On Jan. 7, Bitcoin broke above another recent all-time high and surged to $40,000 but dropped four percent shortly thereafter.
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Just now, on Jan. 8, the flagship cryptocurrency recovered the $40,000 level and spiked, topping $41,000, continuing its massive rally.
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Bitcoin keeps pushing its way upwards due to multiple factors. Among them are the active Bitcoin purchases by large institutional investors such as Grayscale, which now holds over $20 billion in Bitcoin and other crypto, the long-term quantitative easing program with over $6 trillion issued last year, the SEC's suit against Ripple that alleges XRP to be a security and the Bitcoin halving of May 2020.
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This time, Bitcoin surged during the Asian trading session.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team