Saturday, February 27, 2021
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Bitcoin Surges Past $28,500

Over the last 24 hours, Bitcoin has seen a quick rally. The blockchain is up 8 percent, jumping from the $27,000 level to $28,500 currently In the last 24 hours alone.

Just a few minutes ago, the leading cryptocurrency set a new all-time high of $28,537, moving up to $28,600 on top exchanges. Despite this being a fresh all-time high, this was marked by not much excitement on Twitter, probably because this latest high was only slightly above the previous one.

It is considered that institutional investors are behind this record-setting streak. From Anthony Scaramucci; MassMutual ($100 million in December); and Guggenheim (up to 10% of the $5 billion macro fund).

Today, Skybridge Capital was reported to have probably spent over $180 million worth of capital through its funds in Bitcoin. A Bitcoin-focused fund has recently been introduced by the firm to enable investment advisors to gain exposure to the leading cryptocurrency. Raoul Pal claims reflexivity is going to take this market to an incredibly risky place.

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