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Bitcoin hits $55K amid crypto resurgence

Fawad Razaqzada Fawad Razaqzada 06/10/2021
Bitcoin hits $55K amid crypto resurgence Bitcoin hits $55K amid crypto resurgence
Bitcoin hits $55K amid crypto resurgence Fawad Razaqzada
Bitcoin and other cryptocurrencies rallied again today, while stocks and other more traditional assets continue to struggle amid growing concerns over inflation and the potential stagflation. The digital currency has surged to $55K, a day after finally taking out the $50K hurdle on a closing basis. Will it now go on to make a new record high?
 
That’s the million dollar question. But Bitcoin’s rally has been very impressive in the face of China’s ongoing crackdown and stronger dollar, as well as growing macro concerns over inflation and the potential for weaker growth and so on.

With Bitcoin holding reclaiming $50K and able to rise in the face of the above macro factors, I wouldn’t bet against it climbing to a new record high now – but it will face some potential resistance from this shaded area, where the previous drop had taken place:

BitcoinSource: ThinkMarkets and TradingView.com
 
Bitcoin is possibly being seen a tool to hedge against inflation, a safe-haven asset, which, unlike gold, will be independent of central bank control.
Investors are hopeful that more countries will adopt cryptos over time, and that China might eventually have second thoughts about digital currencies when it has become more established.
 
It looks like some are betting that Brazil might be the next country after El Salvador to embrace bitcoin as legal tender. If so, it would be a monumental moment in terms of adoption of the digital currency given that Brazil is the 12th largest economy in the world, with a huge population of over 200 million people.
 
A cryptocurrency regulation bill is expected to be presented to the Plenary of the Chamber of Deputies this week. If successful, it would mean Brazilians will be able to use Bitcoin for their everyday purchases of goods and services.
 
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Fawad Razaqzada
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Fawad Razaqzada
Market Analyst, London

Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms. He leverages years of market knowledge to provide retail and professional traders worldwide with succinct fundamental & technical analysis. Fawad also offers trading education to help shorten the learning curves of developing traders.
 
His colleagues consider him an expert at reading price action on the charts. This together with his deep understanding of economics and fundamental analysis, and trading experience, puts him in a great position to forecast short term price movements. Fawad covers a wide range of markets, including FX, commodities, stock indices and cryptocurrencies and his comments are regularly quoted by the leading financial publications such as Reuters and Market Watch. In addition to ThinkMarkets, Fawad also provides analysis and premium trade signals on his own website at TradingCandles.com.
 
 

Carl Capolingua
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Carl Capolingua
Market Analyst, Melbourne

Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions. Specialising in Australian and US stock markets in particular, Carl uses a top-down approach to assess the global macro picture before using both technical and fundamental techniques to select stocks. He regularly appears as an expert commentator on a number of media outlets throughout the Asia-Pacific region.
 
 
 

Kearabilwe
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Kearabilwe Nonyana
Market Analyst, South Africa

Kearabilwe is an experienced Sales trader and Analyst specialising in Equity and Equity derivatives. His career in the financial markets has seen him hold various positions in global investment banks and global CFD and Spread betting firms. He has deep interest in using quantitative methods to help him understand and teach the fundamental drivers of asset prices.
 
 
 

Fawad Razaqzada
Fawad Razaqzada
Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms.
Carl Capolingua
Carl Capolingua
Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions.
Kearabilwe
Kearabilwe Nonyana
Kearabilwe is an experienced Sales trader and Analyst specialising in Equity and Equity derivatives.

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