• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Bitcoin is now at $23,000, but legacy funds are calling a move to $400k

December 17, 2020
in Bitcoin
Reading Time: 3min read
Bitcoin is now at $23,000, but legacy funds are calling a move to $400k


Pioneer cryptocurrency Bitcoin did one for the record books today after it crossed the $22,000 mark for the first time in its 12-year history.

The milestone came mere hours after the asset reached an all-time high of $20,000, bumped immediately afterward to $21,000, and then marched on to $22,000.

Bitcoin has surged by 10% in the past two weeks alone and is up over 400% since March lows. A flash crash at the time led to sentiment turning negative for the world’s largest cryptocurrency, but it has since led its recovery to price levels unlike anything seen before.

Most in the crypto world are now calling for a $30,000 Bitcoin in the short-term, and a rally to as high as $250,000 by the end of 2021. For now, however, the asset is primed for attracting new money into the space, with individuals like Antoni Trenchev, the cofounder of Nexo, stating the newfound prices would lead to new media narratives and, in turn, more retail participants.

BTC to $400,000?

The mythical Wall Street firms have taken notice and are rushing into the sector. As per a Bloomberg report today, Guggenheim Partners LLC, recently said it might invest up to 10% of its $5.3 billion Macro Opportunities Fund in a Bitcoin trust.

“Our fundamental work shows that Bitcoin should be worth about $400,000,” says Guggenheim’s Scott Minerd https://t.co/9QyOWyYAVA pic.twitter.com/uojQqaKPia

— Bloomberg TV (@BloombergTV) December 16, 2020

The firm said it was targeting Grayscale’s Bitcoin Trust (GBTC) product for its exposure to the rising asset. The GBTC is a publicly-traded instrument that tracks the price of Bitcoin and charges investors a premium (currently 25%) for the convenience.

Scott Minerd, the head of Guggenheim Investments, said in an interview yesterday that Bitcoin’s scarcity combined with “rampant money printing” by the US Federal Reserve meant the asset could see a price of $400,000.

Minerd said:

“Bitcoin has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions.”

He added that Guggenheim first decided to invest in Bitcoin when the asset traded in the $10,000 range. It has risen over 100% since.

Meanwhile, Bitcoin does not seem to be stopping anytime soon. Orderbook data from crypto exchange Bitfinex showed that “there was no selling interest until $50,000,” a metric that Adam Back, CEO of Blockstream,” pointed out today.

If you are wondering why, look at the @bitfinex orderbook, where price formation happens, since $19k yesterday. Per @paoloardoino not much sell interest from here to $50k, or even $20m zoomed out. People remove sells. Sell steps shrinking by the minute as people buy and retract. pic.twitter.com/AVt1xO7QuU

— Adam Back (@adam3us) December 17, 2020

It’s uncharted waters indeed.

Bitcoin, currently ranked #1 by market cap, is up 15.33% over the past 24 hours. BTC has a market cap of $421.72B with a 24 hour volume of $68.45B.

Bitcoin Price Chart

BTCUSD Chart by TradingView

Like what you see? Subscribe for daily updates.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: 400kBitcoincallingFundslegacyMove
Next Post
Bitcoin Chatter on Twitter Nears Highest Level in 3 Years Amid Price Surge

Bitcoin Chatter on Twitter Nears Highest Level in 3 Years Amid Price Surge

The Year We Learned the Rewards and Risks of Smart Devices

Don't Miss

THE NUMBER ONE INVESTMENT IN CRYPTO RIGHT NOW – 2020 – (spoiler it’s not Bitcoin)
Cryptocurrency Videos

THE NUMBER ONE INVESTMENT IN CRYPTO RIGHT NOW – 2020 – (spoiler it’s not Bitcoin)

by Lascena Cryptocurrency News Education
February 28, 2021
0

Today in crypto, the number one investment in crypto right now, and no it is not Bitcoin, I am talking...

Read more
XRP Ripple YOU’VE BEEN WARNED!!! “It Was All a Lie!” | Robert Kiyosaki

XRP Ripple YOU’VE BEEN WARNED!!! “It Was All a Lie!” | Robert Kiyosaki

February 28, 2021
How I Would Invest $1000 in Cryptocurrency For HUGE GAINS (Besides Bitcoin) | Cryptocurrency Tips

How I Would Invest $1000 in Cryptocurrency For HUGE GAINS (Besides Bitcoin) | Cryptocurrency Tips

February 28, 2021
A Bitcoin Miner for Mining Farms? Bitmain Antminer T17E Setup, Review, and, Profitability!

A Bitcoin Miner for Mining Farms? Bitmain Antminer T17E Setup, Review, and, Profitability!

February 28, 2021
MY TOP 6 CRYPTO HOLDS & 100X HIDDEN GEM INVESTMENTS – WHAT I BUY FOR MY BITCOIN PORTFOLIO

MY TOP 6 CRYPTO HOLDS & 100X HIDDEN GEM INVESTMENTS – WHAT I BUY FOR MY BITCOIN PORTFOLIO

February 28, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$45,481.00-2.73%
  • ethereumEthereum(ETH)$1,377.46-6.46%
  • cardanoCardano(ADA)$1.31-9.37%
  • tetherTether(USDT)$1.010.14%
  • Binance CoinBinance Coin(BNB)$215.09-5.18%
  • PolkadotPolkadot(DOT)$32.18-3.94%
  • rippleXRP(XRP)$0.422994-2.79%
  • litecoinLitecoin(LTC)$162.63-5.67%
  • chainlinkChainlink(LINK)$24.52-2.63%
  • stellarStellar(XLM)$0.4140681.31%