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Bitcoin Back Above $40K as Institutions Lead the Way
BTC is back within striking distance of its all-time high set early last month.
The price of bitcoin (BTC) rose above $40,000 Saturday as the leading cryptocurrency has nearly regained all its losses suffered since reaching an all-time high in early January.
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- BTC hit $40,538.66 before falling back to $40,272.56, up 4.91% in the last 24 hours, putting it back within striking distance of the all-time high of $41.962.36 set on Jan. 8.
- After hitting that high-water mark, BTC lost nearly a third (31.25%) of its value and all its spectacular year-to-date gains, bottoming out at $28,845.31 on Jan. 22.
- After moving sideways for a week or so, over the last seven days BTC has made a string of upward moves, culminating in today's rise. Year to date, BTC's gain is 36.91% and it's up 39.72% from Jan. 22.
- Helping to drive this latest run is fresh interest on the part of institutional money such as Ray Dalio’s Bridgewater Associates, which manages $150 billion in investor money, and the Miller Opportunity Trust. It may also be getting a boost from MicroStrategy's WORLD.NOW BTC-themed conference this past week.
- “Bridgewater’s piece out last week had a sensitivity analysis which showed their estimates of BTC price, should private holders of gold switch to BTC,” states a weekly investor note Friday from quantitative trading firm QCP Capital.
- “They forecasted that should 50% of capital in gold move into BTC, that would result in a price of $85,000 per 1 BTC.”
Read more: Market Wrap: Bitcoin Rises to $38.3K While Ether’s New High Takes Spotlight
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
