rtmark
LearnBonds.com

Bitcoin tops $10,000 for first time since June

Vijay Ayyar (pictured), head of business development at cryptocurrency exchange Luno

Bitcoin (BTC) has started the week trading above the $10,000 level for the first time since June as a weaker dollar and a surge in gold prices boosted the cryptocurrency.

Bitcoin is at $10,240 in early trading on Monday, up 6.4% from its Friday closing price of $9,625, after news broke that US government is close to approving another $1trn stimulus package, pushing the US dollar further down from its already depressed levels.

bitcoin trend

Gold futures also reacted by topping its all-time high of $1,920 on Monday, as investors moved their money to the yellow metal amid concerns of real negative interest rates in the US.

The US 10-year Treasury bond yield continues to trade below the 0.600% mark at 0.589%, a level only seen in early April at the peak of the pandemic. This low yield would end up producing investors a negative yield of around -0.9% if the inflation rate in America hits 1.5% by the end of 2020, as some experts forecast.

Bitcoin is apparently being seen as a safe-haven amid a deteriorating macroeconomic environment in the US, with investors flocking to the crypto asset to protect their money as another massive injection of liquidity threatens to push the dollar and bond yields downwards.

“What we have unfolding is potentially re-accumulation by big players, joined by smaller traders in an attempt to push BTC higher past $10,000 and more past $10.500, which is the big resistance level, where BTC last put in a high”, said Vijay Ayyar (pictured), head of business development at cryptocurrency exchange Luno, to CNBC on Monday.

Meanwhile, another element behind Bitcoin’s rally is the so-called ‘halving’ event, which took place in early May. This major event would reportedly halve the reward obtained by Bitcoin miners for processing transactions made by using the cryptocurrency’s blockchain, reducing the supply and pushing prices up as a result.

This recent jump in the value of Bitcoin (BTC) would result in a 42% year-to-date gain for the king of the crypto market, while bullish traders expect this rally to head towards $15,000, especially if the price of BTC manages to cross its $10,500 resistance level.

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Alejandro Arrieche

Alejandro is a financial writer with 7 years of experience in financial management and financial analysis. He writes technical content about economics, finance, investments, and real estate and have also assisted financial businesses in building their digital marketing strategy. His favorite topics are value investing and financial analysis.