Bitcoin hit a new all-time high a few minutes ago, exploding from $ 34,000 to $ 35,800. The cryptocurrency has since declined slightly to $ 35,300 as the outbreak slowed a bit.
The BTC rally appears to be a by-product of news that the Democrats are expected to win the Georgia Senate elections that will determine the state of Congress in the years to come. This “blue wave” expected by the experts will lead to further monetary and fiscal stimulus than if it were a Republican-led Senate.
It is worth noting that counting for the race has not yet been done. The count has been temporarily paused as pollsters are expected to return tomorrow.
Chart of BTC's price action over the past few months from TradingVIew.com
Related Reading: Wall Street Veteran Kickstart’s Own Bitcoin Fund with a $ 25M investment
Bitcoin sets new all-time high
Institutions continue to accumulate bitcoin rapidly, according to Ki Young Ju, CEO of CryptoQuant.
He noticed that there was a large amount of BTC leaving Coinbase on January 2nd. The number of coins withdrawn on that day was over 55,000 tokens. This is the biggest outflow day ever for exchanges.
Many see this as a sign that there are institutional players who buy cryptocurrency en masse.
For your information, the January 2nd Coinbase outflow was an all-time high. It appears that institutes bought BTC when the price was over $ 30,000. The BTC bull market is not over yet.
Diagram ? https://t.co/OFT33lQycF https://t.co/BSJWHIBKfp pic.twitter.com/pMGbLESMX0
– Ki Young Ju @ (@ki_young_ju) January 5, 2021
Related Topics: 3 Bitcoin On Chain Trends Show A Macro Bull Market Is Brewing
Featured Image from Unsplash Chart from TradingView.com Price Tags: xbtusd, btcusd, btcusdt The Bitcoin Price Just Ripped Past $35,000 After Consolidation