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Bitcoin Soars Then Retreats; Good News Continues

Bitcoin Soars Then Retreats; Good News Continues

Nick Cawley, Senior Strategist

Talking Points

- Bitcoin hits $8,000 as turnover continues to increase.

- Crypto-currencies continues to gain mainstream approval.

The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.

Bitcoin (BTC): Another All-Time High Before Sellers Take Over

Bitcoin (BTC) continued to push higher overnight, making a fresh high around $8,000 before sellers took control of the market and sent the coin $400-$500 lower. The rally took BTC past the previous high of $7,918 made on November 8 and keeps the upward trend intact with BTC around $2,500 higher from last Friday’s low print. Momentum still suggests that Bitcoin will probe new highs in the coming days/weeks with the next major upside target the psychological/big figure $10,000 level.

We discussed the upside potential of BTC at this week’s Bitcoin webinar - if you would like to join us every Wednesday at 12:00pm for updated news and views, please click here.

Chart: Bitcoin (BTC) Daily Timeframe (July – November 17, 2017)

Crypto-Currencies Boosted by Good News

The crypto-currency universe continued to benefit from positive news from a range of sources as acceptance continues to grow. This week hedge fund giant Man Group said that it would add Bitcoin to its ‘investment universe’ once CME BTC futures were approved, while digital payments company Square is said to be allowing a limited number of accounts to buy and sell Bitcoins via its mobile app Square Cash. Another company looking to offer BTC futures is Swiss Asset Management firm Vontobel who will offer two mini BTC futures to allow its customers to go long and short of Bitcoin.

While Bitcoin continues to make most of the headlines and gains, yesterday another top 8 crypto-currency recorded a 25%+ rise. American Express announced Thursday that it has introduced instant blockchain-based payments using Ripple (XRP). Amex said this would allow its US accounts to send funds to the UK for customers that bank with Santander.

Market Moves/Top 8 Capitalizations – November 17, 2017

If you are interested in trading digital pairs and would like to practice trading either BTC or ETH, you can create a Quick and Free Demo Account Here

--- Written by Nick Cawley, Analyst.

To contact Nick, email him at nicholas.cawley@ig.com

Follow Nick on Twitter @nickcawley1

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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