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Bitcoin Price Surges to Within $30 of All-Time High
The price of bitcoin has surged overnight, climbing to within $30 of its 2013 record high.
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The price of bitcoin has surged overnight, closing in on its all-time high set back in 2013.
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Immediately prior to reporting, global average prices had reached a high for the session of around $1,137, according to the CoinDesk Bitcoin Price Index. Notably, that figure is less than $30 below the maximum ever value of $1,165.89 set on 30th November, 2013.
The latest increase comes soon after bitcoin's longest ever period at over $1,000, and a notable period of volatility in recent months.
The highs also reflect confidence by traders and investors in an industry that has been somewhat rocked by moves by the Chinese central bank to restrict the actions of the country's bitcoin exchanges, causing a number of them to temporarily freeze withdrawals of the cryptocurrency in recent weeks.
Also lurking in the background, and possibly having an influence on price, is the imminent SEC decision on the Winklevoss brothers' bitcoin ETF – an event some experts have told CoinDesk that traders are already 'pricing in' a potential approval.
The 11th March ruling could see the approval of the first bitcoin ETF in the US market, opening the digital currency to a wider audience of investors. However, many in the industry do not see a high likelihood of approval by the financial regulator.
For more historical data and charts, visit the CoinDesk BPI here.
Trading chart via Shutterstock
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Mike McGlone softens bitcoin downside target to $28,000 after backlash over $10,000 call
Market analysts said the extreme downside scenario risked influencing real capital flows, prompting a heated public debate over bitcoin’s macro outlook.
Lo que debes saber:
- Bloomberg Intelligence analyst Mike McGlone has shifted his bitcoin downside target from $10,000 to about $28,000 after criticism that his earlier call was alarmist and risky for investors.
- McGlone now argues that $28,000 is a more probable level based on historical price distribution and maintains that his analysis shows why investors should avoid bitcoin and other risk assets.
- Critics including Jason Fernandes and Mati Greenspan say the revised $28,000 target is still unlikely or overly deterministic, warning that such stark forecasts can distort positioning and put real capital at risk in reflexive crypto markets.
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