Fun

BTC Reaches a Whopping $40,000, Industry Exec Says ‘Bitcoin Rises in the Eye of a Perfect Storm’

News Feed - 2021-01-08 03:01:17

BTC Reaches a Whopping $40,000, Industry Exec Says "Bitcoin Rises in the Eye of a Perfect Storm"


The price of bitcoin has astonished the masses once again surpassing $40,000 per coin across crypto exchanges worldwide. With well over $28 billion in global trade volume, the leading crypto asset’s overall market valuation is now a whopping $728 billion in value.


**This post has been updated at 1:50 p.m. (EST) to reflect the recent price drop. Bitcoin’s Value Soars


On January 7, 2021, Bitcoin (BTC) has surpassed its previous all-time high (ATH) it reached earlier in the day, and has jumped over the $40k handle on Thursday afternoon. The crypto asset’s dominance index compared to the value of the rest of the crypto economy is 68.8% today. The price has spiked $20,000 higher than the prior ATH captured three years ago in 2017. On Thursday, bitcoin (BTC) touched a high of $40,382 at the time of publication.


There’s currently 18.5 million BTC in existence (88.54%) and there’s only 13.51% left for bitcoin miners to mine. As news.Bitcoin.com reported during our last market update, BTC’s hashrate has been riding very high.



The overall hashrate has been fluctuating between 150 to 160 exahash per second, as miners are dedicating a lot of processing power to the chain. Miners today only get 6.25 BTC per block reward and the bitcoin inflation rate per annum is only 1.78% with 900 BTC issued per day.


The next Bitcoin (BTC) halving is expected in 1,215 days or on or around May 7, 2024. At that time the bitcoin inflation rate per annum at the next block halving event will be 0.84%. While the global economy is uncertain, Gavin Smith, the CEO of Panxora thinks that market players are protecting their wealth with the leading crypto asset.


“It’s no surprise that the world is watching bitcoin right now. Its price is soaring as the after-effects of the COVID monetary stimulus continues to raise concerns about inflation,” Smith said as BTC was nearing the $40k handle.


The Panxora executive added: As a result of quantitative easing, market players are adopting bitcoin to hedge against instability. But while further growth is inevitable, investors should not expect this to move in a straight line. The Perfect Storm


The CTO of Bitfinex, Paolo Ardoino, says that “bitcoin is rising in the eye of a perfect storm” commenting on BTC’s meteoric rise on Thursday.


“The backdrop is one of continuing global macroeconomic uncertainty that has the potential to devalue fiat currencies. High finance’s embrace of the digital gold narrative may potentially be followed by retail as the market cap of all cryptocurrencies reaches $1 trillion for the first time,” the Bitfinex CTO added.


Meanwhile, over the last 90 days, BTC has been one of the best performing assets worldwide climbing more than 250% during the last three months. Paired against the U.S. dollar, bitcoin (BTC) has jumped well over 375% over the course of the year. At press time the price is riding well over the $40k zone and continues to ride upward.


** On Jan. 7, 2021, at approximately 1:30 p.m. EST, bitcoin (BTC) dropped to a low of $36,540 per unit plumetting -9.55% in a short period of time.


What do you think about bitcoin hitting $40,000 per coin? Let us know what you think about this subject in the comments section below. Bitcoin Price Leaps Over $38,600- Analyst Says BTC"s Parabolic Move "Highly Abnormal" MARKET UPDATES | 10 hours ago Bitcoin Price Touches the $37K Zone, Crypto Economy"s Market Cap Hits $1 Trillion MARKET UPDATES | 23 hours ago Tags in this story $40000, $40k, 2021 Crypto Markets, All time high, ATH, Bitcoin, Bitcoin (BTC), Bitcoin Price, Bitfinex CTO, BTC Hashrate, BTC’s dominance, Crypto markets, Cryptocurrency, Gavin Smith, Hashrate, Markets, Panxora, Paolo Ardoino, Perfect Storm, trading


Image Credits: Shutterstock, Pixabay, Wiki Commons, Bitcoin Wisdom, Markets.Bitcoin.com Use Bitcoin and Bitcoin Cash to play online casino games here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Tools of Humanity delays unlock of 80% of WDL tokens
Ana Paula Pereira8 hours agoTools of Humanity delays unlock of 80% of WDL tokensOriginally set to unlock over three years, the tokens will now become accessible for early contributors and investors over five years, begin
Bitflex Commences BETA Testing With Zero-Trading Fees
Bitflex Commences BETA Testing With Zero-Trading Fees press release PRESS RELEASE.Seychelles, June 20, 2022– Bitflex Inc. (the “Company,” “we” or
Pepsi-Cola Celebrates the Soft Drink’s Birth Year With 1,893 Generative NFTs
Pepsi-Cola Celebrates the Soft Drink"s Birth Year With 1,893 Generative NFTs The carbonated soft drink manufacturer Pepsi has revealed the company is stepping into the world of blo
Top ECB Official Ramps Up Anti-Crypto Rhetoric, Calls for Global Regulations
Top ECB Official Ramps Up Anti-Crypto Rhetoric, Calls for Global Regulations Comparing the rise of crypto assets to the gold rush, a top executive at the European Central Bank has
Venture Capitalists Have Invested Over $200M in Stablecoins
Venture Capitalists Have Invested Over $200M in Stablecoins Does the world need more stablecoins? Yes according to VCs, who have thrown hundreds of millions of dollars at project
Over the Last Year, Bitcoin’s Market Cap Slid From the World’s 8th Most Valuable Asset to the 26th Position
Over the Last Year, Bitcoin"s Market Cap Slid From the World"s 8th Most Valuable Asset to the 26th Position In Nov. 2021, bitcoin’s market valuation managed to make it into
Analyst: Chainlink Is Another Altcoin Bubble as Price Crashes 20% in 48 Hours
Analyst: Chainlink Is Another Altcoin Bubble as Price Crashes 20% in 48 HoursChainlink is a bubble that is waiting to burst, and the token will eventually lose 99% of its value, acc
FBI Seizes Bitcoin From Overseas Scammers Who Posed as US Law Enforcement Officials
FBI Seizes Bitcoin From Overseas Scammers Who Posed as US Law Enforcement Officials The Federal Bureau of Investigation (FBI) says it has seized bitcoin worth millions of dollars f
Elon Musk’s X suspends data collection for AI training, EU watchdog says
Savannah Fortis11 hours agoElon Musk’s X suspends data collection for AI training, EU watchdog saysAfter proceedings in an Irish court, the local Data Protection Commission said X agreed to suspend processing the perso
Bitcoin’s Price Will Hit $100K by Mid-Year, Nexo Founder Predicts
Bitcoin"s Price Will Hit $100K by Mid-Year, Nexo Founder Predicts The co-founder and managing partner of Nexo, a major cryptocurrency lender, has predicted that the price of bitcoi
Coinbase Could Be a Material ‘Beneficiary’ of Ethereum’s Merge Transition, JPMorgan Analyst Says
Coinbase Could Be a Material "Beneficiary" of Ethereum"s Merge Transition, JPMorgan Analyst Says JPMorgan analyst Kenneth Worthington says digital currency exchanges like Coinbase
'Whales are preparing for the next altcoin rally' — CryptoQuant founder
Vince Quill3 hours ago"Whales are preparing for the next altcoin rally" — CryptoQuant founderAccording to pseudonymous crypto trader Mags, the altcoin market broke out after 525 days of accumulation and will likely res