Cryptocurrency Market News: Bitcoin explodes past $12,000 with a convincing breakout
|Here is what you need to know on Thursday 18, August
BTC/USD is currently trading at $12,326 but hit $12,467 earlier after a massive breakout above the crucial $12k resistance level.
ETH/USD followed Bitcoin’s breakout and ended touching $446, however, the digital asset already had a previous breakout. It is now trading at around $437.
XRP/USD had a breakout as well but didn’t manage to stay above the last high at $0.326.
AirSwap had a massive run today with a 70% price increase followed by OCEAN yet again after getting listed on Binance. The digital currency has reached a $200 million market capitalization and it’s currently ranked 61st.
Chart of the day: BTC/USD 1-Hour chart
-637332924418491108.png){kind=link}
Market
Bitcoin had a convincing breakout above $12,000, a crucial resistance level on the way to a new all-time high. Other coins followed suit and Bitcoin’s market dominance has remained quite flat even after the breakout.
In other news, Goerge Bal, the former chief executive officer of Prudential Securities has suggested Bitcoin or maybe other cryptos could be ‘safe haven’s.
The government can’t stimulate the markets forever, Ball said. The liquidity flood will end. Sooner or later, the government’s got to start paying for some of these stimulus, for some of the deficits, for some of the well-deserved, very smart subsidies that it’s providing to people. Are they going to raise taxes that high? Or, if not, are they going to print money? If they print money, that debases the currency and probably even things like TIPS – Treasury inflation-protected securities – can be corrupted
Industry
Crypto.com, a popular issuer of crypto cards has announced that its exchange will exit public beta in September 2020.
To celebrate this milestone, Crypto.com is pleased to present another Bitcoin Syndicate Special, featuring BTC at 50% off with USD$2M allocation. This event will commence on Tuesday, 8 September 2020, 6AM UTC on the Crypto.com
Quote of the day
Hey, obviously this is a very interesting time to be in Bitcoin center now, but if you guys want to argue over whether this is reality or not, one Bitcoin will feed over 40 homeless people in Pensacola center now. If you guys want proof Bitcoin is real, send them to me, I’ll cash them out and feed homeless people.
– Jason King
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.