Bitcoin scales new peak as flow pour in to crypto

A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. (Reuters)

SULAIMANI (ESTA) — Bitcoin made record peak in Asia trade on Tuesday, with enthusiasm for cryptocurrency adoption and worry about inflation driving momentum and flows into the asset class, Reuters reported.

Bitcoin hit an all-time high of $68.530 on Tuesday, according to CoinMarketCap. That is just weeks after it hit a previous high of nearly $67,000 before sliding as much as 12%.

Bitcoin has more than doubled since June and added nearly 70% against the dollar since the start of October.

“We’re getting the feeling that the market has shifted,” Reuters cited Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds, as saying.

Dibb also pointed to a sharp pick up in demand from large investors and even pension funds.

“People are now figuring out that not having any exposure, even a small amount, is probably not a good thing moving forward, so they’re having to allocate at this price,” he said.

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