Bitcoin sets a new record for 2020, breaching $15,000
In just 24 hours, the price of Bitcoin has increased by 10%, breaching the $15,000 level for the first time in 2020. Cointelegraph Market data reveals that the BTC/USD pair briefly hit to $15,750 before falling to $15,500. The crypto analytics platform Messari noted the barrier of more than $15,000 has been stable for 20 days. The break above $15,000 was unexpected to many. Reacting to the latest price movement, Grayscale CEO Barry Silbert stated,“People will never again say Bitcoin is dead.” Bullish momentum built in Bitcoin occurs amidst breaking news that the US Department of Justice will take $1 billion from an anonymous hacker who recently cracked one of the Silk Road wallets.
Why it matters: It is difficult to ignore Bitcoin's bullish momentum. The world's most valuable token when measured by market cap is moving into territory that it has only occupied for a small amount of time. With the break above $15,000, many will call the price action a bubble, but this is unlikely to be the case. While the global economy has recovered somewhat since the summer, this was achieved via massive money creation. Central banks are probably going to have to create more money in the coming years, as government deficits are high, and the banking sector is still on shaky ground. All of this is very bullish for Bitcoin.
