Bitcoin hits $40,000 for first time, but pullback likely imminent

Bitcoin hits $40,000 for first time, but pullback likely imminent
  • Clock-gray 02:05
  • calendar-gray 08 January 2021

Bitcoin topped $40,000 for the first time on Thursday, as it continues a rally that has seen the digital currency climb more than 700% from a March 12 closing low, APA reports quoting Reuters, APA reports quoting Reuters.

Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin’s surge this year, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates.

The world’s most popular cryptocurrency climbed as high as $40,402.46 and was last up 6.1% at $39,100. It crossed $30,000 for the first time on Jan. 2 and $20,000 on Dec. 16.

Smaller coins ethereum, the second largest in terms of market capitalization, and XRP, the fourth biggest, gained 1.8% at $1,231 and 31% at 32 U.S. cents, respectively. Both currencies often move in tandem with bitcoin.

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