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Daily Trending News and Market Sentiment: Price Buoys as Bitcoin Perfect Storm Report Surfaces

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Life in August is beginning to look rosy for the world’s most-debated digital asset, with yesterday seeing the key milestone of USD 10,000 breached several times, and today, price is now almost 20 hours above that line as new reports of macro trends put Bitcoin future potentials in a positive light.

At almost exactly 3:15 pm UTC, Bitcoin began a steady surge from just below that key level of resistance, ploughing through the charts for the next five hours to hit USD 10,495, before eventually settling around those levels. Another push early London time today has seen price climb higher to a daily high of USD 10,562. Now, at 10:25 am UTC, at USD 10,466 (CoinDesk), there is only five more hours to complete before the bulls can celebrate a full 24 hours at five-digit price levels.

One big piece of news that could be driving this comes from digital asset research firm Delphi Digital, whose latest Bitcoin Outlook report is being cited by Forbes to contain key macro trends that are expected to drive Bitcoin price higher in the medium term.

It cites the exact things that we have been talking about in our daily analyses, such as the quantitative easing measures in the US and the troubled economic waters throughout the world, that are making the argument for a new alternative store of value and the Bitcoin digital gold narrative more attractve than ever.

For many who talk up Bitcoin, the doom scenario of a global recession would be the perfect opportunity for Bitcoin to resume its old highs and even press on higher, but according to Delphi Digital, the “perfect storm” for Bitcoin is already brewing now with the right mix of economic uncertainty and weakening fundamentals for fiat money. The report says:

“First, and arguably most important, sentiment from global central banks took a drastic turn towards more dovish monetary policies. The Fed, ECB, BOJ, PBOC, and many others are now preparing market participants for more rate cuts and additional stimulus measures as they attempt to keep the current economic expansion going.”

Piling on the pressure is the unexpectedly bad show of GDP growth in Germany, the worry that no-deal Brexit might still take place (despite Boris Johnson’s promises otherwise). The report also predicts that Bitcoin’s market value, compared relatively to that of gold, makes it “a tempting opportunity for investors starving for assets with above-average growth potential as well”, and could soon outgrow gold’s USD 7 trillion market.

Of course, one should note that those like Delphi Digital are persistently bullish about Bitcoin and this perfect storm narrative is really just being picked up and shared on within that circle of Bitcoin holders.

But with others like the New York Fed giving a roughly 30% chance of recession in the United States over the next 12 months, at least it does appear that grey skies are on everyone’s radar, Bitcoin supporter or not. Whether or not Bitcoin really will do well if such a global recession were to be triggered, even Delphi Digital cannot say, admitting: “Bitcoin was forged in the depths of the Great Recession over a decade ago and, therefore, lacks historical precedent.”

But without needing to focus on that future, this weekend will see the after-effects of US President Trump’s dropped bombshell just hours when he decided to launch another haymaker at China, with a new 10% tariffs slapped onto the remaining USD 300 billion worth of Chinese goods. These come into effect next month and set stock markets even in Europe into a tailspin.

China might act surprised, given that tensions had appeared to be calming down in recent weeks, but there is now expectation that this time, the world’s second largest economy will retaliate. Singapore’s Strait Times Foreign Desk already calls this new tariff “not a constructive” way to end the trade war.

As is typical in times of turmoil for stock markets, gold is seeing a steady appreciation in value, and crypto investors will also be hoping that these developments will not make Bitcoin even more attractive and push demand into the stratosphere. That, if the law of supply and demand works out, will see prices climb up steadily, as Bitcoin halving approaches in May 2020.

Forbes analyst Naeem Aslam says:

“Believe me that the day China lifts the ban on Bitcoin and supports this new currency with their supreme regulation, Bitcoin is going to crush the USD 100,000 mark in no time.” is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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