{"id":69322,"date":"2020-11-23T03:50:24","date_gmt":"2020-11-23T03:50:24","guid":{"rendered":"https:\/\/www.thefastfashion.com\/?p=69322"},"modified":"2020-11-23T03:50:24","modified_gmt":"2020-11-23T03:50:24","slug":"bitcoin-climbs-three-year-peak-nears-time-high","status":"publish","type":"post","link":"https:\/\/www.thefastfashion.com\/?p=69322","title":{"rendered":"Bitcoin climbs to three-year peak, nears all-time high"},"content":{"rendered":"

Bitcoin rose to a nearly three-year high Friday, as investors continued to scoop the virtual currency on expectations it could well exceed its all-time peak of just under $20,000.<\/p>\n

Bitcoin surged to $18,766.79, the highest since December 2017, and was last up 4.9 percent at $18,696. It\u00a0has gained 17 percent so far this week, the largest weekly gain since June 2019, climbing more than 160 percent so far this year.<\/p>\n

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\u201cToday bitcoin has gotten to a place where institutional investors, banks, and family offices are legitimately pondering involvement as a defense against currency devaluation,\u201d said Alex Mashinsky, chief executive officer at Celsius Network, a crypto lending platform.<\/p>\n

He added that in 2017, the rally in bitcoin was led by retail investors\u00a0who were early adopters.<\/p>\n

\u201cBecause large players, like LINE Corp and PayPal are involved this go around, we can expect more stability than the 2017 bubble. This isn\u2019t a gold rush anymore,\u201d he added.<\/p>\n\n

The bitcoin market now boasts a functioning derivatives market and custody services by established financial institutions. Large firms including Fidelity Investments and Japan\u2019s Nomura Holdings Inc have started safeguarding bitcoins and other cryptocurrencies for institutional investors.<\/p>\n

Other major cryptocurrencies, including ethereum and XRP, which often move in tandem with bitcoin, rose 7.2 percent to $505.2, and 3 percent to 31 US cents, respectively.<\/p>\n

Adv<\/em>.<\/strong><\/p>\r\n\r\n