Bloomberg News
@Bloomberg-News·2.8M subscribers·40.1K videos
Bitcoin on Longest Winning Run Since 2019 After Topping $28,000
Posted
December 28, 2020
Views
2,339
Likes
19
Comments
46
Engagement
December 28, 2020
2,339
19
46
2.78%
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
3:44Now PlayingBitcoin is on track for its longest monthly winning streak in more than a year after touching a record above $28,000 over the weekend.
The largest cryptocurrency reached an all-time high of $28,365 on Sunday before paring some of the advance, according to a composite of prices compiled by Bloomberg. The run of outsize returns over October, November and December so far is the longest such stretch since mid-2019.
“My sense is we’re very close to a top -- we could hit $30,000 though,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “We should definitely see a pullback, but the magnitude is probably lesser. We might only see 10% to 15% drops.”
Bitcoin climbed as much as 3.6% on Monday and was trading at about $27,260 as of 9:25 a.m. in New York. The cryptocurrency has advanced about 270% this year, while the wider Bloomberg Galaxy Crypto Index is up 260%.
Bitcoin has divided opinion as its price more than tripled in 2020 amid a worsening pandemic. Believers see it as a hedge against dollar weakness and the risk of faster inflation amid huge stimulus injections, and cite growing interest from institutional buyers. Others question Bitcoin’s validity as an investment and point to the digital currency’s history of wild rallies followed by crashes.
Regulatory scrutiny of the still-nascent cryptocurrency industry continues to be a variable for investors to consider.
The Securities and Exchange Commission last week accused Ripple Labs Inc. and its top executives of misleading investors in affiliated token XRP. While Ripple plans to challenge the accusation in the courts, the development underscores the prospect of stricter oversight of digital assets.
Ayyar said investors are shifting to Bitcoin and other digital coins in the wake of the XRP development.
Edward Moya, senior market analyst at Oanda, says demand for Bitcoin is “relentless.”
“Bitcoin is still the trendy trade on Wall Street and that might not go away,” Moya wrote in a note Monday. “Volatility remains elevated, but for now seems like it will attract buyers on every major dip.”
Subscribe to our YouTube channel
Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
To watch complete coverage on Bloomberg Quicktake 24/7, visit or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app.
Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake
Connect with us on…
Breaking News on YouTube
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
