Home Finance Bitcoin Price Soars Above $40,000

Bitcoin Price Soars Above $40,000

According to Agence France-Presse in London on January 7th, the price of cryptocurrency Bitcoin broke through the $40,000 mark for the first time on the 7th and soared by $10,000 in just 5 days. At around 18:20 GMT, the price of Bitcoin was $40,380, a sharp increase of 10.4% during the trading hours, and then a decline. According to data from American Huishen, the price of Bitcoin at 18:50 GMT was $38,950, an increase of 6.52% that day. The price of this violently fluctuating cryptocurrency exceeded $30,000 for the first time on the 2nd.

Edward Moya, a market analyst at the currency trading platform Anda Corporation, said: “Investors continue to bet on this cryptocurrency. As the United States is expected to introduce more stimulus measures within the first 100 days of Biden’s administration, people’s interest in Bitcoin seems to be greater.”

But Bitcoin’s recent surge has sparked discussions about the coming of a new round of adjustments.

Craig Elram, an analyst at Chubb, warned that even if adjustments do not seem to happen immediately, once they do, they “will hurt people.”

A European analyst who asked not to be named told the Agence France-Presse reporter: “Now people are beginning to worry that adjustments will be inevitable, which is completely different from what the market was a few weeks ago.”

Analysts at Societe Generale said that only after Bitcoin really plummeted could people look back on the “global Bitcoin bubble.”