RATE Group | Bitcoin price rockets 23% as investors look for a new safe haven. ‘The crypto king is on…
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Bitcoin price rockets 23% as investors look for a new safe haven. ‘The crypto king is on…

21 Mar Bitcoin price rockets 23% as investors look for a new safe haven. ‘The crypto king is on…

Posted at 19:12h in Cryptocurrency News by

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Representations of virtual currency Bitcoin are seen in this picture illustration taken taken March 13, 2020. REUTERS/Dado Ruvic/IllustrationReuters

  • Bitcoin prices surged more than 23% to at least $6,600 in a single day after a 30% year-to-date drop. 
  • Investors have seen central banks worldwide pump large amounts of fiat currency into the global economy, depressing prices. 
  • There are only 21 million bitcoin in existence, making it a relative safe haven for investors. 
  • Visit Business Insider’s homepage for more stories.

Cryptocurrencies have seen a remarkable resurgence as investors flock to relative safe havens amid a flurry of quantitative easing measures by global central banks. 

Central banks including the European Central Bank, Federal Reserve, and the Bank of England have announced asset-purchase schemes in recent days. Bitcoin, a finite cryptocurrency with only 21 million units in existence, has seen a 23% one-day surge. Bitcoin is currently up 21% as of 10.10 a.m. in London (6.10 a.m. ET), per Coindesk.

The cryptocurrency had been down 30% year-to-date amid a sell-off fueled by market uncertainty about…

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