Bitcoin Hits $16K for the First Time Since 2017

Bitcoin price exceeded $16,000 level for the first time in almost three years. The upswing is expected to continue for now.

The Bitcoin price has increased by 325% from the lows that it witnessed back in March 2020. The leading cryptocurrency has gained nearly 50% so far this quarter. The upswing move ended a week of consolidation in the range of $14,000 to $16,000.

At the time of writing, the leading cryptocurrency by market capitalization is changing hands at just below $16,000. The upswing is expected to continue for now. Against the backdrop of stimulus from the Federal Reserve, experts expect investors to hold cash and to continue to allocate to bitcoin.

The crypto community are hoping that the newly President-elect Joe Biden will follow positive approach to regulating cryptocurrencies.