Get Free Cryptocurrency Tips & Predictions
Your Privacy is protected.
The roller-coaster ride known as Bitcoin (BTC) market value is off to a fast start this week. According to Monday’s Bloomberg report reprinted on Yahoo Finance, BTC has crossed the $11,000 mark in early trading.
This was the first time the values exceeded this level since mid-July.
That is when some crypto experts predicted a climb to the $14,000 level. The market retreated below $10,000 at that time. There have been numerous increases followed by steeper declines since that point. A bull rally was quickly met by a bear retreat.
This latest surge is in response to increased trade-war tensions around the globe. The BTC market price at 10:30 a.m. on Monday in New York topped out at $11,809. This represents a 14 percent increase from Friday’s close. These figures were provided by consolidated Bloomberg pricing. The Bloomberg Galaxy Crypto Index tracks a group of the biggest cryptocurrencies. It posted the overall gain at 8.6 percent with rival crypto’s Ether and Litecoin also in the mix.
Jehan Chu is the managing partner at Kenetic Capital. This is a blockchain investment and advisory firm in Hong Kong. He was quoted in the post as saying:
“With the turmoil in markets and the streets, suddenly digital gold doesn’t seem like such as bad idea. Bitcoin is increasingly seen not only as a bet on the future, but as a shelter for the present.”
The report cited a historically low correlation between BTC and most asset classes. Yet, the value continues to move inversely to Asian stocks. The matter has intensified with China asking state buyers to halt imports of American agriculture products. This was in response to Donald Trump’s threat to add a 10 percent tariff on another $300 billion in Chinese imports on Sept. 1.
Charles Yang is the head trader for Genesis Block. This is a Hong Kong-based over-the-counter digital-asset trading firm. He believes that BTC will test the $12,000 threshold next. This belief is based on the concept that larger macro issues are actively driving the price of BTC.
A large chunk of July’s steep decline was linked to Trump’s negative response to Facebook’s plan to launch its own digital currency; Libra.
Bitcoin is the No.1 way to fund your betting account at BetAnySports Bitcoin Casino & Sportsbook and all deposits and withdrawals have no transaction fees. Reduced juice options with -105 betting odds as well as the fastest payouts in the sports betting industry make BetAnySports the top online sportsbook for US players.