According to data from CryptoCompare, around 16:05 UCT on Friday (November 20), the Bitcoin price broke through the $18,800 level for the first time since December 2017.

Between 13:30 UTC and 16:10 UTC, the Bitcoin price surged from a low of $18,157 to a high of $18,814, i.e. it went up 3.6% in just 2 hours and 40 minutes.

This is how Sam Trabucco, quantitative crypto trader at Alameda Research, explained on Thursday (November 19) Bitcoin’s recent price action:

Crypto analytics firm The Tie says:

Earlier today, during an interview on CNBC’s Squawk Box, Rick Rieder, BlackRock CIO of Fixed Income, was asked if he agreed with Jamie Dimon, Chairman and CEO of JPMorgan Chase who thinks that the U.S. government will try to regulate Bitcoin if its price gets too high.

Rieder replied:

“I think cryptocurrency is here to stay, and I think it is durable… I think digital currency and the receptivity — particularly, millennials’ receptivity of technology and cryptocurrency — is real.

“Digital payment systems is real. So, I think Bitcoin is here to stay…

“I don’t do a lot of it or actually any of it in my portfolios…

“But do I think it’s a durable mechanism that will take the place of gold to a large extent? Yeah, I do because it’s so much more functional than passing a bar of gold around…”

In the year-to-date period, Bitcoin has gone up 162% vs USD. The Bitcoin price is now just 5.6% from its all-time high of $19,870, which was reached on 17 December 2017.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.