Dec 16, 2020 - Economy

Bitcoin price reaches $20K for the first time

Animated illustration of a hand holding a rotating glowing golden pixel coin.

Illustration: Aïda Amer/Axios

The value of bitcoin jumped to $20,000 on Wednesday morning, CNBC reports, citing Coin Metrics market data.

The big picture: The cryptocurrency almost traded above $20k in 2017, but advocates tell CNBC that institutional support from S&P Dow Jones Indices and Cboe Global Markets have put the virtual currency on an upward track.

Flashback: The value of a single bitcoin cracked $15,000 last month after the Justice Department seized about $1 billion worth of the cryptocurrency from the dormant site Silk Road on the dark web.

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