Bitcoin soars above $35,000, hitting new high

Bitcoin soared on Wednesday to touch an all-time high, as the cryptocurrency continued trading wildly.

The price of bitcoin rallied to trade above ,000 as of about 2:11 a.m. EST Wednesday, according to data from Coin Metrics. The price surge came just days after it slumped more than 10% to ,316. That followed a more than 300% jump in 2020 to levels above ,000. On Monday, JPMorgan published a note with a bold long-term price target for bitcoin, claiming the cryptocurrency could soar to as high as 6,000 as it competes with gold as an “alternative” currency. The precious metal also saw sizable gains in 2020, with spot gold rising about 25% for the year.

Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, also told CNBC’s “Capital Connection” on Wednesday that his firm is “quite bullish” on bitcoin’s store of value and sees it “replacing” gold. Scaramucci, a former White House communications director, added that Democratic control of Congress would be “great” for cryptocurrencies due to expectations of “tremendous” money printing under a federal government controlled by the party.

Bitcoin soars above ,000, hitting new high, CNBC, Jan6