TECH

Bitcoin took off: now worth $10,315

The Bitcoin rate for the first time since the beginning of June has jumped above $ 10,000. According to Coindesk, the digital currency was exchanged yesterday at the rate of 0.196.27 - 2.55% more than 24 hours ago. Bitcoin last passed the $ 10,300 mark on June 3 and has been steadily declining ever since. But, in the last 7 days, it grew almost 11%.
Vijay Ayyar, head of business development for Luno's cryptocurrency exchange, told CNBC reporters that the main players were considering selling their cryptocurrency to small market participants. This could reduce the rate again and make it more attractive for big traders to buy more Bitcoin.
"It looks like it didn't happen," said the analyst. "What is unfolding looks like a new accumulation of shares from major players, which small traders joined in an attempt to raise the BTC rate and even beyond the resistance line. Which was the last increase in the BTC rate ”.
"We have not yet surpassed the thousand mark. And if that happens, the BTC rate may well exceed 5,000. At the moment, all signs point to this scenario," he added.
While Bitcoin rose last week, the main Wall Street indices, including the S&P 500, fell. It is interesting that at the same time the gold rate has risen, reaching a record high on Monday. Gold is seen as a safe asset that investors buy in times of uncertainty.
Defenders of cryptocurrency sometimes call Bitcoin “digital gold” and argue that investing in digital currency is a good investment haven. However, Bitcoin recently tended to jump like stocks and is known for its enormous volatility - it doesn't seem like a safe haven for investors.
Both the stock market and gold have been strengthened by recent economic stimulus packages from governments and central banks around the world to help combat the economic consequences of the COVID-19 pandemic. For example, last week, the European Union extended its market recovery assistance to almost 2 trillion euros.
In addition, investors are closely monitoring the development of numerous coronavirus vaccines worldwide. The University of Oxford recently conducted tests on humans with the pharmaceutical giant AstraZeneca. According to data published in the medical journal The Lancet, the drug triggers a promising immune response.
Ayyar is convinced that the Bitcoin market will do well amid unprecedented government stimulus measures and advances in vaccine development.

AVnews