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Bitcoin breaks $12,000 Mark as Global Political Tensions Rise

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August 6, 2019 | 

Darryn Pollock |  0 Comments| 

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Bitcoin, the biggest coin by market cap, has been steadily growing in value as well as dominance over the last 10 days. The coin is now worth $12,200 and its dominance is approaching 70 percent - a figure not seen since April 2017.

The last 10 days have seen steady growth for Bitcoin; its price rising from $9,400 to these new levels. Many feel the catalyst for this move is political tensions that are growing globally, especially between the US and China.

Moreover, Bitcoin has been in the spotlight for its own inner workings as many investors have come to realise its scarcity is also on the rise. An impending mining halvening, as well as a mining milestone have made people once again recount the value of the coin.

On the rise

Bitcoin progression towards this new price mark has been steady and positive. After breaking $13,000 twice in recent months, the price of the coin slipped steadily below $10,000 and remained under pressure there. 

However, first, perhaps because of a remermegance of its scarcity, the coin again broke $10,000 and has been pushing higher ever since. This is also mirrored in its dominance over the rest of the market as it now since at over 68 percent, climbing four percent in the last 10 days alone. 

Global tensions

As has been seen before with Bitcoin, in terms of economic uncertainty, it is a popular alternative investment vehicle. In Venezuela and Zimbabwe it is constantly being snapped up because of devaluing currency, and now, with China and the US in a trade war, this could be happening on a larger scale. 

China and the US are causing financial uncertainty around the globe with their tensions, however, their own currencies are also under threat. The US Federal Reserve recently announced it would be cutting interest rates for the first time in 11 years. And China has also started implementing monetary policies to stop the devaluation of its currency.

Moreover, even the European Central Bank is looking to cut rates and print more money; these are all factors which make Bitcoin far more appealing to investors.

Big predictions

Analysts are already starting to make big predictions based around the current situation within the cryptocurrency space, and outside of it. Many still feel that towards the end of the year, and closer to the Bitcoin mining halvening, the price will skyrocket to beyond $20,000.

However, in the short run, some are simply calling for Bitcoin to beat its year to date high with Naeem Aslam saying this is imminent - now only $2,000 away. Even though its scarcity is well mapped out, it is milestones, such as 85 percent being mined - that have pushed investors to double take on the value of owning Bitcoin as it heads towards being less inflated over time. 

Bitcoin is likely to continue rising in price as internal and external factors continue to favour its market. There has been huge leaps in its legitimacy and adoption, and now it is being viewed as a true alternative for investors. 

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