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Bitcoin price rises above $35,000 for the first time

Credit: Belga

The price of Bitcoin rose above $35,000 (more than €28,000) on Wednesday for the first time since its creation 12 years ago.

The cryptocurrency’s price reached $35,841 (roughly €29,094), up 6.3% and beating its record for the fifteenth time in less than two months. At 1:15 PM Belgian time, it was trading at $34,940 (or €28,362), according to prices compiled by Bloomberg.

No specific event can explain the rise, according to analysts and specialist brokers, though PwC’s Global Crypto Leader Henri Arslanian said that it could have to do with the entry of bigger players onto the market, CNBC reported.

Several market players view the Bitcoin as a form of digital gold, as it is decentralised and not dependent on central banks. Cryptocurrencies can represent a means of protection against inflation.

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The Bitcoin could reach a value of $146,000 if it becomes less volatile, according to JPMorgan analysts, compared to gold, which is more stable.

A newer cryptocurrency known as ethereum, which is the only other cryptocurrency worth mentioning from a market point of view according to Ava Trade analyst Naeem Aslam, also rose, by almost 6% to $1,150 (around €933).

Meanwhile, the cryptocurrency known as ripple lost value, trading at $0.22 (€0.18), following a conflict between its creators and the United States Securities and Exchange Commission (SEC), the market regulator.

Jason Spinks
The Brussels Times