Cryptocurrency
Bitcoin Surges Past $12,000 With Advocates Heralding New Era
As reported on Bloomberg, “Bitcoin rallied on Monday, advancing past $12,000 to its highest level in a more than a year amid a wider risk-on rally in equity markets. “The world’s largest cryptocurrency rose as much as 5.3% to around $12,473 in New York, the highest since July 2019. Crypto peers including Bitcoin Cash, Litecoin […]
As reported on Bloomberg, “Bitcoin rallied on Monday, advancing past $12,000 to its highest level in a more than a year amid a wider risk-on rally in equity markets.
“The world’s largest cryptocurrency rose as much as 5.3% to around $12,473 in New York, the highest since July 2019. Crypto peers including Bitcoin Cash, Litecoin and Monero also gained, with the Bloomberg Galaxy Crypto Index rising to its highest since June 2019.
“’Inflation is currently low but real yields are across the board negative — negative real yields and the monetary stimulus/spending has driven investors to seek out inflation hedges such as gold,’ said Seamus Donoghue, vice president of sales and business development at METACO. ‘Given its limited supply and growing institutional acceptance, Bitcoin will also likely benefit from the market seeking inflation hedges.’
“At the same time, some Wall Street veterans have taken a greater interest in the coin. Paul Tudor Jones made waves when he said he’s been buying Bitcoin amid central bank money-printing, while Michael Novogratz, founder of Galaxy Digital Holdings, told Bloomberg Television last week that about 25% of his net worth is tied up in the cryptocurrency…”