Bitcoin surges past $33,000

Fears of a global recession

The price of Bitcoin (BTC-USD) has surged to a new record pushing to above $33,000 (£24,135) for the first time in history on Sunday, after it crossed the $30,000 mark on Saturday. It soared by 18% on Sunday morning, reaching a new all-time high above $34,000, before trickling back down. Other digital coins, such as Ethereum and Litecoin, also recorded sharp price increases.

Bitcoin’s record-breaking rally has seen the cryptocurrency increase by more than 300% in 2020.In comparison, Wall Street’s blue-chip S&P 500 stock index (^GSPC) saw a 16% lift and gold (GC=F) had a 25% rally.

It comes as lockdowns and fears of a global recession, due to the coronavirus pandemic, sent investors flocking to alternative financial assets.


Comments are closed.