Bitcoin has pierced above the $20,000 level for the first time in history.
The flagship cryptocurrency logged a surprising upside rally in the pre-market New York trading session Wednesday, hitting an all-time high of $20,822 before turning lower modestly. Analysts said it got the bullish boost from institutional capital’s arrival into the crypto space as mainstream investors looked for alternative hedging assets against fears of long-term inflation.
BofA Fund Manager Survey of the most crowded trades
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The cryptocurrency was on a tear after the Federal Reserve announced a set of accommodative fiscal policies to cushion the US economy from the impact of the …