{"id":385686,"date":"2021-02-08T13:41:00","date_gmt":"2021-02-08T11:41:00","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=385686"},"modified":"2021-02-08T13:42:36","modified_gmt":"2021-02-08T11:42:36","slug":"bitcoin-jumps-back-to-40000","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/385686-bitcoin-jumps-back-to-40000.html","title":{"rendered":"Bitcoin jumps back to $40,000"},"content":{"rendered":"

Bitcoin is back near $40,000 on the heels of a global market rally as investors grow increasingly confident in reflation and fresh U.S. stimulus.<\/p>\n

The world\u2019s largest cryptocurrency was up 1.1% to $39,012 as of 9:57 a.m. in London after briefly surpassing $40,000 on Saturday. It\u2019s now about 7% below an all-time high set in early January.<\/p>\n

After a brief dip this month, Bitcoin is climbing once again as enthusiasts tout the digital asset as a hedge against inflation and store of value in a world awash with stimulus and rampant central-bank money printing.<\/p>\n

Prominent economists including Lawrence Summers have recently raised\u00a0concerns<\/a><\/strong>\u00a0that President Joe Biden\u2019s $1.9 trillion virus relief package may risk overheating the economy.<\/p>\n

Bitcoin\u2019s free float, a measure of how many tokens are available to trade, has fallen to 13% of supply, the lowest since 2014, according to Chainanalysis. \u201cThis suggests that Bitcoin available to buy remains scarce despite record prices,\u201d wrote Philip Gradwell, chief economist at the blockchain research firm.<\/p>\n

It\u2019s also possible that cryptocurrencies are benefiting from all the free publicity from celebrities lavishing attention on Dogecoin, a Shiba-Inu themed joke coin.<\/p>\n

Over the weekend, billionaire Elon Musk, rapper Snoop Dogg and Kiss bassist Gene Simmons sent several Dogecoin tweets and memes, pushing prices to a record.<\/p>\n

\n
\n

So \u2026 it\u2019s finally come to this \u2026\u00a0pic.twitter.com\/Gf0Rg2QOaF<\/a><\/p>\n

\u2014 Elon Musk (@elonmusk)\u00a0February 7, 2021<\/a><\/p><\/blockquote>\n<\/div>\n

Dogecoin rose as high as 8.2 U.S. cents before falling back to about 7 cents, according to pricing data from\u00a0CoinGecko<\/a><\/strong>. The token has a market value of about $9 billion, making it the 10th biggest cryptocurrency.<\/p>\n

In Bitcoin, famed fund manager Bill Miller extended his endorsement by reserving the right for his Miller Opportunity Trust to invest in the Grayscale Bitcoin Trust, a vehicle that institutions use for Bitcoin exposure, according to a U.S. regulatory\u00a0filing<\/strong><\/a>.<\/p>\n

\u201cIf retail and institutional interest continues to grow over the next month, Bitcoin could target the $45,000 level,\u201d said Edward Moya, a senior market analyst at forex broker Oanda Corp.<\/p>\n

Now read: Beware Bitcoin scams in fake South African news articles<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is back near $40,000 on the heels of a global market rally as investors grow increasingly confident in reflation and fresh U.S. stimulus.<\/p>\n","protected":false},"author":341034,"featured_media":346495,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,191],"class_list":["post-385686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/385686"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=385686"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/385686\/revisions"}],"predecessor-version":[{"id":385692,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/385686\/revisions\/385692"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/346495"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=385686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=385686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=385686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}