Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Bitcoin Takes a Run at $9,000 – Rejected at $8,950

April 29, 2020 at 19:15 by Matt Jackson

Bitcoin continued its strong recovery from the Coronavirus crash that marred its March results. The world’s largest cryptocurrency took a strong run at $9,000 this afternoon but was rejected at $8,950. It is now trading at $8,650 having fallen back, but it still looks likely that the crypto will post a seventh successive profitable week and securing a profitable April for the fifth year running. It only has to hold above the $6,428 mark to maintain a monthly profit. Having started the year at $7,200, Bitcoin has posted a 20% gain since the turn of the year and looks strong enough to take another run at $9,000 in the coming days. Today’s gains lend some credence to recent claims from bullish Bitcoin investors that the currency will eventually reach and surpass the $1 million value. With the Bitcoin halving event just around the corner, in 13 days, many believe that it has the potential to add considerably more value in the coming weeks.

CEO of Global Macro Investor, Raoul Paul, has said that he expects traditional currencies to die a death following a long-bleed and has said that gold will continue to perform well against global currencies. He also said that Bitcoin will take the place of fiat currency and that he expects the price of gold to go up 3x or 5x in the next three to five years, but that he expects Bitcoin to outperform this increase with BTC reaching a value of $100,000 in the same period, but also said that it has the potential to reach $1 million. He also went on to explain how he intends to divide his disposable wealth up — 25% USD, 25% investment, 25% gold, and 25% Bitcoin.

One of cryptocurrency’s major hurdles to widespread adoption is trust and confidence. According to a recent survey by European exchange, bitFlyer Europe, two-thirds of Europeans now think that cryptocurrency will still exist in the year 2030. This is 3% higher than when the poll was taken a year previously. The survey also shows that Italians have the greatest confidence in the asset class, while Brits have the lowest confidence. Only 9% of respondents, however, believe that Bitcoin will have been integrated into normal economic society by this time.

While cryptocurrencies might be struggling to gain government approval around the world, the same isn’t true of blockchain, the underlying technology that underpins crypto. Eleven members of the US Congress have urged the US Treasury to look into modern technologies including blockchain as a means of streamlining the process of distributing cash and supplies to those in need during events like the Coronavirus pandemic.

At 20:10 GMT, Bitcoin (BTC) prices were up 11.43% and the world’s largest cryptocurrency is trading at $8,669.23 while Ethereum (ETH) has also posted strong gains, adding 9.68% to its price. The second-largest cryptocurrency costs $216.73 having broken $200 with some fervor. Ripple (XRP) is up an impressive, albeit more modest, 6.51% and costs $0.226 having overcome a resistance hurdle of its own at $20. Bitcoin Cash (BCH) and Bitcoin SV (BSV) have both added to their prices, increasing by 5.97% and 6.75% to trade at $256.50 and $208.33 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

Leave a Reply