Welcome to another week of Overbit.com’s Weekly Round Up, where we cover the most important stories of the week. The continued themes, as the year closes out, are Central Banks Stimulus Packages, and the Continued Interest in Cryptocurrency, mainly Bitcoin and Ethereum by institutions.

The first story we’re going to cover is Brexit and its continued effect on GBP/USD. After Jerome Powell’s recent speech on the latest FOMC (an arm of the US Federal Reserve) policies, the GBP/USD initially slumped to 1.3450. The new policy changes mean it won’t be increasing monthly asset purchases or tweaking the composition of these purchases. The GBP/USD continued to slide, until investors heard the chances for a renewed Brexit deal, leaving the GBP/USD to close out at 1.3500 on these renewed hopes.

Our next story of the day is a big one for Bitcoin investors everywhere. After three years of what many would call a “bear market”, Bitcoin has finally, undoubtedly broken its previous all-time high. At the time of writing, BTCUSD stands at $21,187, almost $2,000 (or 10%), higher than its last all-time high, although prices vary depending on exchange. No matter the exchange, this is a real cause for celebration for anyone involved in the cryptocurrency space. At this point, it means that anyone who has EVER invested USD into Bitcoin has gained on their investment - a staggering sign of growth for the industry after ten years.

Growth of this industry brings us to our last story of the day. If you’ve been closely following our newsletter, you will know how one of our chief focuses has been the onslaught of institutional funds investing in and around Bitcoin and blockchain.

New and old names have emerged - like MicroStrategy CEO Michael Saylor, or legendary investor Paul Tudor Jones - all publicly moving their funds into Bitcoin. Given the funds under management for these figures, these are no small bets, either; MicroStrategy has invested $475 million, Square invested $50 million, Galaxy Digital invested $134 million; all of which are up a significant portion.

Despite these mind-boggling large investments, it appears that any record can be broken, which is just what happened on Tuesday, 15 December, when news broke of a UK based firm notorious for risk-taking allocating $744 million into Bitcoin. This investment by the Ruffer Investment Company represents 2.5% of their $20B-sized portfolio. According to filings, and this investment was recorded on 11 November 2020.

At this point, the correlation between Bitcoin’s meteoric rise in 2020, as well as investors fleeing en-masse to ‘digital gold’ seems undeniable. As we round off the week and head into the new year, this will surely be one of the biggest trends to watch, and we will do our best to keep you updated on continued interest from Institutions on Crypto and Continued Interest from Central Banks on Fiscal policy, after Covid-19.

As the world’s Legacy and New Age economies continue to develop, we at Overbit.com will continue to keep you abreast of everything you need to be a successful investor and trader.

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