BTC/USD

The pressure was building for Bitcoin to break above the technically-important $4200 level over the past several weeks and today it finally gave way.

“I think it’s essential to remember that just about everything is cyclical. There’s little I’m certain of, but these things are true: Cycles always prevail eventually. Nothing goes in one direction forever. Trees don’t grow to the sky. Few things go to zero. And there’s little that’s as dangerous for investor health as insistence on extrapolating today’s events into the future.” - Howard Marks, billionaire investor

It’s been less than nine months since traders flipped their calendars to 2018, but cryptoasset bulls have aged years (if not decades!) since the holiday season’s euphoria.

Bitcoin has risen further higher today, climbing for a time above $8350 – its best level since May 21.

It doesn’t feel like it but Bitcoin has risen nearly 30% from its lowest point in June.

The price of Bitcoin has fallen below $6500 to reach its lowest level since February 6. That was a day when it found significant support from around the $6000 mark which led to an eventual recovery to almost $12000 later on in the month. But it doesn’t feel like such a sudden rally will be on the cards again this time.

All of sudden on Thursday at around 11:00 BST digital currencies came back to life after spending several days in tight consolidative ranges.

Over the past several weeks, prices have stabilised across the board as fears over the clampdown on crypto exchanges abated.

The crypto carnage that started at the end of last year may have ended at start of February. In recent weeks, prices have stabilised across the board as fears over the clampdown on crypto exchanges abated.

The cryptocurrency has managed to bounce back in the past few days after declining sharply.

Sentiment towards cryptocurrencies is turning sour with negative headlines pouring out from left, right and centre

On a day when markets continued to sell-off sharply, Tuesday’s slide in cryptocurrencies, most notably Bitcoin, was no exception.

Recent volatility in Bitcoin trading has been nothing short of extreme when placed within the context of traditional financial markets. But in the relatively new world of cryptocurrency trading, the recent wild swings in Bitcoin have only been slightly more vigorous than usual.

Today’s small gain in the dollar or the fall in the pound following the publication of UK inflation data was nothing compared to the sell-off in crypto currencies.

The latter half of the past week saw a resumption of pronounced bearish sentiment hit the US dollar once again, as concerns over persistently weak US inflation (reinforced by lagging producer price data), strength in the euro, and rumors of China rethinking its US debt purchases helped lead to a sharp, extended sell-off for the greenback.

Bitcoin goes from how “how high can it go?” to “how low can it go?” in a matter of days. After surging to almost $20,000, the crypto currency has taken a spectacular dive ever since the CME started offering Bitcoin futures at the start of this week.

Sentiment towards gold has improved over the past week or so. The yellow metal managed to end a run of three-week losing streak last week and has started this one on the front foot, too.

Bitcoin futures started trading on the CME overnight, which is the world’s largest futures exchange. This is the second exchange to offer bitcoin futures, further cementing the crypto currency’s legitimacy.

Thanks to the ongoing rally on Wall Street and the dollar’s recent comeback, not to mention the ongoing craze in the cryptos, gold continues to remain largely out of favour

Bitcoin landed in Wall Street. Yesterday the bitcoin enjoyed its first full day traded as a futures contract on the CBOE exchange. This is the first of several well-known, well recognised exchanges to trade bitcoin futures, with CME starting in just over a week and the Nasdaq expected to begin in quarter 2 of 2018.

The recent upsurge in Bitcoin and other crypto currencies may have had a direct impact on precious metal prices, if one can assume they are viable substitutes for paper gold and silver.

Bitcoin continues to capture the attention of many. Given the current price action of the cryptocurrency, headlines are easy to come by, and yesterday was no different. The virtual currency gained over 15% in the early part of the day, charging through $10,000 to a fresh all time high of over $11,000, before plummeting as much as 21%, with incredible speed to $9009.

Bitcoin is recovering from one almighty correction last week where it dropped from a high of $7,882 to a low of $5,605 in just three days. That is a drop of nearly 30%, which is technically bear market territory. However, this is Bitcoin and due to this it doesn’t react the way other asset classes do. At the start of this week Bitcoin is up $1,000, and has retraced nearly 50% of last week’s decline.