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Bitcoin Hits $29K for First Time Ever, Raising HODLer Hopes for $30K by New Year's
"I would expect to see bitcoin charge past $30,000 as we enter the new year,” said one market observer.
Updated Sep 14, 2021, 10:50 a.m. Published Dec 31, 2020, 12:25 a.m.
The price of bitcoin crossed $29,000 Wednesday evening for the first time ever, pushing further into record territory after hitting what had been an all-time high earlier in the day.
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- With the day's surge, the leading cryptocurrency resumed its rapid upward pace after seeming to be catching its breath on Monday and most of Tuesday following a record-setting run over the weekend.
- Bitcoin prices hit a high of $29,280.05 before dropping back to $29,231.01, up 5.28% in the last 24 hours. The price of bitcoin has now risen more than 300% year to date and no doubt puts visions of $30,000 in the minds of holders of the cryptocurrency, colloquially known in crypto circles as "HODLers."
- “Should the expected wave of retail flows materialize, I would expect to see bitcoin charge past $30,000 as we enter the new year,” Denis Vinokourov, head of research at the London-based prime brokerage Bequant, told CoinDesk earlier.
- 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).
- With the end of the year looming, some fund managers may also be buying bitcoin so they can brag next year about being smart enough to get in in 2020 while neglecting to say at which price they had done so. This is referred to as "window dressing" on Wall Street.
- 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 allow for the issuance of larger stimulus checks. These actions are viewed by many as potential catalysts for inflation and bad for the U.S. dollar, both of which could be positive for bitcoin.
Read more: 2020 Saw the Fewest Bitcoin ‘Obituaries’ in 8 Years
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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