Cryptocurrency Bitcoin Hits All-Time High at $33,000
Bitcoin Tripled Last Year... Expected to Rise to $50,000 by Mid-February
[Asia Economy International Desk Reporter] The price of the cryptocurrency Bitcoin has surpassed an all-time high of $33,000 (approximately 35.8 million KRW), CNN reported on the 2nd (local time).
Bitcoin's price steadily increased even as the stock market plummeted during the early stages of the COVID-19 pandemic, tripling over the past year.
CNN pointed out, "As the Federal Reserve is expected to keep interest rates near zero for several more years, Bitcoin may continue to gain new fans."
However, Bitcoin also exceeded $20,000 in 2017, reaching a record level at the time, before crashing to around $3,000 in early 2019.
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Nicholas Pellerkanos, head of trading at cryptocurrency firm NEM, said that typically when an asset's price surges so rapidly over a long period, caution is warranted, but he predicted that Bitcoin's price could rise to $50,000 around Valentine's Day (February 14).
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