Bitcoin Price Rallies to a New All-Time High $28,387
The Bitcoin price exploded over the weekend, rallying above two resistance levels--$24k and $27k, to reach a new all-time high of $28,387 (Coinbase data) on Dec 27. With the surge in prices, the digital asset market cap soared to over $500 billion. Analysts expect even more price gains beyond the end of the year.
Coming at the back of the United States Securities and Exchange Commission's cracking down on Ripple, alleging the XRP coin—the fourth-largest coin, is a security, observers say the outflow of funds from the digital asset is finding itself in Bitcoin. The SEC agrees Bitcoin is a utility and its coin, BTC, can act as a currency. On the other hand, the United States Commodity Futures Trading Commission (CFTC) classifies the asset as a commodity whose gains are subject to taxation. The clarity in Bitcoin and the endorsement from several regulators is why there is confidence in its prospects. In return, this is fueling demand when the global economy is also in tatters due to the coronavirus impact.
Impact on the BTC Price:
Bullish. Bitcoin is proving critics wrong, tearing through tops, and registering new highs. Most analysts project the BTC/USD price to reach $100k by this time next year.
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