Understanding Bitcoin's Blistering Rise Past $30,000

Bitcoin has started 2021 off with a bang. Here’s what investors and analysts think is driving the rise (and today’s dip) as well as predictions for what happens next.

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Bitcoin has started 2021 off with a bang. Here’s what investors and analysts think is driving the rise (and today’s dip) as well as predictions for what happens next.

This episode is sponsored by Nexo.io.

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The end of December was a momentous time in bitcoin’s history. Not content to clear the psychological barrier of $20,000, bitcoin’s price smashed up almost all the way to $30,000, although it would take the turn to the new year to hit that new high-water mark.

In this episode, NLW looks at interpretations of why BTC is rising, why it dipped today and what analysts and investors think will happen next. This analysis includes:

Evidence of institutional FOMO including a rise in bitcoin whale addresses
Massive outflows from Coinbase Pro over the weekend
The impact of derivatives liquidations that occurred Monday morning
Commentary from OTC desks on Q1 2021 possibilities

Image credit: ayo888/iStock via Getty Images Plus

HOST

Nathaniel Whittemore

NLW is an independent strategy and communications consultant for leading crypto companies as well as host of The Breakdown – the fastest-growing podcast in crypto. Whittemore has been a VC with Learn Capital, was on the founding team of Change.org, and founded a program design center at his alma mater Northwestern University that helped inspire the largest donation in the school’s history.