Bitcoin Hits Three-Year High Amidst Global Economic Uncertainties

 

Bitcoin prices hit a three-year high on Friday as investors continued to believe digital currencies amidst COVID-19 cases and global political uncertainties. The world's largest cryptocurrency rose to $ 18,766.79 (~ Rs. 13.9 lakh) on Friday, climbing more than 160% this year. It is also the highest valuation of bitcoin since December 2017 as it sometimes hit its all-time high of less than $ 20,000 after the cryptocurrency hit its peak three years ago.

The steady rise in the valuation of bitcoin and the growing volatility in the global economy are now seriously considering mainstream financial institutions investing in digital currencies. According to Alex Mashinsky, the chief executive of the crypto lending firm, Celsius Network, who told Reuters: "Today bitcoin has reached a place where institutional investors, banks and family offices legitimately as a defense against currency devaluation. Are participating ".

Noting that the current bull in crypto prices is more stable than the bubble in 2017, he said that unlike the previous time, when there was an increase by early adopters and retail investors, this time recognized such as PayPal and Line. Being led by the players. Everywhere. “Because big players like Lean and PayPal are involved, we can expect more stability than the 2017 bubble. It is no longer a hurry to sleep ”, he said.

Along with Bitcoin, other major cryptocurrencies including Ethereum and XRP are also seeing a sharp rise in their valuations among established financial institutions as part of the global boom on digital currencies, many of which began to dip their toes into emerging technology Is done. While Ethereum rose 7.2% to $ 505 (~ Rs. 37,000) on Friday, the XRP token rose 3% at a rate of 31% (~ Rs. 22).