Bitcoin’s wild ride accelerates with push back above $33,000

Bitcoin resumed its push higher, bouncing off a closely watched moving price average, amid rising optimism of growing demand from institutional investors.

Eric Peters of One River Asset Management told Bloomberg that his hedge fund’s holdings of digital assets has exceeded $1 billion, adding that institutional adoption of crypto assets — which played a large role in Bitcoin’s rally this past year — is only expanding. Bridgewater’s Ray Dalio called the coin “one hell of an invention,” adding that the firm is considering cryptocurrencies for two new funds.

The largest cryptocurrency rose 8.3% to $33,558 as of 6:10 p.m. in New York. It had dropped below $30,000 on Wednesday, testing its 90-day moving average.