• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Bitcoin Paints New Record High Above $35,000 on Dollar Setback

January 6, 2021
in Bitcoin
Reading Time: 3min read
Bitcoin Paints New Record High Above $35,000 on Dollar Setback




Bitcoin logged more record highs in its first official trading week of the year, raising hopes that it would keep rallying higher after closing the previous year with a gain of 302 percent.

The benchmark cryptocurrency opened Wednesday with a wild upside move. It reached a new historic high of $35,868 ahead of the London opening bell. The gains appeared as a part of a retracement rally that started when BTC/USD slumped from its previous record high of $34,810 to $27,678, suggesting incredible support for the pair despite overbought sentiments.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin corrects lower after hitting fresh highs above $35,000. Source: BTCUSD on TradingView.com

The Dollar Sentiment

In the last 24 hours, Bitcoin’s gains also surfaced as the US dollar slipped further lower into its 10-month long bearish trajectory. On Wednesday, the US dollar index reached 89.275, its lowest level since April 2018. According to Reuters, investors reduced their greenback bids while waiting for the outcome of a Senate run-off election in Georgia.

US Dollar, DXY

US Dollar index hits a two-year low on declining demand. Source: DXY on TradingView.com

Democrats will take control of the Senate house if they win both seats in Georgia. That would allow the President-elect Joe Biden’s administration to pass additional stimulus measures, including the earlier proposed $2,000 check for Americans, without facing political resistance in both the houses.

The sentiment has barred an oversold US dollar from rebounding. Meanwhile, Bitcoin ventures further into overbought territory due to its negative correlation with the greenback. Independent market analyst Alex Krúger noted the same in his note Tuesday.

“Increasing Dem odds have been pushing assets since November, from bitcoin to the dollar to yields, all expressions of the same macro trade with their own particularities,” he said.

Fundamental Push for Bitcoin

Bitcoin’s explosion above $35,000 also comes in the wake of an institutional investment narrative.

On Monday, strategists at JPMorgan said in a note that BTC/USD could surge to $146,000 by the end of 2021 as it competes with gold for the best safe-haven status. A day later, Skybridge Capital launched a crypto-centric fund with a $40 million investment. The hedge fund’s founder Anthony Scaramucci called Bitcoin better than gold.

“It’s easier to store, it’s harder to steal, and it’s more portable,” he told Bloomberg. “So therefore, it’s become the ledger or the storage of the future in terms of the storage of value.”

The fund would allow accredited investors to gain exposure in the Bitcoin market with a minimum investment of $50,000. Fidelity will serve as its primary custodian.

Ki-Young Ju, chief executive of South Korea-based blockchain analytics firm CryptoQuant, stated that institutional involvement in the Bitcoin market rose even as its price was above $30,000. That suggested preparations for a long-term setup with targets over $60,000 in the near-term.

“BTC bull market isn’t over,” said Mr. Ju.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: BitcoinDollarHighPaintsRecordSetback
Next Post
PYLON is combining their GPU Mining Farm Revenue w/ DeFi !!

PYLON is combining their GPU Mining Farm Revenue w/ DeFi !!

How ETH EXPLODES To $10k (Part 2)!!! THE BULL CASE FOR ETH In 2021 🔥🔥 (ETHEREUM BULL RUN) + Litecoin

How ETH EXPLODES To $10k (Part 2)!!! THE BULL CASE FOR ETH In 2021 🔥🔥 (ETHEREUM BULL RUN) + Litecoin

Don't Miss

Kraken CEO on Bitcoin: “It’s Going to Infinity”
Bitcoin

Kraken CEO on Bitcoin: “It’s Going to Infinity”

by Lascena Cryptocurrency News Education
March 5, 2021
0

In an interview with Bloomberg, Kraken CEO and founder Jesse Powell gave a perplexing prediction of Bitcoin’s future value:...

Read more
22% of Goldman Sachs clients say Bitcoin is going ‘over $100,000’

22% of Goldman Sachs clients say Bitcoin is going ‘over $100,000’

March 5, 2021
America Burns! Historic Protests As BITCOIN PRICE Still in BULLISH TREND! 2020 Crypto News

America Burns! Historic Protests As BITCOIN PRICE Still in BULLISH TREND! 2020 Crypto News

March 5, 2021
Ripple XRP and The Stock Market Depends on this ELECTION!!!

Ripple XRP and The Stock Market Depends on this ELECTION!!!

March 5, 2021
Cryptocurrency Billionaire Reveals Bitcoin Predictions for the 2020 Decade | CZ Binance Interview

Cryptocurrency Billionaire Reveals Bitcoin Predictions for the 2020 Decade | CZ Binance Interview

March 5, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$47,774.00-4.28%
  • ethereumEthereum(ETH)$1,484.79-6.92%
  • cardanoCardano(ADA)$1.150.45%
  • tetherTether(USDT)$1.00-0.05%
  • Binance CoinBinance Coin(BNB)$222.59-6.48%
  • PolkadotPolkadot(DOT)$32.39-10.34%
  • rippleXRP(XRP)$0.456337-5.41%
  • litecoinLitecoin(LTC)$174.87-6.59%
  • chainlinkChainlink(LINK)$27.05-7.09%
  • bitcoin-cashBitcoin Cash(BCH)$489.37-5.83%