Bitcoin climbs past $19000 and closes in on record price

25 November, 2020

Bitcoin climbed past $19,000 Tuesday as the world’s best-known cryptocurrency continues its 2020 surge. The price of bitcoin was trading about 4.25% higher for the session at $19,207, according to data from industry site CoinDesk.

Bitcoin has been on a tear in 2020, skyrocketing over 150% in a jump crypto enthusiasts have accredited to unprecedented monetary and fiscal stimulus in response to the Covid-19 crisis, as well as interest from big-name investors such as Paul Tudor Jones and Stanley Druckenmiller.

It is now creeping up toward the all-time high of $19,783 which it posted in a December 2017 rally that saw the values of several cryptocurrencies surge. After hitting that milestone, the bubble burst and bitcoin plummeted to as low as $3,122 the following year. But many crypto fans claim things are different this time. They’ve cheered big moves in the industry from the likes of Fidelity Investments, Square and PayPal. PayPal recently started letting its users buy, hold and sell virtual currencies. The payments giant is set to enable shopping with crypto early next year.

Bitcoin climbed past $15,000 on Nov. 5 and $18,000 on Nov. 19. Bitcoin’s market value — which is calculated by multiplying the total number of bitcoins in circulation by the price — now stands at $355.9 billion, higher than the $331.8 billion it hit in December 2017, according to CoinDesk.


Source  
Oil hits 11-month highs on Saudi output cut pledge8 Jan, 2021  

Oil prices on Friday hit 11-month highs and were on track for a strong weekly gain as a rally in global equities fed risk appetite and stoked bullish sentiment following...

Oil up on hopes of demand recovery, lower U.S. inventories30 Dec, 2020  

Oil gained ground on Wednesday as a U.S. coronavirus fiscal aid package and a decline in crude oil inventories lifted prices. Brent crude futures rose 35 cents...

Investors bet weak dollar will keep risk rally going in 202123 Dec, 2020  

Investors are counting on a weakening dollar to boost rallies in everything from U.S. stocks to emerging markets and industrial metals in 2021. Record-low U.S. interest rates...


Will the ECB be able to reverse the Euro's growth?9 Dec, 2020  

The expectation is that government support will allow people more money for spending and investment, thus increasing inflation which weakens the value of money...

Dollar weakness takes EURUSD to a new range2 Dec, 2020  

The single currency rose sharply on Tuesday evening, taking EURUSD to 1,2080, new highs since April 2018, due to a difference in macroeconomic data. The sharp jump...

Is Europe Headed for a Fiscal Union?23 Oct, 2020  

Amid the gloom of the pandemic's second wave, some European enthusiasts are wondering whether this crisis might finally usher in a fiscal union...


Dollar gives ground as hopes of US stimulus leads traders to riskier currencies1 Oct, 2020  

The dollar fell to a nine-day low on Thursday, as robust U.S. data and hopes for U.S. fiscal stimulus left investors confident enough to seek out riskier currencies...

A harder dollar push24 Sep, 2020  

The US dollar returned to growth yesterday afternoon, but this time stock indices failed to accompany it. As might be expected, the simultaneous growth impulse...

Fed Decision Leaves Forex Market Set for Dollar Short Squeeze17 Sep, 2020  

The lack of a killer dovish catalyst from the latest Federal Reserve meeting triggered a near-term rally in the dollar as sizable short positions in the under-pressure...