Justin d’Anethan, sales manager at digital asset company Diginex in Hong Kong , said investors had turned their attention to stock markets and other cryptocurrencies within the past few weeks, leaving Bitcoin idling within the upper 50-thousand dollar levels.
“That changed just yesterday once we pierced through 60K. With miners not selling recently minted coins, on-exchange reserves hitting multi-year lows and an incessant stream of corporates, funds, large and little investors piling into BTC, we punched through,” he said.
Bitcoin’s stunning gains this year are driven by its mainstream acceptance as an investment and a way of payment, amid the push of retail cash into stocks, exchange-traded funds and other risky assets.
It soared this year as major firms, like BNY Mellon, asset manager BlackRock Inc, mastercard giant Mastercard Inc, backed cryptocurrencies, while those like Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin.