Why is Bitcoin making news again? Is there any Steam left to the recent rally?

  • November 10, 2020 04:20 PM AEDT
  • Team Kalkine
    Team Kalkine
    Team Kalkine
    16964 Posts

    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

Bitcoin has again come under the spotlight after it surpassed $15,800 mark on Friday, which is its highest level since mid-January 2018. It has surged from $11,000 odd levels from 9th October to 15,876 till 9th November with no halt, that’s a massive $4,800 move. Generally, any asset with this hefty price tag doesn’t move like this, but the entire crypto space has its own league.

* What is driving Bitcoin Rush? The primary reason for the heightened volatility and massive surge is the US Elections which has flared a positive sentiment across the financial markets. Investors are also betting on more stimulus from the central banks to revive the economy, which eventually will push up the price of digital assets. Last month, PayPal has also authorized Bitcoin as a legal payment method for its merchants across the world which possibly could be the start of its mainstream adoption.

* How’s the future like? The huge volatility is one of the main reasons, cryptocurrencies have not been adopted as a mainstream currency yet but are widely traded for speculation. As far as price is concerned, it is still 22% off its all-time high of $19,891 and has become massively overbought on the charts. As election results have come out with Joe Biden becoming the next president which the market has probably discounted combined with the overbought territory on the charts, a halt from here could materialize.  

 


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