Bitcoin (BTC) price rose to over $ 37,700 on January 7, breaking the all-time price record. The total value of the crypto money market exceeded $ 1 trillion during this rally, thus marking a historic day. The price of bitcoin, which exceeded 36 thousand dollars at night, exceeded 37 thousand dollars only three hours later. The market value of bitcoin, which gained 7% in just 24 hours, was $ 700 billion. Bitcoin is 380% more valuable than 12 months ago.
Simons Chen, one of Babel’s Finance directors, explained that the effect of FOMO among individual investors has strengthened. Explaining how this will affect the institutional investor, Chen told CNBC: “This bull run we saw in January; “It will attract the attention of fund managers who search for alternatives to avoid inflation and geopolitical risks.”
One of the things that positively affect the price of Bitcoin is political developments in the US. Predictions; Democrats who win the majority in the Senate will prepare new stimulus packages. This is expected to weaken the dollar while increasing the rate of inflation.