The price of bitcoin (BTC) exceeded the all-time high set this past Sunday, rising to $28,570.02, roaring back a day after the leading cryptocurrency had dropped to as low as $25,875.05.
- BTC topped the previous high-water mark of $28,352.63 set this past Sunday morning ET before dropping back to $28,406.35, up 7.34% in the last 24 hours.
- Institutional investors are perceived to be driving this record-setting run. Among them: Anthony Scaramucciâ€™s Skybridge Capital ($25 millionÂ in December); MassMutual ($100 millionÂ in December);Â and Guggenheim (up to 10%Â of its $5 billion macro fund).
- With the end of the year looming, some fund managers may also be buying BTC so they can brag next year about being smart enough to get in in 2020 while neglecting to say at which price they had done so.
- In addition, the U.S. Federal Reserve, along with other central banks, has been printing money with abandon, trying to stave off the worst economic effects of the pandemic as U.S. President Donald Trump has been pushing Congress to pass an even bigger relief package to allow for larger stimulus checks. These actions are viewed by many as potential catalysts for inflation and bad for the U.S. dollar, both of which could be positive for BTC.
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