What's driving the price of Bitcoin up this time around?
Bitcoin has surpassed the $12,000-mark for the second time in recent weeks.
In some ways, this second recent pass over $12,000 makes it seem as though Bitcoin may be establishing itself over the $12k line. However, it’s still unclear whether or not BTC can sustain levels above $12k for more than a few days, or a few hours, at a time.
For instance, at press time, BTC was at $11,989, just below the prized $12k level, but not yet low enough to truly cause concern.
What’s Pushing Bitcoin up?
It seems that many voices within the crypto space believe that Bitcoin will be able to establish itself at or above $12k in the coming weeks.
For example, last week Marie Tatibouet, chief marketing officer at cryptocurrency exchange Gate.io, commented to Finance Magnates that the price of Bitcoin may be growing at this time because of “the current situation of the world.”
This includes “the instability caused by the pandemic, the stock market falling, the US and China market wrestling ‘dollar vs. yuan’, or a big fear of inflation on a global scale, just to highlight some,” she said.
Additionally, Evan Bayless, the operator of WhatIsMoney.info, also pointed out to Finance Magnates that the ongoing impact of quantitative easing could be positively affecting Bitcoin’s price. In other words, a growing number of individuals may have lost some of their faith in fiat currencies.
“The incredibly fast and drastic response of the Fed and other central banks to the COVID-induced lockdowns (and the subsequent economic fallout) has caused the idea that fiat currencies may not be a consistent yardstick for measuring value to begin to enter the public consciousness,” he commented.
There are other, more immediate factors as well: Jason Yanowitz, co-founder at Blox Work Group, also pointed out on Twitter that there could be some increased visibility on BTC this week
“Grayscale is running Bitcoin ads this week on CNBC, MSNBC, Fox, and Fox Business,” he stated on August 9th. “Get ready for a massive week for Bitcoin.”
Altcoins Are Also Getting a Boost
This latest movement over $12k follows a week of robust movement for a number of altcoins: for example, Chainlink (LINK) and Band Protocol (BAND) have both recently made headlines for their price performance. LINK, for example, soared from $8.31 last Monday to $13.58 at press time; BAND has nearly quadrupled in price climbing from $4.13 to $16.30.
The price increases across the board have caused the total market cap of all Cryptocurrencies to have reached its peak in more than a year.
Bitcoin has surpassed the $12,000-mark for the second time in recent weeks.
In some ways, this second recent pass over $12,000 makes it seem as though Bitcoin may be establishing itself over the $12k line. However, it’s still unclear whether or not BTC can sustain levels above $12k for more than a few days, or a few hours, at a time.
For instance, at press time, BTC was at $11,989, just below the prized $12k level, but not yet low enough to truly cause concern.
What’s Pushing Bitcoin up?
It seems that many voices within the crypto space believe that Bitcoin will be able to establish itself at or above $12k in the coming weeks.
For example, last week Marie Tatibouet, chief marketing officer at cryptocurrency exchange Gate.io, commented to Finance Magnates that the price of Bitcoin may be growing at this time because of “the current situation of the world.”
This includes “the instability caused by the pandemic, the stock market falling, the US and China market wrestling ‘dollar vs. yuan’, or a big fear of inflation on a global scale, just to highlight some,” she said.
Additionally, Evan Bayless, the operator of WhatIsMoney.info, also pointed out to Finance Magnates that the ongoing impact of quantitative easing could be positively affecting Bitcoin’s price. In other words, a growing number of individuals may have lost some of their faith in fiat currencies.
“The incredibly fast and drastic response of the Fed and other central banks to the COVID-induced lockdowns (and the subsequent economic fallout) has caused the idea that fiat currencies may not be a consistent yardstick for measuring value to begin to enter the public consciousness,” he commented.
There are other, more immediate factors as well: Jason Yanowitz, co-founder at Blox Work Group, also pointed out on Twitter that there could be some increased visibility on BTC this week
“Grayscale is running Bitcoin ads this week on CNBC, MSNBC, Fox, and Fox Business,” he stated on August 9th. “Get ready for a massive week for Bitcoin.”
Altcoins Are Also Getting a Boost
This latest movement over $12k follows a week of robust movement for a number of altcoins: for example, Chainlink (LINK) and Band Protocol (BAND) have both recently made headlines for their price performance. LINK, for example, soared from $8.31 last Monday to $13.58 at press time; BAND has nearly quadrupled in price climbing from $4.13 to $16.30.
The price increases across the board have caused the total market cap of all Cryptocurrencies to have reached its peak in more than a year.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Australia Eyes Unreported Crypto Transactions: Taxman Targets 1.2 Million Accounts
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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