Cryptocurrency

Bitcoin heads for 2nd straight weekly gain, holds near $12,000 mark

2019-08-09 11:27:27 GMT (Economies.com)

Bitcoin fell in spot trading today, after two days of gaining, gathering momentum to help breach the $12,000 barrier, while heading for its second weekly gain in a row, on safe-haven purchases, after the escalation of the US-China trade war.

 

As of 06:55 GMT, in the Bitstamp exchange, Bitcoin is trading around $11,850, falling by $135 or 1.1%, from the opening of $11,985, with a high of $12,040 and a low of $11,778.

 

Yesterday, Bitcoin gained about 0.2%, its second daily gain in a row, while over the course of this week, Bitcoin rose by 8%, heading for the second weekly gain, on increased investment demand levels.

 

Bitcoin's dominance over the crypto market trading jumped to 70% hitting its highest since April 2017, amid expectation to rise to 80%, on increased safe-haven demand.

 

This rate was at 51% at the start of the year, and the bullish market run dominated its trading since then, amid increasing interest from institutional investors.

 

During the last 3 months, the ratio between Bitcoin (digital gold) to actual gold rose from 0.466% last year to 0.837%, on increased safe-haven demand as the US-China trade war continues to escalate.

 

Bitcoin on Tuesday hit a four-week high of $12,325, after the US accused China of currency manipulation for the first time since 1994

 

While in the largest retaliatory response from China to the US, China allowed the yuan on Monday to fall below the $7 mark, which is happening for the first time since the 2008 global financial crisis.

 

Mike Novogratz, founder and CEO of Galaxy Digital, said that the volatility in the global economy and the geopolitical tensions have led Bitcoin to holding the current high levels.

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