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Bitcoin Tops $26K for First Time, Less Than a Day After Passing $25K
The leading cryptocurrency set another all-time high this month.
Updated Sep 14, 2021, 10:48 a.m. Published Dec 26, 2020, 8:43 p.m.
The price of bitcoin passed $26,000, hardly resting after blowing through what was supposed to have been the landmark level of $25,000 less than 24 hours earlier.
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- Recently, the leading cryptocurrency has been leaving a string of broken records in its wake at an increasingly rapid pace after passing the psychologically key $20,000 mark for the first time ever on Dec. 16.
- BTC broke $25,000 Friday night for the first time, and set a new all-time high of $26,368.16 Saturday afternoon, before settling back to $26,246.72, up 7.39% on the day. Year-to-date BTC is up more than 250%.
- Institutional investors are perceived to be driving this record-setting run. Among them: Anthony Scaramucci’s Skybridge Capital ($25 million in December); MassMutual ($100 million in December); and Guggenheim (up to 10% of its $5 billion macro fund).
- In addition, the U.S. Federal Reserve, along with other central banks, has been printing money with abandon trying to stave off the worst economic effects of the pandemic while U.S. President Donald Trump has been pushing Congress to pass an even bigger relief package to allow for larger stimulus checks. These actions are viewed by many as likely catalysts for inflation, against which BTC is viewed as a hedge.
- There are those who think BTC is just getting started. Scaramucci has said BTC is in the "early innings" and this afternoon, crypto venture capitalist/bitcoin evangelist Tim Draper tweeted that the price of the leading cryptocurrency could rise ten-fold by the end of 2022.
#Bitcoin tenX from here by end of 2022 or early 2023.
— Tim Draper (@TimDraper) December 26, 2020
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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