Bitcoin is expected to enter “thin air” if the coin can cross $14, on a weekly or monthly basis, analysts say. One crypto-asset analyst shared the chart below amid BTC’s latest thrust higher, noting that the cryptocurrency breaking that resistance could spark an even greater rally. Dec 02, · Fink went on to say that the cryptocurrency could possibly evolve into a global market asset, offering a rare positive statement from the respected asset manager, which may . Dec 21, · Bitcoin had a steady flow of negative news after the Friday close when the Treasury proposed new disclosure rules for cryptos and Elon Musk tweeted what appeared to .
Bitcoin thin marketCrude crumbles, Gold softer, Bitcoin drops - MarketPulseMarketPulse
Many are excited about it. So, can it evolve into a global market? Certainly by evidence of the imaginations of so many who want to learn about it or are interested in it, to me, is a very telling sign.
Fink also says the advent of digital currencies could weaken the status of the US dollar as a reserve currency for non-Americans. Does it change the need for a dollar reserve currency if there was a true digital currency that was separated from dollar-based assets? In late November, BlackRock chief investment officer Rick Rieder also made a bullish case for Bitcoin, saying that the digital asset is here to stay and is well on its way to replacing gold as a primary store of value.
Can it evolve into a global market? Possibly," he concluded. Fink's comments come after BlackRock's chief investment officer in fixed income, Rick Rieder, last month speculated that bitcoin could take some of the shine off gold, possibly one day rivaling the precious metal's unimpeachable stature over the past 5, years as a store of value and hedge against the devaluing of fiat currencies.
For its part, bitcoin was engineered into existence via computer code in by an individual or individuals known as Satoshi Nakamoto. Gold went on a rollercoaster ride after initially seeing strong safe-haven demand send prices above USD before freefalling after the dollar surged. Congress is poised to deliver a second stimulus package today, but that has mostly been priced in for gold.
If risk aversion reasserts itself, the USD level should attract buyers for bullion. The best performing asset of the year, Bitcoin is under pressure as a new COVID strain that spreads more quickly is triggering some panic selling across all risky assets. Bitcoin had a steady flow of negative news after the Friday close when the Treasury proposed new disclosure rules for cryptos and Elon Musk tweeted what appeared to be an endorsement for Doge, a competing cryptocurrency.
Bitcoin volatility will remain extreme over these next couple of weeks of thin trading.