Cryptocurrency
Bitcoin Approaches $12,000 After Snapping Equities Correlation
Bitcoin Approaches $12,000 After Snapping Equities Correlation: As reported on Bloomberg, “Bitcoin’s biggest rally in more than a week has pushed it to the brink of $12,000, a key level watched by chartists and technicians. The world’s largest digital currency rose as much as 3.4% on Monday to around $11,835. Crypto fans are closely watching […]
Bitcoin Approaches $12,000 After Snapping Equities Correlation:
As reported on Bloomberg, “Bitcoin’s biggest rally in more than a week has pushed it to the brink of $12,000, a key level watched by chartists and technicians.
The world’s largest digital currency rose as much as 3.4% on Monday to around $11,835. Crypto fans are closely watching the $12,000 level as a major hurdle to cross before it can embark on a bigger rally.
The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital coins, also rose, gaining 4.5% at one point. Dash and Monero were among the biggest advancers, each rising more than 5%.
On Monday, the International Monetary Fund hosted a virtual panel on cross-border payments and digital currencies which featured BIS General Manager Agustin Carstens as well as the Federal Reserve Chairman Jerome Powell, among others. Powell said the central bank is evaluating the costs and benefits of a digital currency but has not decided yet on whether to issue one. He also nodded to Facebook Inc.’s Libra as a catalyst for focusing more attention on the issues.
The discussion at least partly helps explain Bitcoin’s move higher as it was closely watched by the crypto community, said Mati Greenspan, founder of Quantum Economics…”