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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

The Bitcoin Price Just Ripped Past $35,000 After Consolidation

Nick Chong
Nick Chong
1 year ago
2 mins read

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Bitcoin just set a new all-time high just minutes ago, exploding from $34,000 to $35,800. The cryptocurrency has since retraced slightly to $35,300 as the breakout has slowed to some extent.

BTC’s rally appears to be a byproduct of news that the democrats are expected to win the Georgia Senate elections, which will determine the state of Congress in the years ahead. This “blue wave” that is expected by the pundits will lead to further monetary and fiscal stimulus than if it was a Republican-led Senate.

It’s worth noting that counting is not yet done for the race. Counting has temporarily been paused as the pollsters are expected to come back tomorrow.

Chart of BTC's price action over the past few months from TradingVIew.com
Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment

Bitcoin Sets New All-Time High

According to Ki Young Ju, CEO of CryptoQuant, institutions are continuing to accumulate Bitcoin at a rapid clip.

He noted that there was a large amount of BTC that left Coinbase on January 2nd. The number of coins withdrawn amounted to over 55,000 tokens on that single day, which is the largest day of outflows ever for the exchange.

Many see this as a sign that there are institutional players that are buying the cryptocurrency en-masse.

FYI, Coinbase outflow on Jan 2 was an all-time high. It seems institutions bought $BTC when the price above 30k.$BTC bull market isn't over.

Chart 👉 https://t.co/OFT33lQycF https://t.co/BSJWHIBKfp pic.twitter.com/pMGbLESMX0

— Ki Young Ju (@ki_young_ju) January 5, 2021

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: xbtusd, btcusd, btcusdt
The Bitcoin Price Just Ripped Past $35,000 After Consolidation
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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