptocurrency is also influenced by the news about the upcoming successes in overcoming the coronavirus pandemic with the help of vaccines.
“The situation in global financial markets is such that those assets for which fair value is most difficult to determine show strong price growth,” says Dmitry Churin, head of the analytics department at Eavex Capital.
Give an example: Bitcoin has risen in price about three times in a year, but Tesla shares have soared seven times. “Both assets do not have enough reasoned reasons to trade at current levels, but financial markets can be irrational,” Churin says.
Managing partner at law firm Juscutum Artem Afyan offers a slightly different explanation for the high cost of bitcoin. He believes that it is a natural expansion of the cryptocurrency user base.
“In fact, this trend is visible on the long chart. Even with the fluctuations, the price of bitcoin continues to rise. The number of users is also increasing due to the tightening of bank transfer procedures,” he says. Also, many are drawn to the ease of cryptocurrency transactions.
As for the price rebound, which occurred on December 20, the expert points to the influence of the Thether project, in which a large number of coins were recently issued.
“The previous jump in the exchange rate was also accompanied by similar activity. This means that a large amount of money entered the cryptoeconomy. However, the volatility at this stage is also increasing. Therefore, I personally believe in it. long-term bitcoin value, but I refrain from momentary speculative impulses, “he says. Afyan.
In Ukraine, they continue to create a legal framework for the blockchain business. The Ministry of Digital Information cannot comment on bitcoin price jumps as they do not affect this process. However, according to Alexander Bornyakov, Deputy Minister of Digital Transformation for IT Development, Ukraine has come one step closer to legalizing cryptocurrencies. Bill 3637 “On Virtual Assets” recently passed its first reading in the Verkhovna Rada.
“The enterprise crypto industry at the state level will make it possible to bring virtual asset operations to the open market, stimulate business activity in Ukraine and increase investments by major international companies specializing in crypto assets,” says Bornyakov.
This, in his opinion, will not only strengthen the position of the Ukrainian crypto industry internationally, but will also make it possible to fill the state budget with tax revenue. “In 2021, we await the approval of the bill and the launch of the market as a whole,” Bornyakov summarized.
Remember that during the last day, Bitcoin has updated its historical record three times. At the same time, the growth of the cryptocurrency exceeded 11%.
Note that Ukraine plans to legalize the work of crypto companies in 2021. This requires that the parliament adopt the appropriate law.
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