Bitcoin’s surge past $16,000

NoUseMercenary

Gamer & Crypto Investor
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Bitcoin’s surge past $16,000
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CNBC.com’s MacKenzie Sigalos brings you the day’s top business news headlines. CNBC wealth editor Robert Frank breaks down how even though Covid-19 cases are rising, New York City might have gotten through the worst of the real estate crisis, as the rental market in Manhattan rebounds. Plus, CNBC’s Kate Rooney explains the 2020 crypto craze and bitcoin’s latest run past $16,000.
Bitcoin whale sell-off could capsize BTC’s voyage above $16,200
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Bitcoin (BTC) price is proving to be relatively stable at around the $16,000 level, heavily outperforming both safe-haven and risk-on assets, including gold and stocks. But in the near term, the digital asset faces a major roadblock in the form of whales.

On Nov. 12, the price of Bitcoin reached $16,199, a level not seen since the famed 2017 rally. Although BTC dropped to $15,600 within a few hours, it quickly recovered and at the time of writing it looks like the digital asset will attempt to overtake the intraday high.
Bitcoin reaches $16K, highest level since 2018
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Bitcoin on Thursday reached a record valuation of $16,118, its highest level since 2018.

The cryptocurrency is up 123% year-over-year and 50% this quarter, according to data from the California-based digital currency exchange Coinbase.

"At a high level, there's no question the pandemic has had an impact on the underlying technology of cryptocurrencies themselves, but that's not the only factor," Joseph Guagliardo, a technology and blockchain lawyer at Troutman Pepper, told FOX Business.

The pandemic has created "concern over U.S. inflation and global inflation," making Bitcoin something of a "digital gold and a safe haven," he said.