After making an impressive 10% gains over late Friday into yesterday, Bitcoin continued to confound expectations over the weekend, pushing over key resistance levels at USD 7,000 to smash through new 2019 highs, settling at USD 7,400 and setting the first USD 1,000 weekend gain not seen since 2017.
The last time Bitcoin saw a price at this level was in August 2018, and is now trading at 130% gains since its 2019 lows in January. All this after a minor slump amid the New York Attorney General’s investigation into Bitfinex and Tether, Trump’s ongoing antagonistic stance with China on trade tariffs and a highly-publicized hack of USD 40 million in Bitcoin from crypto exchange Binance.
Based on conservative pricing from Bitstamp, all five members of the Bloomberg Galaxy Crypto Index are up more than 8% this weekend.
Intensifying trade tensions on late Friday, which are still expected to make their full impact on stock markets when Monday arrives, have resulted in unexpected interest flocking to the world’s most recognized cryptocurrency, leading in extended gains and milestones. Many are now believing that the bull market has finally arrived, but it remains to be seen if these past few weeks are sustainable past the panic of conventional markets.
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