Bitcoin rose to its latest peak last week. (Photo illustration by Chesnot/Getty Images)
Bitcoin prices rose to their recent all-time high in the week ending Friday, December 20, as several variables, including some notable government developments, caused the digital currency to experience a compelling uptrend.
According to Coinbase data from TradingView, the world’s most famous cryptocurrency hit consecutive highs on Monday, December 16, and Tuesday, December 17, topping $107,000 on the former and $108,000 on the latter.
After rising to those levels, the digital asset gave up some of its gains, suffered repeated pullbacks, and fell to nearly $92,000 on Friday, December 20, according to additional Coinbase figures provided by TradingView.
Several analysts commented on the causes of these strong price movements, including Alex Lin, co-founder and general partner of venture capital firm Reforge, which focuses on blockchain and frontier technology investments.
“Bitcoin’s rise to an all-time high above $108,000 was driven by a combination of factors that began early last week with expectations of interest rate cuts from the Federal Reserve and continued strong market sentiment favoring the asset after it hit the psychological threshold of $100,000,” he said via email.
“This dynamic was further supported by the reduced BTC supply on exchanges reported earlier this month, suggesting that investors were moving their BTC into personal custody, reducing available supply as demand and scarcity grew.” said Lin.
“And as BTC approached and subsequently surpassed previous highs…
