Bitcoin reaches new high of more than $12,000

Rising by 4.74 per cent per cent on the day, the world’s most traded cryptocurrency initially stood at $12,100 before jumping to $12,485

After passing a key milestone last week, Bitcoin reached a new benchmark of more than $12,000 on Monday. 

Rising by 4.74 per cent per cent on the day, the world’s most traded cryptocurrency was initially at $12,100 before jumping to $12,485, its highest level in 2020 so far.

In the months from May to July, Bitcoin experienced a period of relatively low price volatility. It shot up from roughly $9,100 to more than $11,000 in late July, before briefly spiking past $12,000 on August 10. 

Both Bitcoin and gold have had a good run so far this year as many investors turn away from traditional finance during the Federal Reserve’s and other central banks’ response to the pandemic. 

The price of gold recently passed $2,000 per ounce as Bitcoin may be in the early stages of its own bull run. Bitcoin investor Max Keiser said that billionaire Warren Buffett’s recent investment in gold could even push the price of BTC to $50,000. 

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Berkshire Hathaway, the $503bn conglomerate led by Warren Buffett, sold Goldman Sachs for a Canadian gold company Barrick Gold.

Most recently, MicroStrategy, a $1.4bn intelligence conglomerate, bought $250m worth of Bitcoin. The firm said BTC would act as the company’s primary treasury asset, acknowledging Bitcoin as a potential safe-haven asset.

By this mid-afternoon, Bitcoin traded at $12,219. This is 70.5 per cent higher than the beginning of the year where it fell below $4,000 at one point. 

FURTHER READING: Bitcoin price analysis for August 17-23: the coin is getting ready for a sharp up move in the next few days

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