Bitcoin Logs New Record High Above $37,800—Time to Sell?

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Traders piled deeper into the Bitcoin market in the early Asian session Thursday, betting on a big hike in sovereign spending under a Democratic-controlled Senate. The BTC/USD exchange rate, one of the leading instruments by volume in the cryptocurrency space, surged to its record high of $37,810 by Shanghai noon. Its surplus gains pushed Bitcoin’s returns in January to 31.19 percent, bringing it among the world’s best-performing assets heading into 2021. Bitcoin flirts with bear-sensitive areas following its parabolic move upside. Source: BTCUSD on TradingView.com Elsewhere in the cryptocurrency markets, altcoins preferred to tail Bitcoin to mark their individual sessional highs. The second-largest crypto Ethereum jumped above the $1,200-mark for the first time since January 2018. Even a controversial token like XRP logged a 30 percent return on its 24-hour adjusted timeframe, illustrating higher risks and speculation in the market. A wider upside move across Bitcoin and its rival assets…

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