Bitcoin smashed through $20 000 for the first time on Wednesday, its highest ever, amid increased institutional and corporate interest.
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Bitcoin may have grabbed the headlines in 2020 with a price gain of 160% for the year to date, but this pales alongside its smaller brother, ethereum, which has clocked up a gain of 344% so far.
The last time bitcoin skyrocketed, in 2017, many wealthy investors largely stayed on the sidelines. No tthis time.
Criminals are becoming more sophisticated in their use of cryptocurrencies to launder money, with hundreds of millions of dollars of dirty funds last year flowing through digital wallets that allow users to hide their trail.
MicroStrategy has bought more bitcoin. The company paid $50-million for more of the world’s largest cryptocurrency at an average purchase price of $19 427, it said in a filing.
It’s not just bitcoin. A number of cryptocurrencies are posting even gaudier numbers than the progenitor of digital money.
Bitcoin’s recovery from a rout last week is stoking speculation that the cryptocurrency can breach $20 000 for the first time.
Bitcoin climbed to a record, taking less than three years to replicate the euphoric ascent that catapulted the cryptocurrency into the mainstream consciousness.
Bitcoin and other digital coins steadied on Friday after posting some of the biggest declines since the onset of the pandemic, a selloff that stoked fresh questions about this year’s boom in cryptocurrencies.
Bitcoin plunged on Thursday, slamming the brakes on a blistering rally and sparking a sell-off among smaller digital coins. Bitcoin slumped as much as 13% to its lowest since 16 November.