Why Bitcoin Is Crossing $60K Again

Why Bitcoin Is Crossing $60K Again

Bitcoin (BTC) has crossed the $60,000 mark again, as experts point to a supply shortage.

  • The world's top cryptocurrency crossed the $60,000 mark today and on Saturday, according to CoinMarketCap data, reaching a high of $60,741 on Saturday.
  • Bitcoin was recently left on the sidelines as investors concentrated their attention on the stock market, a sales manager at Hong Kong digital asset company Diginex Justin d’Anethan told Reuters
  • "That changed just yesterday when we pierced through 60K. With miners not selling recently minted coins, on-exchange reserves hitting multi-year lows and an incessant stream of corporates, funds, large and small investors piling into BTC, we punched through," d’Anethan said.
  • Bitcoin is up 116% from this year's low of $27,734 on Jan 4.
  • The coin reached its all-time high of over $60,000 on March 13 with a record price of $61,781, reported on crypto exchange Bitstamp, presumably connected to the United States president signing a $1.9 trillion fiscal stimulus package.
  • Bitcoin was trading above $59,700 at publication time Sunday.

Disclosure: © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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William K. 4 weeks ago Member's comment

Bitcoin value iis still puzzling to me, as to how new "coins"can be created that have any value when they are produced by "miners" cranking away solving puzzles. What material of worth does that token represent? The whole bitcoin venture has the smell of a college fraternity-boy prank.

Evidently many individuals have agreed to be part of it,but it still smells like an extended prank, subject to a rather dramatic collapse.