Wednesday, January 20, 2021
Bitcoin Market News
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • Investors
  • Technical
  • Crash
  • Spam
  • Stock
  • Blockchain
  • Videos
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • Investors
  • Technical
  • Crash
  • Spam
  • Stock
  • Blockchain
  • Videos
Bitcoin Market News
No Result
View All Result

Market Wrap: Bitcoin Flat at $9.4K but Investors Are Holding On – CoinDesk

7 months ago
in stock
7 min read
Market Wrap: Bitcoin Flat at $9.4K but Investors Are Holding On – CoinDesk
Share on FacebookShare on Twitter


A languid Wednesday in traditional markets affected bitcoin as well although it’s been a steady six weeks where the world’s first cryptocurrency outperformed most traditional assets. 

Bitcoin (BTC) was trading around $9,265 as of 20:00 UTC (4 p.m. ET), slipping 1.3% over the previous 24 hours. 

At 00:00 UTC on Wednesday (8:00 p.m. Tuesday ET), bitcoin was changing hands around $9,500 on spot exchanges such as Coinbase. It then dipped 1.6% to as low as $9,348. The price is now below its 10-day and 50-day moving averages — a bearish signal for market technicians who study charts — but with little action, it looks to be going nowhere for the time being.

btcjune17
Bitcoin trading on Coinbase since June 15
Source: TradingView

“The price of bitcoin managed to get only up to $9,600 Tuesday. Now fiat reigns,” said Constantine Kogan, crypto fund-of-funds BitBull Capital. 

Read More: Polychain Capital, Square Crypto’s Steve Lee Invest in Bitcoin Broker

In fact, since the start of May the price of bitcoin has only appreciated 5.6% overall. It’s a relatively sleepy performance when compared to the oil market, which has had a wild 2020. A barrel of crude has gained over 90% since the beginning of May. 

btcoiljune17
Bitcoin versus oil since May
Source: TradingView

Oil is flat Wednesday, down 0.39% and priced at $37.71 as of press time.

Despite stimulus, bitcoin outpacing equities

Uncertain economic times still motivate cryptocurrency traders and investors to remain steadfast in their investment thesis on bitcoin. “I am personally not negative on bitcoin and my view is based on several ingredients that have not changed or improved my outlook,” said Henrik Kugelberg, an over-the-counter cryptocurrency trader based in Sweden. 

One element Kugelberg points to is the debasing of the U.S. dollar. Since 2000, the number of dollars in circulation has jumped over 240%, from $565 billion to almost $2 trillion, according to Federal Reserve data. 

currencymay
USD in circulation the past 20 years (gray is past recessions)
Source: U.S. Federal Reserve System

Other cryptocurrency advocates echo the same long-term outlook – that holding bitcoin is much better than owning traditional assets such as equities. Bitcoin is still up over 30% so far this year. Major global stock indices are either lower or just about even in 2020, and have been in negative territory since the middle of February. 

btcequities2020
Bitcoin (gold) vs. S&P 500 (blue) vs. Nikkei 225 (red) vs. FTSE 100 (green) in 2020
Source: TradingView

George Clayton, managing partner of alternative asset fund Cryptanalysis Capital, says continued fiscal stimulus is just an attempt to push equities above the 0% return level, but with major long-term side effects on the value of U.S. dollar. 

Read More: Number of Bitcoin ‘Whales’ Has Risen by 2% Since Halving

“A $1 trillion stimulus plan to build bridges, roads and rural 5G broadband that the Trump Administration is mulling over is perhaps the only piece of major legislation that stands a…



Read more:Market Wrap: Bitcoin Flat at $9.4K but Investors Are Holding On – CoinDesk

Related articles

How the Biden administration might handle crypto regulation

How the Biden administration might handle crypto regulation

January 20, 2021
Investors think there’s more chance Tesla and bitcoin will halve than double, warns

Investors think there’s more chance Tesla and bitcoin will halve than double, warns

January 19, 2021
Tags: 94KBitcoinbitcoin news todayCoinDeskFlatHoldingInvestorsMarketWrap

Related Posts

How the Biden administration might handle crypto regulation

How the Biden administration might handle crypto regulation

by Bitcoin Market
January 20, 2021
0

Yahoo Finance's Dan Roberts joined Yahoo Finance Live to discuss how President Biden has impacted cyrptocurrency and what his...

Investors think there’s more chance Tesla and bitcoin will halve than double, warns

Investors think there’s more chance Tesla and bitcoin will halve than double, warns

by Bitcoin Market
January 19, 2021
0

Investors are returning from the long holiday weekend in an upbeat mood, with some attributing that optimism over an...

CoinShares to launch $200m Bitcoin ETP on Swiss stock exchange

CoinShares to launch $200m Bitcoin ETP on Swiss stock exchange

by Bitcoin Market
January 19, 2021
0

Digital asset manager CoinShares is launching a Bitcoin exchange-traded product, or ETP, on the SIX Swiss Exchange.According to a...

Why are investors gung ho on Bitcoin, Tesla? Raghuram Rajan has a theory

Why are investors gung ho on Bitcoin, Tesla? Raghuram Rajan has a theory

by Bitcoin Market
January 18, 2021
0

NEW DELHI: Ever since global markets started rebounding from their March lows, the prices of Tesla stock and Bitcoin...

Hedge fund predicts $115K Bitcoin price and the fall of ‘speculative’ altcoins

Hedge fund predicts $115K Bitcoin price and the fall of ‘speculative’ altcoins

by Bitcoin Market
January 18, 2021
0

New data from Pantera Capital, an investment firm and hedge fund, suggests that Bitcoin’s (BTC) current price action is...

Load More

Trend Now

  • Trending
  • Comments
  • Latest
Twitch Director Shaan Puri Moves 25% of Net Worth Into Bitcoin to ‘Front Run Wave of

Twitch Director Shaan Puri Moves 25% of Net Worth Into Bitcoin to ‘Front Run Wave of

December 11, 2020
Ledger Wallet Data Leak Dumped on Raidforums for Free, Company Regrets the Situation

Ledger Wallet Data Leak Dumped on Raidforums for Free, Company Regrets the Situation

December 21, 2020
Argo Blockchain boosts mining margins in July

Argo Blockchain boosts mining margins in July

August 5, 2020
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

May 19, 2020
Three Gorges Dam Collapse Mining Threat, China Banks Ban Buying Gold: The Bitcoi…

Three Gorges Dam Collapse Mining Threat, China Banks Ban Buying Gold: The Bitcoi…

December 4, 2020
The Most Secure Cryptocurrency Wallets for Different Users

The Most Secure Cryptocurrency Wallets for Different Users

November 1, 2020
US stocks gain as investors await a flood of earnings reports

US stocks gain as investors await a flood of earnings reports

0
Bitcoin daily chart alert – Bullish chart pattern develops – May 19

Bitcoin daily chart alert – Bullish chart pattern develops – May 19

0
Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

Calvin Ayre Invests in True Reviews: A New Take on Consumer Review Sites Built on the

0
J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

J.K. Rowling Twitter Storm shows the Crypto Ecosystem Needs to Mature – CityAM

0
Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

Crypto.com’s MCO Visa Cards Are Now Shipping In Europe – Fintech Singapore

0
Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

Elon Musk tried to explain Bitcoin to JK Rowling on Twitter and this happened

0
US stocks gain as investors await a flood of earnings reports

US stocks gain as investors await a flood of earnings reports

January 20, 2021
Panelists at CES 2021 Agree Widespread Adoption of Cryptocurrency Is Imminent

Panelists at CES 2021 Agree Widespread Adoption of Cryptocurrency Is Imminent

January 20, 2021
Bitkub told to fix platform issues

Bitkub told to fix platform issues

January 20, 2021
Got An Email From A Hacker With Your Password? Do These 3 Things

Got An Email From A Hacker With Your Password? Do These 3 Things

January 20, 2021
Bitcoin’s bubble keeps inflating and whales are driving the action

Bitcoin’s bubble keeps inflating and whales are driving the action

January 20, 2021
Tesla, Bitcoin More Likely To Halve Than Double Value In 2021: Deutsche Bank Survey

Tesla, Bitcoin More Likely To Halve Than Double Value In 2021: Deutsche Bank Survey

January 20, 2021
  • Contact Us
  • Terms of Use
  • Cookie Privacy Policy
  • Privacy Policy
  • DMCA

© 2020 MarketForBitcoin.com

No Result
View All Result
  • Home
  • Bitcoin
  • Market
  • Cash
  • Price
  • Beginners
  • Gold
  • Private
  • Cryptos
  • Investors
  • Technical
  • Crash
  • Spam
  • Stock
  • Blockchain
  • Videos

© 2020 MarketForBitcoin.com

  • BTC

    (USD 35,471.63)

  • ETH

    (USD 1,369.28)

  • XRP

    (USD 0.29)

  • BCH

    (USD 504.15)

  • EOS

    (USD 2.77)

  • LTC

    (USD 151.26)

  • XMR

    (USD 154.90)

  • TRX

    (USD 0.03)

  • USDT

    (USD 1.00)

  • BNB

    (USD 42.09)

  • BTG

    (USD 12.16)

  • BCN

    (USD 0.00)

  • BTCP

    (USD 0.11)

  • ZRX

    (USD 0.53)