Bitcoin (BTC) Reaches $10,650 for the First Period in over two Weeks
By Max Steadman – Cryptocurrency Investor
Bitcoin prices broke through at the level of $10,650 for the first time since the 4th of September at around 13:50 UTC (or 10:50 Eastern Time). Some claim that this is possibly supported by U.S. stocks bouncing back after a 2-session sale last week, according to figures from CryptoCompare.
Dutch technical analyst and long-term crypto supporter Michaël van de Poppe tweeted his take on the BTC price movement, suggesting that this is a ‘clear breaker.’ He optimistically added that the next barrier for BTC to break through would be the ‘$10,700-10,800 area.’
As calculated by the US Dollar Index (DXY), the fall in the U.S. Dollar value may also have helped the Bitcoin price rise by around 3 percent today. Moreover, the dollar value decline may have helped lift the price of spot gold by $18.80 (or 0.97%) to $1,958 per ounce.
CNN anchor Julia Chatterley interviewed Morgan Stanley Investment Management's Ruchir Sharma, Chief Emerging Markets Officer and Global Macro on the 8th September. Sharma was asked what he thinks of gold and cryptocurrencies, with age being a contributory factor towards the different attitudes on buying Bitcoin across different demographics of the public:
“It's a matter of generation” he said. “I assume some of the older still buy gold, and millennials are buying more of the Bitcoins and cryptocurrencies.” Sharma addresses the different attitudes to Bitcoin investing, highlighting that “there is this lingering feeling’ with regard to what central banks are doing in the release and printing of so much money into circulation, claiming that ‘there is a search for alternative assets’.