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Bitcoin Bounces Back Above $10,000 as Positive News Floods in

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August 2, 2019 | 

Darryn Pollock |  0 Comments| 

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Bitcoin’s Bulls have flexed their muscles as the major cryptocurrency has stormed back over $10,000, currently sitting at $10,500. The past week saw a drop in price followed by parallel movement leaving many wondering which way the market would go next. 

Bitcoin is up $1,200 from its week-low of $9,300 and is showing decent growth which has accumulated since Wednesday. 

The recent market movement seems to have been catalysed by a bout of positive news for the cryptocurrency market, as well as some negative news for fiat currencies - in particular the US dollar. 

Federal cuts

The US economy was dealt a blow this week when it was announced that U.S. Federal Reserve would be cutting interest rates for the first time in more than a decade - the first time since Bitcoin has been in existence. 

This is a big blow to the economics of the US monetary policy as this is usually seen as a preemptive strike to stave off an economic downturn. This also comes off the back of the European Central Bank stating it would be cutting its rates and printing more money for similar reasons.

The sentiment is the global economic market may be about to face a much anticipated downturn which would affect investors and consumers in a harsh manner. For this reason, something like Bitcoin becomes a more attractive option to bypass the global fiscal concerns.

Bitcoin in demand

There appears to be a perfect storm brewing for Bitcoin as its demand is increasing independently of an imminent cut in supply. Factors such as the Federal cuts and a potential global recession will push demand, but Bitcoin’s supply is soon to shrink.

Yesterday a mining milestone was reached which indicated that only 3.15 million coins are left to mine and enter the market, moreso, these coins will take 120 years to be fully mined which is very anti-inflation.

Then, within a year, Bitcoin’s mining rewards will be cut in half, meaning the flow of new coins will be instantly reduced by 50 percent; another factor affecting the supply.

Beginning of something 

This latest rise in the market could well be the beginning of a full-blown bull run due to the aforementioned factors. However, this would not be trading advice as the cryptocurrency market has shown that it does not always follow strict economic trends. 

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