Bitcoin was flat to slightly lower after briefly climbing Wednesday above $18,000 for the first time since December 2017.
“There is a tsunami of buying power up against reluctant sellers,” Charlie Morris, CEO of the cryptocurrency fund manager ByteTree, wrote in a note to clients. “These buyers are putting real money behind bitcoin, not the old dribs and drabs normally seen from retail investors.”
In traditional markets, European shares fell and U.S. stock futures pointed to a lower open amid concerns over new coronavirus-related restrictions and lockdowns. Gold weakened 0.5% to $1,863 an ounce.
Bitcoin’s breathtaking rally for the past couple of months has been attributed to all sorts of grand macroeconomic reasons, from the need for a safe haven as the pandemic ravages the global economy once more to marvelous projections about the future role of the cryptocurrency in finance.
Yet, what if the recent run-up was