Coronavirus concerns did not cause the Bitcoin price to spike 15%, but here’s what actually did

Coronavirus concerns did not cause the Bitcoin price to spike 15%, but here’s what actually did
фото показано с : cryptoslate.com

2020-2-6 15:30

The Bitcoin price has climbed by 15 percent in the past two weeks from $8,565 to $9,800. While many attribute the upsurge to the coronavirus outbreak, that argument is far-fetched.

Bitcoin was on an upward trend regardless

Throughout the past 12 months, the Bitcoin price has not demonstrated a clear inverse correlation with the equities market. It showed similar movements as gold from time to time, but not to an extent to be considered an established safe-haven asset.

The argument that investors are moving into Bitcoin as a way to hedge against the broader financial market due to coronavirus fears assumes bitcoin is widely recognized as a safe haven.

Compared to traditional safe-haven assets like gold and bonds, Bitcoin is still generally considered as a store of value and a medium of exchange, not a proper safe haven.

Bitcoin tends to move independently from the financial and the safe-haven market. Short-term price movements are often dictated by margin trading platforms and the squeeze of short or long contracts.

Long-term price movements of BTC are swayed by early signs of accumulation and fundamentals such as hash rate, the rise of unique addresses, halving, and user activity.

Bitcoin is officially in a bull market says Josh Rager (source: Josh Rager Twitter) So what triggered the rally?

In late December 2019, Three Arrows Capital CEO Su Zhu said that the BTC/USDT (Tether) pair shows clear signs of accumulation.

When the BTC/USDT pair is trading at a premium over spot, it indicates that accumulation in Asia is on the rise. Previous reports from Diar showed that China remains the biggest market for Tether.

Zhu said two months ago:

“BTC/USDT premiums and price action show clear signs of accumulation and money flow back into risk. Would not surprise me to see 9K+ before end of Jan.”

As early as December of last year, investors were accumulating Bitcoin possibly in anticipation of the block reward halving in May.

Fueled by growing accumulation, as said by cryptocurrency trader Josh Rager, it led the trend of bitcoin to officially change from a bearish to a bullish trend.

Rager noted:

“For you BTC bears in denial, the trend has officially changed & many still don’t seem to understand that I made a chart to show you what it looks like when a trend changes to higher-highs and higher-lows. It’s a simple concept BTC even closed above a key level at $9550.”

The bitcoin price was showing strong signs of an upsurge and upward momentum before the coronavirus outbreak was publicized. It established a clean technical bottom in the form of an inverse head and shoulders (IHS) in a relatively higher time frame in December 2019.

Fears of coronavirus have led the Chinese stock market to plunge and the economy to tremble as major cities were placed under lockdown. At such a period, it is not likely for investors to go for a risky and volatile asset like Bitcoin over traditional safe havens.

The post Coronavirus concerns did not cause the Bitcoin price to spike 15%, but here’s what actually did appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69456.23 (+0.11%)
Объем 24H $31.696b
Изменеия 24h: -0.43 %, 7d: 5.37 %
Cегодня L: $69032.17 - H: $69527.29
Капитализация $1368.43b Rank 1
Цена в час новости $ 9756.49 (611.9%)

bitcoin did price coronavirus actually past concerns

Источник: cryptoslate.com

bitcoin did → Результатов: 126


Фото:

Former Coinbase CTO talks about VR, crypto, and politics in latest ‘What Bitcoin Did’ podcast

Balaji Srinivasan, the former CTO of Coinbase and general partner at Andreessen Horowitz, discussed the future of emerging technologies such as crypto and VR. Virtual worlds of the future In the first part of the What Bitcoin Did podcast, Srinivasan told host Peter McCormack that virtual reality and virtual currency are an obvious marriage and […] The post Former Coinbase CTO talks about VR, crypto, and politics in latest ‘What Bitcoin Did’ podcast appeared first on CryptoSlate.

2019-9-18 14:35


Market Update: BTC Faces Slight Pull Back, Altcoins Significantly Halted As Bear Pressure Intensifies

Bitcoin (BTC) has for the past 7 days had a more static run than it did in the past two weeks before this and today’s current market state is a reflection of this pullback. Unlike when Facebook’s Libra was announced and the big bull skyrocketed by more than 5%, Trump’s unconscious Bitcoin publicity may have […] The post Market Update: BTC Faces Slight Pull Back, Altcoins Significantly Halted As Bear Pressure Intensifies appeared first on ZyCrypto.

2019-7-23 11:50


Market Update: Bulls struggle to push Bitcoin towards $11k. Here’s What to Expect Next

The week has been a rough one for Bitcoin which is now set out on a recovery path. After Trump’s comment on Bitcoin, the massive publicity it gained did not do any noteworthy increase to price as reflected in the cryptocurrency market, however, the bulls have stepped in and Bitcoin is bent on making a […] The post Market Update: Bulls struggle to push Bitcoin towards $11k. Here’s What to Expect Next appeared first on ZyCrypto.

2019-7-16 11:16


Bitcoin Bull on 'Junk' Altcoins: '2017 Was a One-Off, We Were Clueless'

As crypto analysts pontificate that the so-called "altseaon" will soon arrive, bitcoin podcaster Peter McCormack has a simple message: Don't hold your breath. The "What Bitcoin Did" host went on a Twitter rampage this week to advance the notion that bitcoin will obliterate the rest of the crypto market, leaving a trail of altcoin bagholders […] The post Bitcoin Bull on 'Junk' Altcoins: '2017 Was a One-Off, We Were Clueless' appeared first on CCN Markets

2019-7-12 17:20


Фото:

Experts Dissect Craig Wright’s ‘Satoshi’ Testimony and Court Documents

Last week, Craig Wright, the man who claims he’s Satoshi Nakamoto, appeared in court and testified why he did not have access to his public bitcoin addresses and trust information. Since then a lot of new evidence has been submitted to the court and members of the crypto community have dissected Wright’s recent testimony and […] The post Experts Dissect Craig Wright’s ‘Satoshi’ Testimony and Court Documents appeared first on Bitcoin News.

2019-7-8 12:00


Bitfinex-Tether CTO claims user demand drives USDT distribution as questions raised against Tether swap

The Bitcoin community was relishing in the coin’s performance recently. However, other crypto-enthusiasts appeared skeptical of the king coin’s growth. The suspicion of Tether and Bitfinex’s involvement  in the said surge constantly did the rounds, and with Tether Treasury printing USDT in the name of swaps, this suspicion was strengthened in the community.

2019-7-6 13:00


Some CDC Scientist Must REALLY Hate Bitcoin

If you’ve typed the word “crypto” into Google’s omniscient search engine during the past several weeks of bitcoin market euphoria, there’s a good chance you’ve been greeted with a headline like this one: Pool Parasite ‘Crypto’ Is On The Rise And Making Swimmers Sick, CDC Warns And there’s an equally good chance that you did […] The post Some CDC Scientist Must REALLY Hate Bitcoin appeared first on CCN Markets

2019-7-3 21:37


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

BTC surges 6% to touch $70k as Ethereum ETF rumors cause market frenzy

Bitcoin (BTC) surged past the $70,000 mark on May 21, marking a significant milestone driven by a flood of investment into spot Bitcoin exchange-traded funds (ETFs) and a broader market rally. Bitcoin’s price climbed to $70,325, a 6% increase over 24 hours, before settling at $68,700 as of press time, based on CryptoSlate data.

Scaramucci says institutional adoption of Bitcoin set to accelerate

SkyBridge Capital founder Anthony Scaramucci believes institutional adoption of Bitcoin has begun in full force and will accelerate rapidly in the coming quarters. Scaramucci made the statement during an interview on CNBC, where he highlighted the growing acceptance of Bitcoin among major financial institutions and pension funds.

Tether holds more US Treasuries than Germany, ranks 19th globally

Quick Take Tether reported a massive $4. 52 billion profit in the first quarter of the year. Notably, the stablecoin issuer’s consolidated financial figures revealed that as of March 31, it held a staggering $91 billion in direct and indirect US treasury bill holdings.

Challenging the notion of ‘Stag’ or ‘Flation’

Quick Take Federal Reserve Chair Jerome Powell dismissed concerns about stagflation following the release of the latest US economic data. In his speech following the Fed’s decision to keep fed funds rates at 5.