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Bitcoin's rebound accelerates with push back above US$34,000

Bloomberg
Bloomberg1/29/2021 9:49 PM GMT+08  • 2 min read
Bitcoin's rebound accelerates with push back above US$34,000
Bitcoin is up about 7% this week, bouncing back from a 16% tumble over the previous two weeks after a near-record of US$42,000.
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Bitcoin resumed its push higher Friday, on track to snap a two-week slide amid rising optimism of growing demand from institutional investors.

Eric Peters of One River Asset Management told Bloomberg that his hedge fund’s holdings of digital assets has exceeded US$1 billion ($1.33 billion), adding that institutional adoption of crypto assets -- which played a large role in Bitcoin’s rally this past year -- is only expanding. Bridgewater’s Ray Dalio called the coin “one hell of an invention,” adding that the firm is considering cryptocurrencies for two new funds.

The largest cryptocurrency rose as much as 3.4% and was trading at US$34,000 as of 11.10 am in Hong Kong. The coin is up about 7% this week, bouncing back from a 16% tumble over the previous two weeks after touching a record of almost US$42,000. Bitcoin has also dipped below US$30,000 multiple times this week, testing its 50-day moving average.

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