We are currently part of an unusual Bitcoin rally. Unlike Ethereum, Bitcoin hasn’t surpassed its highs from 2019. It hasn’t even come close, to be fair. However, many in the community remain bullish about Bitcoin only because it is not dropping from its yearly-high levels. As simple as that. At press time, the world’s largest cryptocurrency was trading at a price of $11,896.
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(Kitco News) - Bitcoin-U.S. dollar prices are higher Monday. Bulls have the firm overall near-term technical advantage as a price uptrend remains in place on the daily chart and prices are not far below the recent multi-month high. The path of least resistance for prices remains sideways to higher. Stay tuned.
Bitcoin has been termed as many things, an uncorrelated asset, diversification for portfolios, a bubble, etc. However, with the Coronavirus pandemic still affecting world markets, the narrative has evolved yet again. The sudden halt of supply chains and industries has caused irreparable damage to the economy of most countries. In India, Reserve Bank of India reiterated that the GDP is expected to be in the negative.
As this continues, the fear of stagflation is growing; stagflation is when the economic output is decreasing while there is an increase in inflation.
The last few weeks have been good for Bitcoin, and by extension, the cryptocurrency space. Sure, the world’s largest cryptocurrency finally surged on the charts to give much-needed relief to its investors, but that wasn’t all. With every passing day, cryptocurrencies are being legitimized as an “asset class,” and mainstream institutions are finally playing a part in it.
Look no further than what made news recently. Visa and Mastercard endorsed Bitcoin. Goldman Sachs…
A week ago, Bitcoin dropped by 8 percent in an hour, minutes after it surged over $12,000 for the first time in 14 months. On August 2, between 0400 to 0500 UTC dropped from $12,000 to under $11,000 and considering the history of the cryptocurrency markets, this bleeding was pegged to continue. Quite surprisingly, not only did the price drop cede but in the week since the price has held strong, which has opened up a selling opportunity for investors.
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Bitcoin, the flagship cryptocurrency with a market cap of over $221 bln, recently had a Sunday close at $11,683.
It is worth noting that this is the highest weekly candle since January 2018 when the whole industry was nearing the peak of a massive bull run.
According to data from CryptoCompare, around 02:35 UTC on Monday (August 10), Bitcoin broke through the $12,000 resistance level for the second time this month (the previous time was on August 2 when the price got as high as $12,106) to reach the intraday high of $12,073
CIC Enterprise, a Bitbeat-affiliate company, is running a test programme to offer cryptocurrency payment services in two tourist hotspots in South Korea. The project will be operating at two of the country’s most popular beaches for tourists to use as a payment service.
Just recently, news.Bitcoin.com talked to a number of individuals and asked them to let us know what they think the price of bitcoin and gold will be by the year’s end. Rather than leveraging the typical predictions from experts, executives, and crypto luminaries, the post delves into the perspective of average people and what they think about the future value of these assets.
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