The price of Bitcoin just hit a new all-time high of $21,569 — but do crypto holders who got out early have any regrets?
The Bitcoin price passed $21,000 for the first time in history on Dec. 16, not long after the crypto asset broke the psychological $20,000 threshold.
The recent rally to $21,569 on Coinbase at approximately 11:15 PM UTC, means that institutional investor MicroStrategy has seen its holdings double in price since announcing it had adopted Bitcoin (BTC) as a reserve asset in September, when the price was under $11,000.
However, not every high-profile investor has made out like a bandit. Barstool Sports founder Dave Portnoy said he sold his Bitcoin holdings in August and potentially missed out on more than one hundred grand in profit. Portnoy reported purchased at least $200,000 in BTC on Aug. 13 — when the price was under $12,000. The same amount of Bitcoin would be worth more than $360,000 today, with the price having risen 80%.
Alex Mashinsky, CEO of Celsius Network, predicted the price would likely drop soon, presenting a buying opportunity.
“Settle in, because we will be visiting the $20-$22K level at least half a dozen times before we break through to the $30K range later in 2021,” he said.
“I do think we will also re-test the $14-16K levels either over a weekend with low volume or with bad news hitting the street. That will probably be the last time most of us will have a chance to buy bitcoin below $20K levels ever again.”
With the bullish activity today, investors who shorted the crypto asset have seen their positions liquidated. According to data from crypto trading platform Bybt, more than $630 million in Bitcoin has been liquidated in the last 24 hours. Glassnode reported that there was nearly $95 million in liquidations of Bitcoin futures on major crypto exchange Binance in just one hour earlier today:
Liquidations of short positions on #Binance in the past hour: $94,293,438#Bitcoin
Chart: https://t.co/sF5leWOdat pic.twitter.com/Ch3PWrkLhQ
— glassnode (@glassnode) December 16, 2020
The price of Bitcoin is $21,329 at the time of publication, having risen 9.7% in the last 24 hours.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.