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Bitcoin Enters Price Discovery Mode, Lures Gold Investors
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With the price of bitcoin (BTC) on Wednesday reaching an all-time high above USD 67,000, the number one cryptocurrency is now in “unchartered territory” and entering “price discovery mode” while at the same time gold investors are increasingly rotating into BTC.
Commenting on the current bull-run in bitcoin, Mikkel Morch, Executive Director & Risk Management at crypto hedge fund ARK36, said that the market is now trying to establish a new price level for bitcoin in a process often referred to as “price discovery.”
“While a new all-time high is always a good moment to pause and celebrate for the bitcoin bulls, it is important to recognize that the second leg of this bull market is in reality only about to start,” Morch said in an emailed
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