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    Bitcoin breaches $12000 mark first time in over a month

    Bitcoin’s price topped $ 12,000 on Tuesday for the first time in over a month. The digital token has passed a level that, according to supporters, could set the largest cryptocurrency for further gains. Bitcoin’s price rose as much as 2.7% to $ 12,052 in New York on Tuesday, before retreating slightly from the day’s peak. This is Bitcoin’s highest level since September 2, Bloomberg noted.

    The 24-hour price range for bitcoin was $ 11,672.69 – $ 12,047.10. The rally was highly anticipated by the market after the largest cryptocurrency by market cap had a streak of six-day gains last week, CoinDesk noted. Before exceeding $ 12,000, bitcoin prices had to overcome a large number of sell orders slightly below that level.

    “Before investors look to the next bull run, we need to see the price stay above $ 12,000 for an extended period of time,” Simon Peters, an analyst at the investment platform eToro, told the publication in an email. “Then investors should consider $ 14,000 as their next target.”

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    While the coin has remained volatile all year, some positives that have kept it afloat have been greater institutional acceptance, for example, with Fidelity Investments launching a Bitcoin fund and a couple of public companies investing. in the currency.

    “We see a significant increase in institutional players entering the cryptocurrency market,” Eric Demuth, co-founder and CEO of Bitpanda, told Bloomberg. “There is a lot of capital available that goes beyond the traditional financial market.”

    Bitcoin was last trading above $ 12,000 in September, although it did not stay above that level for long. September was the worst month since March, with the currency losing more than 8%. Federal Reserve Chairman Jerome Powell said the US central bank is evaluating the costs and benefits of digital currency during a panel hosted by the International Monetary Fund. Bitcoin Dash and Monero colleagues each lost more than 5% in Tuesday’s session.

    The digital token has reached a level that proponents and graphic designers believe could set the largest cryptocurrency for further gains.

    News Underline:

    • According to a report, Bitcoin breached the $ 12,000 level for the first time in over a month.
    • Even though bitcoin has been volatile all year, some positives that have kept it afloat have been greater institutional acceptance and a couple of companies investing in the coin.
    • Bitcoin was last trading above $ 12,000 in September, although it did not stay above that level for long.
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