Bitcoin price is consistently smashing all the records by its current bull run.BTC has smashed every expectation today.BTC went past $30K in a few hours going into 2nd January and knocked past $32,000 and $31,000 this afternoon and is on the verge of reaching $33,000 by this early evening. But shortly after, BTC crossed $34,000 and hit $34,608, the coin’s recent high of all times. Analysts Decrypt attributed the crazy acceleration of bitcoin price to mainly three things: institutional investors who were balancing all the books, retail investors, and one solid whale’s trade which set a bunch of algo-traders working around for huge profits for The bitcoin champion.
The 3 Things Which Made The Bitcoin Price Go Crazy
Eric Wall, CIO, Arcane Assets mentioned to Decrypt that they are finally starting to feel the interests of the retail investors now. According to the data of Google Trends, the search volume of bitcoin is very high. This is the 1st time that something like this is happening since the peak of $20k.Wall also said that the retail investors are responsible partly for this weekend surge. There is a surging demand amidst the retail investors, confirmed Nimrod Lehavi, founder and CEO, Simplex.
Institutional investors have acted as the tanks thrusting Bitcoin price to the sky in 2020’s last quarter. A massive Bitcoin Fund will be opened on Monday by Anthony Scaramucci’s hedge fund. Anthony Scaramucci is a former Communications Director of The White House. Michael Saylor, CEO, MicroStrategy will not buy a few bitcoins, but he will be investing heavily.
During the weekend,algo-traders and retail investors ran amok; institutional investors are responsible for setting the market straight on Monday. Ho said that it is only a question regarding when the big sellers appear again. He mentioned that a surprising withdrawal of around $1.15 bn from the wallet of the Coinbase Pro could have managed to trigger trading bots for buying bitcoin and accelerated the bitcoin price.