First Mover: $1 Trillion of Cryptocurrencies Shows Booming ‘Asset Class’

First Mover: $1 Trillion of Cryptocurrencies Shows Booming ‘Asset Class’

Bitcoin (BTC) rose for a third straight day, pushing early Thursday to a new all-time high price above $38,000 and setting bullish traders’ sights on $40,000.

“Momentum has been building over time, and it’s anyone’s guess where or when we might eventually top out,” Mati Greenspan, founder of the foreign-exchange and cryptocurrency analysis firm Quantum Economics, told clients in a newsletter.

The gains came after a day of turmoil in Washington, D.C., during which supporters of U.S. President Donald Trump stormed the Capitol building and disrupted a congressional vote to formalize challenger Joe Biden’s victory in last November’s presidential election. The shocking images prompted world leaders from the U.K., European Union and Canada to condemn what they characterized as an unacceptable attack on democracy. U.S. lawmakers later reconvened and certified the election result early Thursday. 

The upshot, according to Bloomberg News, is that global investors are now focusing on the likelihood that a Biden White House,

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