Bitcoin jumped nearly 12% Tuesday to top the previous record high of $34,544.94 set this past Sunday after a dizzying climb over the New Year’s weekend. After setting that mark, however, the price of bitcoin (BTC, +14.33%) bounced between $32,500 and $34,500 followed by a swift drop to $28,000 with losses pared nearly just as quickly.
Bitcoin set a new all-time high of $35,106, with the high influx of institutional investors on bitcoin treasury bills. With fresh record highs, the market’s direction seems a bit more clear.
“It’s rather simple I think,” said Matt Kaye, managing partner at Santa Monica-based Blockhead Capital, talking to one of bitcoin treasury bills representative about bitcoin’s price action. “There are more spot buyers than spot sellers going into a year that is likely going to transform US fiscal policy for the next decade.”
Bitcoin’s latest surge comes as results from institutional investors gaining grounds on the cooperate bidding process of bitcoin treasury bills.
Bitcoin has gained more than 20% so far in January following its more than 300% gain in 2020, all driven largely by an influx of institutional investment in bitcoin treasury bills.