After recovering 6.3% from a drop to $11,200 on Aug. 11, Bitcoin (BTC) price appears to be gearing up for a third run on the $12,000 mark. This comes after a week of bullish news that included Nasdaq-listed investment firm MicroStrategy purchasing 21,454 BTC as protection against the weakening U.S. dollar, Coinbase exchange offering Bitcoin-backed loans, and the revelation that BlackRock and Vanguard are major holders of MicroStrategy shares. Cryptocurrency daily market performance snapshot. Source: Coin360 The increasingly bullish sentiment extends across the entire crypto sector, and proof of this comes from altcoins like Tezos (XTZ) and Chainlink (LINK) surging …

Bitcoin’s correlation with traditional assets has grown in the last few months, mainly due to the ongoing, unprecedented macro-economic situation. How strong are these correlations and how are they changing the way that users trade crypto in general? Veteran traders Scott Melker and Michaël van de Poppe will be discussing how to correctly read traditional markets to trade Bitcoin in this week’s episode of Crypto Markets Live. As usual, viewers will be able to interact with our guests by submitting questions to the chat. The Crypto Market Show Live is hosted every Thursday by Cointelegraph. It brings together the best …

Major United States-based crypto exchange Kraken has released a report predicting that Bitcoin (BTC) will rally by between 50% and 200% in the coming months. The report notes that Bitcoin posted a 21-month low for volatility on July 24 of just 23%, and stated that BTC’s 12 historic volatility lows (of between 15% and 30%) have typically been followed by a rally of 140% on average. With August usually the third-most volatile month for BTC price fluctuations, Kraken is predicting that upward momentum produced by Bitcoin at the end of July will continue for several months to come. Late-July Bitcoin …

After an exciting weekly close that saw the price of Bitcoin (BTC) rally above the $12,000 mark for the second time this month, the digital asset has lost momentum and slipped below $11,500. The former resistance level at $11,800 has again failed to function as support, and at the time of writing, Bitcoin's price has dropped below $11,600 to test the ascending trendline support at $11,550. Cryptocurrency daily market performance snapshot. Source: Coin360 Bitcoin’s inability to sustain above the $12,000–$11,800 zone comes as the price of gold corrected 3.6% and dropped below its all-time high to $1,950. The price of …

Capital flight out of Asia is one of major reasons for Bitcoin (BTC) hitting new 2020 highs in August, a major Bitcoin advocate believes. Max Keiser, a famous American broadcaster and known Bitcoin bull, is confident that rising tensions in Asia are one of factors for Bitcoin’s rally up to $12,000. “You can’t take it with you, unless it’s Bitcoin” In an Aug. 10 tweet, Keiser argued that Bitcoin is a solid method to move big amounts of money abroad while crossing borders. According to Keiser, a number of people in Asia are using Bitcoin to move their money out …

Bitcoin (BTC) saw fresh gains on Aug. 6 as bulls refused to rest and the price steamed toward $12,000. Cryptocurrency market daily snapshot Aug. 6. Source: Coin360 BTC price recovers $1,200 crash losses Data from Coin360 and Cointelegraph Markets showed BTC/USD tackling $11,900 on Thursday, with 24-hour gains at 2.2%. With barely any let-up, Bitcoin has recovered almost all its lost ground over the course of this week, just four days after it shed $1,200 in minutes after initially passing the $12,000 mark. With its latest move, the largest cryptocurrency thus beat out resistance earmarked by analysts as the next …

The prices of gold, silver, and Bitcoin (BTC) are all rallying in tandem, as various macro factors boost alternative assets. As gold rose to a new all-time high at $2,055, BTC rallied to $11,715 on the day, recording a 4.28% increase. Gold-USD. Monthly chart. Source: TradingView.com As the three assets see stronger momentum altogether, there are three factors to consider. These are: gold’s correlation with Bitcoin, the effect of the declining U.S. dollar on alternative assets, and increased liquidity stemming from aggressive monetary policies from central banks. Bitcoin’s increasing correlation with gold Prior to February 2020, there was not a …

Amid the ongoing bull market, a major Bitcoin (BTC) advocate has delivered another promising price prediction for the largest cryptocurrency. Anthony “Pomp” Pompliano, co-founder of Morgan Creek Digital, believes that Bitcoin will continue to grow in the long-term to break the $400,000 threshold. Digital is bigger than analog — Bitcoin is bigger than gold In an Aug. 4 interview with crypto podcaster Peter McCormack, Pomp said that Bitcoin is poised to eventually hit at least $400,000 or $450,000 price levels with a market capitalization of $8 trillion. According to Pompliano, Bitcoin will steadily break new all-time highs because the cryptocurrency …

In its crypto outlook for August, Bloomberg contends that the price of Bitcoin (BTC) is stabilizing at six times the price of an ounce of gold. This speculation came shortly after the correlation between the two assets reached an all-time high. Bitcoin and Gold price chart. Source: Trading Economics. If the trend continues, Bitcoin may go to $18k Bloomberg has professed for some time now that Bitcoin is on the verge of becoming digital gold. This is due to the asset’s inherently similar qualities, such as a limited supply and a low growth rate. The company is now taking its …

Today the price of gold hit a new record-high at $2,008 and the asset is now in the price discovery phase. The precious metal appears to be rallying due to the declining U.S. dollar and this could also positively affect Bitcoin (BTC) in the medium-term due to the correlation between the two assets. Bitcoin vs Gold price movements. Source: Skew.com In trading, the term price discovery refers to when an asset’s price surpasses its previous all-time high. Given that gold is now seeking a new peak, and its momentum remains strong, traders expect that the asset will continue to appreciate …

A famous Bitcoin skeptic has called for a gold-backed currency to save Turkey as its national fiat currency collapses. In a tweet on Monday, John Hopkins professor Steve Hanke argued that hard money was now the only way out for Turkey, which has spent billions of dollars propping up the lira. Hanke: Turkey’s lira is “toast” At press time, those efforts were still in vain, as another day of intense selling sent the lira to a record low against various currencies including the euro and Bitcoin (BTC). Weakness in the United States dollar meant that the lira–dollar pair avoided a …

Major investment banking company Goldman Sachs says the price of gold will rise 20% to reach $2,300 before the end of 2022. The commodity hit new record highs on July 31 at more than $2,000 per ounce, but Goldman believes it still has a long way to go. According to a report cited by Bloomberg, the bank believes the price of gold will surge to $2,300 in the next 12 months — a revised forecast that originally predicted $2,000 — due to concerns over the US dollar’s standing. Analysts at Goldman Sachs stated on July 28 that a “record level …