Bitcoin attacks the 7000 USD limit
The No.1 crypto currency recovers almost playfully from the losses of the previous day. With the price increase of approx. 5 %, the digital currency also makes an important statement. Bitcoin is able to isolate itself further and further from the traditional markets.
Bitcoin price in detail
At the time of this article, the BTC is quoted at USD 6655. This value corresponds to a daily increase of just under 5 %. It now looks as if the bulls could take command again and start an attack on the resistance at 6800 USD. The bulls have failed at this level on numerous occasions in recent weeks. Should the BTC break this level, it could reach the February level. This would make the No.1 crypto currency “equalize” the losses from the Coronavirus pandemic and would be a major exception to the other markets.
With the rise in the share price, Bitcoin is taking an important step towards independence. The Down Jones falls by about 4.4% on Thursday and many other markets continue to suffer from the consequences of the Corona pandemic. Bitcoin is currently able to increasingly isolate itself from the traditional markets and prove its exceptional position.
Volatility could help BTC
Volatility is a double-edged sword in crypto space. In economics, the term refers to the standard deviation of changes and is often used as a tool to determine the measure of risk. In the crypto world, volatility is used as an important measure to see how the value of an asset changes over time. When the traditional markets suffered severe losses at the beginning of the Corona pandemic, Bitcoin slid below the important USD 5000 within a few hours. Panic selling and FUD (fear, uncertainty and doubt) hit a highly volatile market. This combination acted like a lever on the enormous sales. However, we can now see that volatility can also bring benefits, as assets can recover more quickly from price declines. Currently, the Bitcoin Volatility Index is around 10%, a comparatively high value.
A look at the Altcoins
The Altcoins can use the slipstream of the Bitcoin for their own price increases. Ethereum (approx. +4%) is approaching the important USD 150 mark after a long time, Ripple (approx. +2%) is now at USD 0.18 and the Bitcoin Forks are also recording smaller gains. With a price gain of about 8%, Hedge Trade showed the biggest increase in the top 30 on Thursday.
More news from the crypto space
Binance is trying to gain a foothold in the Korean market. During the first three months, users can trade on Binance KR without any fees. Only yesterday several media reported about a planned CoinMarketCap takeover by Binance. A payment of 400000 million USD is pending. The crypto exchange is expanding at a rapid pace.
News about GRAM
Telegram has to accept the next setback in its dispute with the Securities and Exchange Commission (SEC). According to this, a New York court has now extended the ban on GRAM token sales across US borders.