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Bitcoin hit a new high and exceeded US $8800. Reasons for the soaring price of bitcoin

Original title: bitcoin broke through $8800 in one fell swoop, hitting a new high in nearly 12 months

Today, bitcoin prices soared again.

According to the data of coinmarketcap, a foreign encrypted digital currency website, as of 16:10 Beijing time, the unit price of bitcoin was $8750, up 9.38% in 24 hours. Especially around 9:00 this morning, the price of bitcoin broke through US $8845 at one fell swoop, and the market value reached US $156.8 billion, setting a 12-month record for the price and market value of bitcoin.

Screenshot of coinmarketcap website: bitcoin price and market value trend in recent 1 year

Under the leadership of bitcoin, the price and market value of many encrypted digital currencies, including ethercoin, Wright coin and reborn coin, have reached a new high today. So far, among the 2209 cryptocurrencies collected by coinmarketcap, its overall market value has reached US $270 billion, of which bitcoin accounts for 57.4%.

As for the reasons for the recent surge in bitcoin, according to cryptobriefing, a foreign encrypted digital fire coin website, Michael Hartnett, chief investment officer of Bank of America Merrill Lynch, believes that the recent surge in bitcoin prices is a symptom that Americans are worried about the imminent economic recession. Michael Hartnett does not believe that the rising demand for bitcoin is the final decision for safe haven assets, but carries out speculative gambling in a highly volatile market. The growing demand for bitcoin is due to investors' demand for higher returns in a low interest rate environment and to avoid risks such as potential economic recession in the United States.