All eyes on Bitcoin as prices surge to over US$40k

Published by Cyber Flows on

Bitcoin’s monumental rally is showing no signs of slowing down as the digital asset reached a new milestone all-time high a few hours ago.

After gaining around 34% since this time last week, Bitcoin’s prices continue to march inexorably higher, surpassing $40,000 a few hours ago during late trading in the U.S. on Thursday night.

According to Tradingview.com, Bitcoin prices touched $40,350 on some exchanges a few hours ago marking another new peak for the king of crypto. Since then, the asset has pulled back slightly to the $38,800 area at the time of writing.

Bitcoin price chart – tradingview.com

Bitcoin worth more than gold bar

Industry observers noted that at those prices, one Bitcoin was worth more than a 20-ounce bar of gold which cost $38,250 at the time. The price of gold was hovering just over $1,900/oz on the morning of Friday, January 8 according to Goldprice.org.

Since breaking its previous all-time high of $20,000 on December 15, Bitcoin prices have doubled as the speed of its parabolic moves has only been faster three times in history.

Analyst and trader Josh Rager warned of a large market correction, which has happened several times in the past;

“The people in this market are used to 20 to 30% pullbacks but can they handle a 50%+ pullback. Could shake out a few. $50k + seems like the ideal fomo number to bring in new people. This probably won’t happen, but eventually we’ll see a multi-week 30%+ pullback,”

As has also happened in the past, major exchanges such as Coinbase had outages as it often does when Bitcoin prices move quickly. Apparently, it was not the only centralized exchange to suffer service issues;

Source: finbold.com

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