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Bitcoin tops $51,000, moving firmly higher for the first time in 2 weeks as it heads into the holiday | Currency News | Financial and Business News

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December 24, 2021
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Bitcoin tops $51,000, moving firmly higher for the first time in 2 weeks as it heads into the holiday | Currency News | Financial and Business News
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Blue bitcoin
The digital asset was final buying and selling 5% higher at $51,191 on Friday.

Yuichiro Chino

  • Bitcoin topped $51,000 Friday as the cryptocurrency moved firmly higher for the first time in two weeks.
  • The cryptocurrency’s break by way of $50,000 indicators a “Santa Claus rally” to finish the 12 months on a excessive be aware. 
  • Buyers’ urge for food for riskier belongings is returning as worries about the sooner Fed taper and Omicron fade. 
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Bitcoin prolonged its positive aspects above $50,000 on Friday, matching the upbeat tone in broader monetary markets as buyers shook off Omicron fears to kick off the holidays.

Going into the final week of December, cryptocurrencies, like different dangerous belongings, look like shaping up for a so-called “Santa Claus rally” for a powerful finish to the 12 months.

Main cryptocurrency bitcoin broke by way of $50,000 late Thursday, having been caught under the psychological stage for two weeks. It was buying and selling 5% higher at $51,191 finally test Friday, in response to data from CoinGecko.

Buyers have confronted a wall of fear this month over the influence of the Federal Reserve’s resolution to wind down assist for the US financial system and of the speedy unfold of the Omicron coronavirus variant.

These fears fed into the cryptocurrency market too, which weighed on costs for bitcoin and different cash.

Analysts mentioned crypto belongings misplaced floor after the Fed’s December assembly, the place officers confirmed expectations they are going to double the pace of tapering bond purchases in a bid to fight excessive inflation.

However buyers look like letting go of these considerations and turning again to riskier belongings, such as shares. On Thursday, the S&P 500 closed at a record high to finish the buying and selling week, as US fairness markets are closed Friday for the holiday.

Reflecting the temper, cryptocurrencies rose throughout the board Friday. Ether was up 4% at $4,106, whereas cardano’s ada added 8% to succeed in $1.45.

Some altcoins have made massive strikes, too — in explicit, Terra’s luna, which hit a report excessive of $100.84 on Friday after logging positive aspects of over 30% earlier in the week.

Markets Insider

Markets Insider

The general crypto market captured mainstream curiosity in 2021, with demand from shoppers and retailers taking pictures up. Greater than half of bitcoin customers in the US obtained in solely this 12 months, and most are nonetheless holding their positions, a Grayscale study found.

The main cryptocurrency by market worth is up 76% for the 12 months up to now, although it remains to be 25% under its report excessive of about $69,000 in November.

As for subsequent 12 months, tendencies counsel bitcoin’s rise is just set to proceed. Crypto trade Coinbase said in a blog this week that whereas advocates imagine bitcoin is a rival to different digital currencies, nothing remotely competes with the token.

“Bitcoin will see a brand new wave of consumers,” Philip Gradwell, chief economist at Chainalysis, mentioned in a be aware. “The massive query is whether or not the establishments that entered in This fall of 2020 and Q1 2021 — the majority of current, new institutional consumers — resolve to promote to this subsequent wave.”

“If that’s the case, then the worth stress might be muted as new demand is balanced by their gross sales,” he added.

“But when everybody continues to carry, then worth stress may enhance considerably, given the provide of bitcoin that’s readily in the stores is at historic lows.”

Learn Extra: Gen Z and millennials are expected to inherit over $60 trillion in wealth by 2050. Cowen shares 10 stocks to capture the wealth transfer — including 3 expected to surge over 70%.



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