BTC is back within striking distance of its all-time high set early last month.
Feb 6, 2021 at 2:10 p.m.UTC Bitcoin Back Above $40K as Institutions Lead the Way
The price of bitcoin (BTC) rose above $40,000 Saturday as the leading cryptocurrency has nearly regained all its losses suffered since reaching an all-time high in early January.BTC hit $40,538.66 before falling back to $40,272.56, up 4.91% in the last 24 hours, putting it back within striking distance of the all-time high of $41.962.36 set on Jan.8.After hitting that high-water mark, BTC lost nearly a third (31.25%) of its value and all its spectacular year-to-date gains, bottoming out at $28,845.31 on Jan.22.After moving sideways for a week or so, over the last seven days BTC has made a string of upward moves, culminating in today’s rise.Year-to-date BTC’s gain is 36.91% and it’s up 39.72% from Jan.
22.Helping to drive this latest run is fresh interest on the part of institutional money such as Ray Dalio’s Bridgewater Associates, which manages $150 billion in investor money, and the Miller Opportunity Trust.It may also be getting a boost from MicroStrategy’s WORLD.NOW BTC-themed conference this past week.“Bridgewater’s piece out last week had a sensitivity analysis which showed their estimates of BTC price, should private holders of gold switch to BTC,” states a weekly investor note Friday from quantitative trading firm QCP Capital.
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