Why Bitcoin Is Crossing $60K Again

Benzinga2021-04-12

Bitcoin has crossed the $60,000 mark again, as experts point to a supply shortage.

The world's top cryptocurrency crossed the $60,000 mark today and on Saturday, according toCoinMarketCapdata, reaching a high of $60,741 on Saturday.
Bitcoin was recently left on the sidelines as investors concentrated their attention on the stock market, a sales manager at Hong Kong digital asset company Diginex Justin d’Anethan toldReuters.
"That changed just yesterday when we pierced through 60K. With miners not selling recently minted coins, on-exchange reserves hitting multi-year lows and an incessant stream of corporates, funds, large and small investors piling into BTC, we punched through," d’Anethan said.
Bitcoin is up 116% from this year's low of $27,734 on Jan 4.
The coin reached its all-time high of over $60,000 on March 13 with a record price of $61,781, reported on crypto exchange Bitstamp, presumably connected to the United States president signing a $1.9 trillion fiscal stimulus package.
Bitcoin was trading above $59,700 at publication time.

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