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Consumer News: Bitcoin value soars past $18,000 as it climbs towards all-time high

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Photo (c) KeremYucel - Getty Images
Bitcoin’s market value has surpassed $18,000 for the first time since December 2017, pushing it closer to hitting another all-time high.  

Three years ago, the cryptocurrency hit its first record high of almost $20,000 before falling to as low as $3,122 in 2018. On Wednesday morning, CoinDesk data showed that its price slightly exceeded $18,000. 

Experts say the volatile digital currency has rallied lately for a variety of reasons. Bitcoin has benefited from a weaker dollar and from being viewed as a more solid alternative to government-backed paper currency. 

The COVID-19 pandemic has led to increased interest in Bitcoin from investors such as Paul Tudor Jones and Steven Druckenmiller. PalPal also announced that it will allow customers to buy and sell bitcoins on its platform, giving the cryptocurrency additional momentum.  

"This bull run is different than 2017. We're seeing adoption from major players," Alex Adelman, CEO and co-founder of Lolli, a Bitcoin rewards company, told CNN Business. "They're all betting big on bitcoin as a safeguard against inflation, uncertainty, and the turmoils of 2020."

Simon Peters, an analyst at investment platform eToro, told Reuters that Bitcoin and the cryptocurrency market as a whole has gained new acceptance during the pandemic. 

“The crypto industry has consolidated, matured and is seeing real traction with institutional investors. Investors are using bitcoin as an inflationary hedge to combat the prospect of continued government stimulus,” Peters said.



Posted: 2020-11-18 17:56:02

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Consumer News: Bitcoin value soars past $18,000 as it climbs towards all-time high | Consumer Daily Reports | RobinsPost News Network - Newscast

Bitcoin climbs towards all-time high after topping US$19,000

Thu, 26 Nov 2020 20:26:00 GMT

Bitcoin hit US$19,000 on Tuesday for the first time in nearly three years and was just shy touching an all-time high of just under US$20,000.

Bitcoin Climbs Towards All-Time High After Topping $19,000

Tue, 24 Nov 2020 11:26:00 GMT

Bitcoin hit $19,000 on Tuesday for the first time in nearly three years, homing in on its all-time high of just under $20,000. The world's most popular cryptocurrency was last up 3.2% at $18,958.

Bitcoin climbs towards near all-time high of $19,666 for first time in three years

Tue, 24 Nov 2020 08:21:00 GMT

Bitcoin moved to within a whisker of its all-time high on Tuesday ... For all the latest headlines follow our Google News channel online or via the app Fueling its rally have been demand for ...

Bitcoin climbs towards all-time high after topping $19,000

Tue, 24 Nov 2020 06:47:00 GMT

LONDON — Bitcoin moved to within a whisker of its all-time high on Tuesday, after hitting $19,000 for the first time in nearly three years. The world’s most popular cryptocurrency was last up 4.8% at ...

Bitcoin climbs towards all-time high after topping $19,000

Tue, 24 Nov 2020 05:43:00 GMT

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