Bitcoin Breaks US$20,000 While Institutional Investors Remain Cautious

For the first time, the world’s most popular cryptocurrency Bitcoin cracked the US$20,000 (A$26,350) on Wednesday following amid a resurgence in popularity.

The blockchain-based currency has tripled in value so far this year, despite a major crash in March that saw it drop 25 per cent, and was trading as high as $US21,780 ($28,700) on Thursday afternoon as more retail and institutional investors bought in.

It’s the second milestone in recent weeks, following a three-year high at the end of November.

“Many of our clients have been expecting bitcoin to surpass its all-time high of US$20,000 given the recent news from major institutional players like SGX and MassMutual openly endorsing bitcoin,” said Scott Freeman, co-founder and partner at trading firm JST Capital. Read more…..


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