Bitcoin breaks records and flies above $23,000

Bitcoin's encrypted digital currency continued to break records to record imaginary price levels in a very short period of time.

Although Bitcoin broke a price record that has lasted for nearly three years since December 2017, it has achieved many new records in recent hours. 

Yesterday, Bitcoin broke the $20,000 barrier for the first time in its history to reach an all-time high.

Today, Bitcoin continued to break its record highs to exceed the $23,000 barrier.

In particular, Bitcoin recorded $23,655.

This means that the cryptocurrency jumped by more than 220% in 2020 to become the black horse among all investment assets, according to CoinDesk.

At the time of writing, the market value of bitcoin reached $410.03 billion to continue to dominate as one of the largest attractive assets for global investments.

Reasons for boarding

The successive bitcoin jumps are backed by demand from large investors attracted by quick earning opportunities amid reports that the currency is able to resist inflation and is expected to become a popular tool for electronic financial payments.

Bitcoin is also experiencing a huge currency flow from North America, where major US investors are flocking to it after their concerns were dispelled.

The rise of Bitcoin also coincides with the fall in the spot price of gold in recent months, and some uncertainty has dissipated the cryptocurrency market, encouraging investment funds to buy the currency.

Bitcoin's rise also coincides with a series of news that institutions and companies are becoming more inclined to adopt the digital currency.

This included PayPal's plan to allow customers to pay in cryptocurrencies, and the announcement by the British investment fund Rover Investment Management of investing in Bitcoin.

British banking group Standard Chartered also announced its intention to launch the "Zodiac" digital currency management service in collaboration with Northern Trust Group.

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