Bitcoin breaks $20,000 mark for the first time, ranked as third most crowded trade by fund managers

Ye Yinghe, reporter of The Paper

After breaking through its historical high, Bitcoin broke through the $20,000 mark, setting a new historical high.
On the evening of December 16, Bitcoin reached $20,000 for the first time. According to the price of Bitcoin news information website Coindesk, as of press time, the price of Bitcoin is about $20,234, an increase of 4.16% in 24 hours. The transaction volume of Bitcoin in 24 hours is $25.11 billion, and the market value is $375.48 billion.

Current Bitcoin price from Coindesk

According to the market statistics report of Hetongdi, the total liquidation of Bitcoin in the entire network in the past hour was 106 million US dollars, and the total liquidation of Bitcoin in the entire network in 24 hours was 199 million US dollars, with 9,017 people liquidated.
On November 30, the price of Bitcoin exceeded Coindesk's historical high of $19,665. In the following month and a half, Bitcoin approached the $20,000 mark several times, but it fell back several times at the last minute, even falling to below $18,000. It did not break through $20,000 until today.
Regarding the new high of 20,000 for Bitcoin, Daisy, a senior analyst at Huobi Research Institute, said: From a fundamental perspective, the halving effect of the long-term reduction in supply after the halving of Bitcoin and the trend of continued increase in holdings by compliant institutions have not weakened. In addition, there are signs of recovery in the global epidemic recently, and the supply of vaccines cannot meet demand. The US stimulus bill may be introduced again, and the US dollar continues to depreciate. The US dollar index continues to fall close to the low point of 2018. The market demand for assets that can effectively counter the expectation of US dollar inflation has further increased, so the medium- and long-term demand for Bitcoin has not weakened, but has strengthened.
According to Bloomberg, according to a survey conducted by Bank of America between December 4 and December 10, about 15% of fund managers said that Bitcoin is currently the third most crowded trade, second only to long technology stocks and shorting the US dollar. These fund managers manage $534 billion in assets.

Editor-in-charge: Zheng Jingxin