Bitcoin soars above $35,000, hitting new high – CNBC

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In this photo illustration, visual representations of the digital cryptocurrency, Bitcoin are arranged on January 4, 2021 in Katwijk, Netherlands.

Yuriko Nakao | Getty Images

Bitcoin soared on Wednesday to touch a fresh all-time high, as the cryptocurrency continued trading wildly.

The price of bitcoin rallied above $35,000 Tuesday night, hitting an intraday high of $35,821, according to data from Coin Metrics. It pared gains slightly Wednesday morning, trading 2% higher at around $34,625.

Bitcoin’s latest all-time high comes just days after it slumped more than 10% to $29,316. That followed a more than 300% jump in 2020 to levels above $29,000.

On Monday, JPMorgan published a note with a bold long-term price target for bitcoin, claiming the cryptocurrency could soar to as high as $146,000 as it competes with gold as an “alternative” currency. The precious metal also saw sizable gains in 2020, with spot gold rising about 25% for the year.

Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, also told CNBC’s “Capital Connection” on Wednesday that his firm is “quite bullish” on bitcoin’s store of value and sees it “replacing” gold.

Scaramucci, a former White House communications director, added that Democratic control of Congress would be “great” for cryptocurrencies due to expectations of “tremendous” money printing under a federal government controlled by the party.

JPMorgan’s strategists, however, said that bitcoin will need to become substantially less volatile before it can match gold in terms of market value.
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