BTC is growing for as long as cyclical USD downturn continues
Show Me the Money! 30 July, 2020, by Vladimir Rojankovski, Senior Analyst, Grand Capital
Bitcoin crossed the $11,000 level and traded near its highest level in nearly a year on Tuesday amid US dollar weakness and a broad shift to alternative assets. The token leaped as high as $11,198.32 before paring gains and trading below $11,000 later in the day. The bounce cleared a major psychological level that has been there for a long time.
Bitcoin's rally comes amid a similar upswing for gold prices. The precious metal reached a record high on Monday as investors bet on heightened inflation expectations.
Let us remind our notion, that although cryptocurrencies generally speaking failed to demonstrate gold-like safe haven qualities during stock market swings, they are absolute beneficiaries of the U.S. dollar weakness, so it is pretty safe to bet on continuation of Bitcoin growth for as long as cyclical dollar downturn continues.
Bitcoin crossed the $11,000 level and traded near its highest level in nearly a year on Tuesday amid US dollar weakness and a broad shift to alternative assets. The token leaped as high as $11,198.32 before paring gains and trading below $11,000 later in the day. The bounce cleared a major psychological level that has been there for a long time.
Bitcoin's rally comes amid a similar upswing for gold prices. The precious metal reached a record high on Monday as investors bet on heightened inflation expectations.
Let us remind our notion, that although cryptocurrencies generally speaking failed to demonstrate gold-like safe haven qualities during stock market swings, they are absolute beneficiaries of the U.S. dollar weakness, so it is pretty safe to bet on continuation of Bitcoin growth for as long as cyclical dollar downturn continues.