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(Last Updated On: January 8, 2021)

On Friday, Bitcoin has fallen over 5%, one day after exceeding $40,000 for the first time.

This worldwide known digital currency has fallen to $36,618.36 on Bitstamp exchange after it had reached its highest of $40,402.46 in the previous session.

The currency has rallied over 700% since its dip in March. For the first time since 2nd January, it surpassed $30,000, after it had outdone $20,000 on December 16th.

Market participants had been alerted regarding a rectification after the $40,000 milestone had been attained.

Institutional, corporate, and retail investors have come from rising demand which has powered Bitcoin’s rise, which was brought in by the possibilities of fast gains in a world of ultra-low yields and negative interest rates.

Strategists from JPMorgan had written on January 5th that the digital currency has appeared as a competitor to gold and might trade could reach as high as $146,000 if it ends up being set up as an asset.


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NEWS Desk

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