Bitcoin crosses $40,000 as record-breaking streak continues

Telegraph 07 Jan 2021 08:39

The price of Bitcoin crossed a new all-time high above $40,000 on Thursday, continuing a dramatic bull run that has seen its value double in less than a month.

The cryptocurrency’s price rose as high as $40,324.01, according to CoinDesk, rising by 20pc in little more than two hours, before falling below the threshold .

It came as the total value of all cryptocurrencies in circulation crossed $1 trillion for the first time. The total value of all Bitcoins in circulation is now above $700bn, putting it above all but a handful of global currencies.

The digital currency, once seen as a haven for online anarchists and drug dealers, has exploded in value amid growing interest from financial institutions and the prospect of years of loose monetary policy from central banks. A cap on the total supply of Bitcoin is seen by some as a hedge against currency depreciation and money printing.

Valued at just over $10,000 three months ago, it crossed $20,000 for the first time in early December and has almost doubled since then. It broke $30,000 less than a week ago.

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