The hectic rise in bitcoin prices has dazzled Wall Street as never before as prices continue to break new records.
The new year's digital currency began to rise above $34,000 over the weekend, up 40% since December 24th, and this stunning rise has been followed by a fever of speculation from individual and institutional investors based on the belief that cryptocurrencies appear as a dominant asset class and could serve as a store of value, according to Bloomberg.
As always in the cryptoworld, it's hard to determine the direct cause of bitcoin's latest progress, but whether you see it as the latest sign of institutional interest or pure and simple FOMO, mania is becoming increasingly difficult for the mainstream.
Bitcoin believers point to market supply constraints and rampant money printing by central banks as key drivers of bullish narratives, others say cryptocurrencies are a bubble in the process and another sign that crazy risk has taken over global markets.