The bitcoin price soared by 10 percent in the past day and it even hit the $11,840 price point on Coinbase as the latest cryptocurrency news report.
The latest surge coincides with the huge selloff on the Asian stock markets which was triggered by the ever-lasting US-China trade relations. It seems like the bitcoin price is establishing as a legitimate hedge to the volatility in the traditional markets. The co-founder of Morgan Creek Digital Anthony Pompliano explained:
“Bitcoin is performing as designed during times of global instability.”
When speaking with Bloomberg, Jehan Chu from the Kinetic Capital company, says that the traders are not looking bitcoin as a hedge to instability across the traditional markets:
“With the turmoil in markets and the streets, suddenly digital gold doesn’t seem like such a bad idea. Bitcoin is increasingly seen not only as a bet on the future, but as a shelter for the present.”
The US stock market ended on Friday and closed the worst week of the year after Trump reignited the trade war with the Chinese. The Yuan dropped below $7 which is considered as a psychological line in the sand for China and this is a level that was not seen for more than a decade ago. In the meantime, the violence in Hong Kong sent the Asian stock markets into a downtrend. Among the market instability, the bitcoin price soared along with gold which is only strengthening the narrative of BTC as something as a safe haven. The number one cryptocurrency rose to $11,800 and it smashed through a huge number of technical indicators as Josh Rager explained:
“And there it is, the bullish reaction we expected as $BTC closed over the $10,900 on the weekly.”
As noted in the coming altcoin news, the next key level is now holding the current price above $11,469 in order to try and maintain the bullish momentum. After all, the eyes are on the 2019 high since the bull analyst Max Keiser sees Bitcoin reaching up to $15,000 this weekend:
“I’m sensing #Bitcoin will cross $15,000 this week. Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post