Bitcoin hit a new record a few minutes ago, exploding from $ 34,000 to $ 35,800. The cryptocurrency has since declined slightly to $ 35,300 as the outbreak has slowed somewhat.
BTC’s meeting appears to be a byproduct of the news that Democrats are expected to win Senate elections in Georgia, which will determine the state of Congress in the coming years. This “blue wave” expected by the experts will lead to further monetary and fiscal stimulus than if it were a Republican-led Senate.
It is worth noting that the counting has not yet been done for the race. The counting has been temporarily interrupted because the pollsters have to return tomorrow.
Chart of BTC's price action over the past few months from TradingVIew.com
Bitcoin sets new record high
According to Ki Young Ju, CEO of CryptoQuant, institutions continue to collect Bitcoin at a rapid pace.
He noted that on January 2, there was a large amount of BTC exiting Coinbase. The number of coins withdrawn exceeded 55,000 tokens on that one day, the largest day of outflow ever for the exchange.
Many see this as a sign that there are institutional players who are buying the cryptocurrency en masse.
– Ki Young Ju 주기영 (@ki_young_ju) January 5, 2021
Related reading: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Brewing
Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt The Bitcoin Price Just Ripped Past $35,000 After Consolidation