Why Bitcoin Is Crossing $60K Again
Bitcoin (CRYPTO: BTC) has crossed the $60,000 mark again, as experts point to a supply shortage.
- The world's top cryptocurrency crossed the $60,000 mark today and on Saturday, according to CoinMarketCap data, reaching a high of $60,741 on Saturday.
- Bitcoin was recently left on the sidelines as investors concentrated their attention on the stock market, a sales manager at Hong Kong digital asset company Diginex Justin d’Anethan told Reuters.
- "That changed just yesterday when we pierced through 60K. With miners not selling recently minted coins, on-exchange reserves hitting multi-year lows and an incessant stream of corporates, funds, large and small investors piling into BTC, we punched through," d’Anethan said.
See also: How to Buy Bitcoin (BTC)
- Bitcoin is up 116% from this year's low of $27,734 on Jan 4.
- The coin reached its all-time high of over $60,000 on March 13 with a record price of $61,781, reported on crypto exchange Bitstamp, presumably connected to the United States president signing a $1.9 trillion fiscal stimulus package.
- Bitcoin was trading above $59,700 at publication time.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.