Bitcoin Surpasses $35,000 Intraday for the First Time... Sets New All-Time High Again

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Bloomberg News reported that the price of Bitcoin, the leading cryptocurrency, surpassed $35,000 intraday for the first time ever on the 6th.

According to the cryptocurrency site Coindesk, the price of 1 Bitcoin was trading around $35,082 as of 3:25 PM (Korean time) that day.

Bitcoin, which had quadrupled in price last year, hit a record high of $34,792 on the 3rd of this month, then plunged 17% the next day, but rebounded to a new high again two days later on the 6th.

JP Morgan Chase's analysis that Bitcoin's price could reach $146,000 in the long term stimulated investor sentiment, and it is observed that the overall market's risk appetite also fueled the upward trend.

Vijay Ayyar of Luno, a cryptocurrency exchange in Singapore, said the Bitcoin market is clearly in a bull market right now.

However, there are still many who question the value of Bitcoin.

Professor Nouriel Roubini of New York University appeared on Yahoo Finance Live on the 24th of last month and described Bitcoin's rise as a "speculative bubble," claiming that "Bitcoin's price is entirely manipulated by a group of people."

Bitcoin also surpassed $20,000 in 2017, reaching a record level at the time, before crashing to around $3,000 in early 2019.

Meanwhile, Cointelegraph.com, citing the cryptocurrency transaction tracking service "Whale Alert," reported that Jed McCaleb, co-founder of another cryptocurrency Ripple, sold about 1.2 billion XRP, approximately 27% of his Ripple holdings last year, at $0.34 per coin, earning over $400 million.

This content was produced with the assistance of AI translation services.