Business - Market Data
Updated: March 11, 2021

Bitcoin At $60k Now Within Sight As Winning Streak Extends To Seventh Day

By Oluwatosin Ogunjuyigbe
March 11, 2021
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Bitcoin edged higher on Thursday, stretching the record winning streak for the year to seven days in a row as the signing of the fresh stimulus bill is keeping inflation bets alive.

Investors are bidding up the cryptocurrency as a potential hedge against future inflation despite data showing little to worry about from the current pace of price increases.

The digital asset was quick to recover its intraday losses today, surging as high as $57,178 as of 3:14 pm WAT, and is currently trading around $56,700 as of report time. Bitcoin's price is approaching the all-time-high of $58,332 reached last month, and some analysts predict this rally could push bitcoin past $60,000 for the first time.

Bitcoin had a bumpy start to the month, with a rigorous selloff that stripped off earlier gains from reaching a record price at the end of February, stirring up the debate of bitcoins efficiency as a hedging asset.