Bitcoin tops Rs5.47m as record-breaking rally resumes
Bitcoin.
ISLAMABAD: Bitcoin climbed above $34,000 (Rs5.47 million) for the primary time on Sunday, extending a record-breaking rally within the volatile cryptocurrency that delivered a quite 300 per cent gain last year.
With trading in key financial markets yet to commence in 2021, bitcoin has resumed its dizzying ascent, rising quite 10 per cent within the first few days of January.
According to international media reports, by late afternoon in London on Sunday, it had given up a number of its early gains to dip slightly below $33,000. “Even the foremost bullish of bitcoin advocates couldn't have foreseen such a meteoric rise in price in such a brief space of your time ,” said Marcus Swanepoel, chief executive of Luno, a London-based cryptocurrency platform.
History suggests alittle pullback could follow, he added. “But the pattern we’ve seen within the build up to the present milestone — a uniform increase, instead of one sharp spike — sets bitcoin up extremely well for this year,” Swanepoel said.
He added that “something approaching the $100,000 mark before the year’s end” was possible. The rally has fed concerns that bitcoin is about to repeat the events of three years ago, when a market dramatically collapsed.
When the cryptocurrency set a record high in November, economist Nouriel Roubini called it a “pure speculative asset and bubble with no fundamental value”.
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