Bitcoin Price Roars Towards $80,000 Following Positive Regulatory News, US Buyback Pledge
Bitcoin Magazine
Bitcoin Price Roars Towards $80,000 Following Positive Regulatory News, US Buyback Pledge
Bitcoin roared past $79,000 Friday, sustaining the biggest run in years following positive regulatory news and an announcement from the U.S. Treasury.
The leading cryptocurrency hit as high as $79,319 before dipping slightly. It was recently priced at $77,584, a more than 7% rise over the past day. Over a seven-day period, the coin has shot up by close to 23%.
Bitcoin had spent most of July and June trading below $65,000. Some analysts had said that the bottom was likely in.
And it may just be in: Writing in a note Friday, Standard Chartered’s Global Head of Digital Assets Research, Geoffrey Kendrick, said that a $100,000 price forecast by year-end was too low.
“Once investors remember how quickly prices can accelerate to the topside, and we get past the 6 October date (12 months after the all-time high) an overshoot towards the all-time high (USD126k) before year-end may be possible,” he said.
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