Bitcoin rose to a nearly three-year high at the end of last week, as investors continued to scoop the digital currency on expectations it might well surpass its all-time peak of just under $20,000.
Bitcoin surged to $18,766.79, the highest since December 2017, and was last up 4.9percent at $18,696. It has gained 17 percent so far this week, the biggest weekly gain since June 2019, climbing more than 160% up to now this season.
“Today bitcoin has gotten to a place where institutional investors, banks, and family offices are legitimately pondering involvement as a defence against currency devaluation,” said Alex Mashinsky, CEO at Celsius Network, a crypto lending platform.
He added that in 2017, the rally in bitcoin was led by retail investors that were early adopters.
This isn’t a gold rush anymore,” he added.
The bitcoin market now boasts a working derivatives marketplace and custody services by established financial institutions. Large businesses including Fidelity Investments and Japan’s Nomura Holdings Inc have begun safeguarding bitcoins and other cryptocurrencies for institutional investors.
Other significant cryptocurrencies, including ethereum and XRP, which often proceed in tandem using bitcoin, rose 7.2% to $505.2, and 3% to 31 US pennies, respectively.
The team at Platform Executive hope you have enjoyed the ‘[post_title]’ article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Gertrude Chavez-Dreyfuss in New York and Elizabeth Howcroft in London. Editing by Tom Wilson and Gareth Jones.
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