If yesterday’s bad news in terms of the global economy and on a smaller scale in countries like Argentina have had any impact, then it is that Bitcoin somehow managed to shrug off the charts and technical logic to power forward above USD 10,000.
1/ While the price of Bitcoin continues to hover around $10,000, traded volume on spot exchanges has hit a 5-month low of $55 billion in August— falling by 50% since only two months ago. pic.twitter.com/ifTstjUrgA
— Larry Cermak (@lawmaster) September 3, 2019
It is yet to be a full day above that key milestone price zone, but Bitcoin is already more than 7% up currently (CoinDesk), after a storm of Asian buying action took down order walls at major exchanges, recording trading volumes much higher than in the previous week.
It could also be the chaos that is now emerging from Brexit-related news, as UK Prime Minister Boris Johnson and the pound sterling both enter a freefall in popularity and value. The current trend of a losing pound versus a rising Bitcoin certainly does fit into the earlier scenarios painted by some market analysts who predicted that a no-deal UK exit from the European Union would bolster Bitcoin prices.
Luno CEO Marcus Swanepoel certainly believes that all the right ingredients are in place for Bitcoin supremacy, with the escalating US-China trade war coming in at the same time. He told English daily The Independent:
“After lacklustre trading over the weekend, Bitcoin went against the market trend yesterday, quickly breaking through the $10,000 level and reaching $10,500.”
Time to get in onto the buying action? For the week ahead, it certainly seems so.
Image Courtesy: Pixabay
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