Bitcoin Rallies to New Record in a Wild Session

Bitcoin Rallies to New Record in a Wild Session

Created by TradeOr

3rd Party Analysis 11 Nov 2021

Key Takeaways:

  • Bitcoin rallies to a new all-time high of $69,000 on inflation fears; eases slightly on Thursday
  • Twitter launches a cryptocurrency team to focus on Bitcoin and blockchain technology

What’s Today’s News in Crypto?

Bitcoin, the biggest digital asset, pushed to a fresh record high Wednesday right after the US released its inflation numbers. To this end, the cryptocurrency acted as a safe haven and a hedge against inflation.

In more detail, investors rushed to buy bitcoin, which has a limited supply of 21 million. This way, it could play a role as protection against higher prices, or inflation.

With this in mind, the token peaked at $69,000 as it gained about $3,000 in less than an hour. Moreover, the move to the upside was boosted by inflation in the US hitting a 30-year high. Consumer prices rose 6.2% in October, the fastest price increase since 1990.

Besides bitcoin notching an all-time high, its second one this week, Ether also jumped to a fresh record. More specifically, the Ethereum token sprinted about 7% on Wednesday, reaching a new high of $4,862. The level surpassed Ether’s previous record of $4,840 set a day earlier.

What’s the Price of Bitcoin?

In the early hours of Thursday’s session, the price of bitcoin is trading near $65,200 per coin. That said, the token reached a session high of $65,500 but later retreated to slightly lower levels.

The price was supported by a new Twitter announcement. Late on Wednesday, Twitter said it is building a crypto team dedicated to bitcoin and blockchain exploration. The step highlights how Twitter CEO Jack Dorsey, a prominent Bitcoin bull, continues to build on his grand crypto vision.

The cryptocurrency team at Twitter will aim to be a “center of excellence for all things blockchain,” Twitter told the media. More precisely, the newly-formed team will explore crypto payments, Bitcoin tips and other crypto-focused functionalities on the social media.

What is the Future of Cryptocurrency?

Against this backdrop, and the quickly growing large-scale adoption, the outlook for crypto remains bright and optimistic. On this note, make sure to check our cryptocurrency guide with the most popular digital assets. In it, you’ll find all you need to know for making the jump into the cryptocurrency world.