As institutional funds flood into Bitcoin and Ethereum, the crypto market is more buoyant than ever. Bitcoin has risen 10% to almost hit $19K, and Ethereum has blasted past the $500 milestone.
The continued rally comes amid surging institutional adoption, with big name analysts flipping bullish as they catch on to the digital gold narrative, and Silicon Valley firms including Airbnb following PayPal with planned support for cryptocurrency.
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The Bitcoin buying frenzy continued this week, with cryptocurrency markets rallying alongside stocks on the prospect of a Biden presidency coupled with a split Congress. This would likely lead to legislative gridlock, leaving Biden unable to push through planned tax hikes.
News of a COVID-19 vaccine briefly dented the crypto rally on Monday, before the upswing continued. Bitcoin then hit a 2020 high above $16K on Friday, just as new covid cases in the US reached another daily record of over 180,000.
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As results seesawed for days during the US election, Bitcoin emerged as a clear winner. The leading cryptocurrency hit highs above $15K, before pulling back slightly as media networks announced that Joe Biden will be entering the White House.
The crypto rally was accompanied by a weakening dollar, which fell on expectations that president-elect Biden will push through more coronavirus stimulus measures. This boosted the S&P 500 to deliver its best week since April with 7% gains, but Bitcoin stole the show with a 13% surge.
Elsewhere, the rally was supported by more bullish news. Demand has surged for PayPal’s crypto products, and central banks around the world — including in Canada, Thailand and Brazil — are pushing ahead with plans for digital currencies. …
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While Bitcoin is making its way through the stratosphere, the stock market is still firmly earthbound. The leading cryptocurrency briefly eclipsed $14K this week, outperforming traditional asset classes as lockdowns return across Europe and political tensions ratchet higher in the run up to the US election day.
This week’s surge tops off a fantastic month for Bitcoin, which made 22% gains in October as gold traded sideways and the S&P 500 dropped 2%.
In the news, events continue to show the mainstreaming of Bitcoin by big financial institutions. Singapore’s largest commercial bank, DBS, has launched a digital asset exchange for Bitcoin and three other top cryptocurrencies, and fully-licensed Swiss financial institution Gazprombank has been approved to offer Bitcoin services. …
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Bitcoin has shown resilience over the past week, holding firm above the newly conquered $11k level as cryptocurrency exchange OKEx suspends withdrawals, sending a tremor through the market.
Despite falling three percent as the news hit, Bitcoin soon bounced on boosted fundamentals: The soaring hashrate has once again hit all-time highs, and representatives from U.S. regulatory agencies have made positive comments about cryptocurrency.
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