As a seasoned researcher and market analyst with over two decades of experience under my belt, I have witnessed numerous market cycles and trends, from the dot-com boom to the housing bubble, and now, the rise of cryptocurrencies. The recent surge of Bitcoin, breaking the $82,000 mark, is undeniably a significant milestone. However, when it comes to interpreting such events, I find myself often reminded of the age-old adage: “Beware of the man who only has one explanation for everything.
In simple terms, Bitcoin, the most valued digital currency, just broke through a significant barrier by reaching over $82,000 for the first time ever. This impressive increase has sparked reactions everywhere, even among those who are critical of cryptocurrencies like Peter Schiff.
Schiff, as is typical for him, voiced his doubts regarding the rise of Bitcoin, suggesting that it was more likely driven by factors other than its underlying strength.
In his tweet, Schiff stated that Bitcoin’s rise “has nothing to do with its supposed fundamentals.”
#Bitcoin’s surge seems unrelated to its traditional economic indicators. Instead, the U.S. dollar is strengthening, gold prices are decreasing, and there’s optimism surrounding the U.S. economy, with debt-to-GDP ratios improving significantly. This could lessen the demand for U.S. dollar alternatives. Some attribute this trend to a frenzy inspired by President Trump.
— Peter Schiff (@PeterSchiff) November 11, 2024
As an analyst, I’ve observed that Bitcoin’s recent surge in value seems to contradict the strengthening U.S. dollar and the fall in gold prices, a pattern that Rep. Schiff finds intriguing. He suggests that this rise in Bitcoin’s value may not be directly linked to its underlying fundamentals, specifically the performance of the U.S. dollar and traditional assets like gold.
Schiff stated that the American economy could soon experience a period of significant growth, as debt-to-GDP ratios are decreasing, which may reduce the need for alternatives to the U.S. dollar as a preferred currency.
Bitcoin rallies
Over the last seven days, the cryptocurrency market has generally experienced a significant increase. On Monday, Bitcoin (BTC) broke through the $82,000 barrier for the first time ever, after an unexpected price surge over the weekend.
Bitcoin experienced a 4% increase, building on its seven-day growth that nearly reached 20%. This upward trend followed the Federal Reserve’s decision to lower interest rates by 0.25%. Traders perceived this move as positive (bullish). Currently, Bitcoin is up 3.29% within the last 24 hours, reaching $82,329 after hitting an all-time high of $82,544.
Over the past day, a combined value of $620 million worth of crypto positions have been forced to close. Short positions accounted for about $255 million in losses, whereas long positions resulted in $365.69 million in liquidations, based on CoinGlass’s statistics.
As a crypto investor, I’ve noticed an uptick in futures premiums, particularly for Bitcoin. The open interest for prices above $90,000 has climbed to approximately $2.8 billion on Deribit, a well-known derivatives exchange that specializes in crypto trading. This makes it one of the few native platforms supporting futures trading in our space.
If today closes in green, Bitcoin will mark its seventh consecutive day of gains.
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2024-11-11 19:18