Bitcoin, which is expected to close in October with profits of more than 25%, has risen again, adding almost 5% in the last 24 hours and pushing it above the $14,000 mental point consistent with Bitcoin for the first time since early 2018.
Bitcoin’s most recent rally increased the value of other primary cryptocurrencies, adding ethereum, Ripple’s XRP, chainlink and Litecoin, all between 3% and 5%.
The increase in the value of bitcoin through more than $14,000 consistent with bitcoin occurs shortly after a series of massive Bitcoin transactions, worth more than $100 million, and continues to expire at the expiration of $750 million of Bitcoin feature contracts on Friday.
Bitcoin and cryptocurrency investors have been prepared for volatility for more than 24 hours, with high-value Bitcoin feature contracts (in fact, investors on what they expect to be the long-term bitcoin value) expiring. exacerbated by such maturities.
The spice of Bitcoin to Ethereum, XRP, chainlink and Litecoin ripple has taken the combined price of global cryptocurrencies to more than $400 billion, a point not noticed since April 2018, according to CoinMarketCap data.
Meanwhile, the bitcoin and cryptocurrency market has been shaken by the removal of $100 million of bitcoins from two exchanges in recent hours, San Francisco-based Coinbase and Luxembourg-based Bitstamp. so-called “whales” recorded the 3 separate transactions.
Bitcoin, which rose to $14,000 bitcoin-consistent highs in Bitstamp before falling back into the industry to around $13,900, has discovered in the more than two months with a number of new bitcoin bulls and growing confidence among some investors that Bitcoin will serve as opposite coverage of an increase in inflation they see on the horizon. This has led to the decoupling of bitcoin from the inventory market over the following week.
“For the peak of the pandemic, bitcoin remained correlated with stocks,” said Andrew Ballinger, spouse of virtual asset manager Wave Financial, via email.
In June, the bitcoin-S correlation
“It wouldn’t be entirely fair if I said that I don’t think a slowdown in primary inventory has any effect on the still fledgling virtual asset economy, but I think this going back to a digit and potentially negative correlation is a step in the right direction for those in Bitcoin’s price reserve thesis. “Ballinger added.
“With the uncertainty surrounding economic recovery, investors can turn to virtual currencies instead of stocks, and further check the thesis of bitcoin’s ‘virtual gold’. “
I am a journalist with significant experience in the fields of technology, finance, economics and business around the world. As founding editor of Verdict. co. uk, I pointed out that