Money Soaring: Bitcoin rises to more than 14,000 US dollars

20:30  01 november  2020
20:30  01 november  2020 Source:   handelsblatt.com

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As recently as March, the digital currency suffered severely from the pandemic. The payment service provider PayPal could have provided for the upturn.

Im Frühjahr war der Kurs kurzzeitig unter die Marke von 4000 Dollar gefallen. © Reuters In the spring, the price briefly fell below the $ 4,000 mark.

The digital currency Bitcoin continues to soar. For the first time since the beginning of 2018, the oldest and best-known digital currency exceeded the mark of 14,000 US dollars (12,000 euros). Most recently, the price on the Bitstamp cryptocurrency exchange then fell a little to $ 13,911.

Cryptocurrencies recently received fresh momentum from the announcement by the payment service provider PayPal that it would allow its customers to use them. The news follows other well-received news like the establishment of a Bitcoin fund by major investment firm Fidelity this summer. Bitcoin gained around 30 percent in October alone.

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In March, the strongly fluctuating Bitcoin price had fallen below the $ 4,000 mark in the wake of the corona crisis. At that time, other asset classes , such as government bonds or gold , which were considered safe havens, came under pressure because many investors fled to liquidity. However, the digital currency has rallied much faster than the broad stock market. The Bitcoin price is now more than 30 percent above the annual high in February.

major investors like the hedge fund manager and billionaire Paul Tudor Jones see the digital currency as a protection against inflation, as he told the US television channel CNBC. In times of extremely loose monetary policy, the hedge fund manager therefore advises his customers to buy. He has invested a single-digit percentage of his portfolio in Bitcoin over the long term - and is now even more optimistic than when he joined in May.

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The foreign exchange experts at DZ Bank cited similar reasons for the Bitcoin soaring: "The expansion of the expansionary monetary policy observed around the world as well as the fiscal programs of historic proportions are likely to have made a significant contribution to the positive dynamic," they recently wrote in a study. This has led to investors increasingly looking for investment opportunities outside of euros, US dollars and the like.

Even in the short term, the outlook for digital currency remains good, writes David Iusow, a market analyst at brokerage firm IG. "The Bitcoin price has again broken away from its recent positive correlation with the stock market." While the DAX and the US leading index S & P 500 are still in correction mode, Bitcoin has climbed to new daily highs in recent weeks.

From a technical point of view, there is resistance at the $ 14,500 mark. If this is overcome, there is a lot to suggest that the rally will continue. Then a Bitcoin rate of 16,000 to 16,500 dollars is within reach.

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usr: 1
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