(25 JUNE 2019)DAILY MARKET BRIEF 2:Bitcoin passes the $10,000 mark

(25 JUNE 2019)DAILY MARKET BRIEF 2:Bitcoin passes the $10,000 mark

25 June 2019, 14:18
Jiming Huang

Bitcoin’s price rose to a 15-month high during the European morning as it climbed towards the next key resistance that lies at $11,784 (high from February 21st 2018). Bitcoin showed impressive gains since the beginning of year, jumping from around $3,300 to more than $11,000. A performance of more than 230% in less than 6 months. Not bad for an asset that was doomed to die. Nevertheless, this amazing performance remains difficult to explain using a traditional approach based fundamentals. One can mention the geopolitical uncertainty, which has been mostly generated by Donald Trump, or the fact that central banks are slowly moving towards quantitative easing again. Indeed, the spread of dovishness among central bankers could be interpreted as a warning sign that a recession may be around the corner. The last explanation could be the announcement that Facebook is joining the crypto game with its cryptocurrency Libra. We doubt it is the main driver behind Bitcoin’s surge as it would mostly become a competitor. However, the Libra announcement definitely sends a clear signal that cryptocurrencies – or at least DLT – are here to stay.

As Bitcoin passed the $10,000 threshold, investors started calling for a bubble again and made apocalyptic predictions about crypto prices. Nevertheless, we believe that there is still room for further appreciation as the overall sentiment towards crypto is improving and more and more business are accepting Bitcoin as a mean of payment. Nevertheless, the rise was quite aggressive and a pause would be more than healthy in the short-term.

By Arnaud Masset

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