Bitcoin

As Global Tensions Grow, Bitcoin Price May Go Higher

Published

3 years ago

June 25, 2020

GlobalCoinReport NewsDesk

BTC Surged Again as A Safe Haven Asset During Global Tensions

India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries.

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to buy and hold.

Due to the uncertainty of the global economy, Bitcoin performed a strong upward movement from $9,400 to $9,700 on Monday, appreciating 3% in past 2 days. Though it declined sharply to as low as $9,000 early today, the daily chart also highlights that BTC may soon manage to break above the $10,500 area. This could propel the cryptocurrency into a major new bullish trend.

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Bitcoin

Bitcoin Price Outlook Ahead of Powell’s Speech

Published

4 days ago

September 27, 2023

Crispus

Bitcoin price has been relatively stable over the past few days after volatility picked up during the weekend, pushing the price lower by more than 3%. At the time of writing, the flagship cryptocurrency, Bitcoin, was trading at $26,255.55. As it continues to dominate the crypto market, ranking 1^st, its total market capitalization slightly declined over the past day to $5.12 billion. Additionally, the total volume of BTC traded over the same period slumped by more than 32%.

Economic Concerns

Data published on Tuesday showed that the Conference Board Consumer Confidence Index declined in September to 103.0, down from a revised 108.7 in August. This was its lowest level since May 2023 and marked two consecutive months of decline. The Present Situation Index, which measures consumers’ assessment of current business and labor conditions, rose slightly to 147.1 from 146.7.

The Expectations Index, which measures the consumers’ near-term prospects for business, income, and labor market conditions, dipped to 73.7 in September, down from 83.3 in the prior month. The Expectations Index fell below the crucial level of 80, which signals a recession within the next year. Consumer fears of a looming recession also ticked higher in September amid the short-term economic contraction anticipated in the first half of 2024.

Focus will be on Fed Chair Jerome Powell’s speech on Thursday which is likely to add volatility and create a bearish environment for traders. As such,…

Bitcoin

Bitcoin Price Climbs Above $27,000 Ahead of the FOMC Monetary Policy Meeting

Published

2 weeks ago

September 18, 2023

Crispus

Bitcoin price jumped more than 3% on Monday, hitting its highest level since August 2023 ahead of the highly anticipated FOMC meeting. At press time, the premier cryptocurrency was trading 2.70% higher at $27,244.20. The digital asset has gained nearly 5% in the month to date and 64.71% in the year to date. Bitcoin’s total market cap has climbed by 3% over the past 24 hours to $531 billion, while the total volume of the asset traded over the same period increased by almost 100%.

Fundamentals

Bitcoin price was showing signs of recovery on Monday from the losses made in the last cryptocurrency market dip. Bitcoin flipped above the important level of $27,000, while Ethereum held above important support levels. The overall cryptocurrency market was in the green with the global crypto market cap up by 2% to $1.08 trillion for the day, while the total crypto market volume increased by more than 56%.

Even so, the Crypto Fear & Greed Index, which is a major measure of the crypto market sentiment by participants, was in a fear level of 38, almost like last week’s reading. This points to a continued decline in risk appetite by investors, which could prompt them to sell further.

Despite Monday’s bullish rally, interest rate decisions due later in the week may introduce downward pressure on cryptocurrencies. The US Federal Open Market Committee (FOMC) is slated to commence its…

Bitcoin

Bitcoin Price Flips Above $26,500: What’s Next?

Published

2 weeks ago

September 15, 2023

Crispus

Bitcoin price has been showing signs of a potential short-term recovery over the past few days and even tapped its highest level in two weeks, above $26,500. The premier cryptocurrency has gained nearly 2% over the past week, erasing some of the losses made in the previous days. Even so, the asset remains 9% below in the month to date. Bitcoin’s total market cap has climbed by more than 1% over the last day to $518 billion, while the total volume of BTC traded over the same period decreased by more than 9%.

Inflation Concerns

Like most major altcoins, Bitcoin price noted a slight bearish initial response to the US Consumer Price Index (CPI) data published on September 13. Data released by the Bureau of Labor Statistics (BLS) showed headline inflation by the CPI came in at 3.7%, ahead of the predicted 3.6% year-on-year and higher than July’s 3.2% rate. Annual core CPI, which excluded food and energy prices, decreased to 4.3% in August, in line with forecasts and down from July’s 4.7% reading.

The Producer Price Index (PPI) data released on Thursday suggested bearable levels of inflation following a monthly increase of 0.7% and an annual increase of 1.6% in August. The monthly reading was higher than the estimated 0.4% increase. The core PPI came in at 0.2% for the month, in line with analysts’ expectations.

Retail sales data also published on Thursday…