{"id":10799,"date":"2020-05-02T05:57:13","date_gmt":"2020-05-02T05:57:13","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=10799"},"modified":"2020-05-02T06:00:38","modified_gmt":"2020-05-02T06:00:38","slug":"news-commentary-1051-bitcoin-tops-9000","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=10799","title":{"rendered":"News Commentary #1,051 – Bitcoin Tops $9,000"},"content":{"rendered":"\n

But Still Reason for Caution\u2026<\/strong><\/p>\n\n\n\n

A new article in Bloomberg<\/em> by Vildano Hajric describes the wonderful gains that Bitcoin has experienced in the last few days.\u00a0 First, it jumped to $8,000 and, then, it has surged past $9,000 (at the moment we see a price correction, as it always goes after such moves).\u00a0 Bitcoin enthusiasts are hoping that this bull market will continue and will go \u201cabsolutely crazy\u201d when halving takes place in less than two weeks from now.\u00a0 However, all of this is guesswork based on how Bitcoin has behaved in the past.\u00a0 There is a different environment in place now, largely due to the present worldwide pandemic that is having a profound influence on national economies.\u00a0 The article discusses some of these factors and offers opinions from a number of authorities.\u00a0 If you have an interest in Bitcoin, it is worth reading.\u00a0 I have repeated the article below\u2026<\/p>\n\n\n\n

Bitcoin Tops $9,000 for First Time Since March Amid Halving Hype<\/strong><\/p>

Excitement over Bitcoin\u2019s upcoming halving and an overall risk-on environment are pushing up cryptocurrencies, with the largest token reaching its highest level since before the coronavirus-induced crash.<\/p>

Bitcoin gained as much as 1.9% to $9,099 Thursday as of 11:30 a.m. in Hong Kong after jumping 15% on Wednesday, according to composite prices on Bloomberg. Other cryptocurrencies also advanced, with Bitcoin Cash and Litecoin both up a third day.<\/p>

Cryptocurrencies have moved in tandem with riskier assets — stocks are up more than 30% — over the past month but many crypto fans are also pointing to Bitcoin\u2019s so-called halving, which reduces the number of rewards miners receive. Ahead of the token\u2019s last two halvings (it\u2019s sometimes referred to as a halvening), it surged, with some enthusiasts positing the same could happen this time around.<\/p>

\u201cThe Bitcoin halving in under two weeks may explain some of the bullish activity by speculators,\u201d Craig Erlam, senior market analyst at Oanda, wrote in a note. \u201cBut you have to think that an event that has been in the diary for so long will already be priced in. This could see some of these moves faded as we hit halving day.\u201d<\/p>

Read more: Get Set for Bitcoin \u2018Halving\u2019! Here\u2019s What That Means: QuickTake<\/p>

However, with Wednesday\u2019s jump above $8,000, the largest cryptocurrency entered overbought territory based on the GTI Global Strength Indicator. Assets are considered overbought if the reading exceeds 70 and could indicate that it may be difficult for the token to notch additional gains in the short-run.<\/p>

\u201cWe are viewing the incredibly volatile trading range since 2018 as a longer-term basing\/consolidation profile that has bottomed near its long-term uptrend (200-week moving average) and will likely resolve the bigger multiyear pattern to the upside over the coming two to four quarters,\u201d said Rob Sluymer, managing director of technical strategy at Fundstrat Global Advisors LLC.<\/p>

Here\u2019s what other market watchers are saying:<\/p>

Nemo Qin, senior analyst at eToro:<\/p>

\u201cIt seems the Bitcoin halving is starting to have an impact on price. I expect Bitcoin will test the $9,000-$10,000 range again prior to the halving.\u201d<\/p>

Christel Quek, chief commercial officer and co-founder at Bolt Global:<\/p>

\u201cThis is an unprecedented time as liquidity remains a priority for investors fleeing equity markets. Therefore, while Bitcoin should rise into $10,000s after the halving, it could be followed with a price drop as investors engage in profit taking,\u201d said Quek. \u201cNo level of technical support can stand when the economy is drained.\u201d<\/p>

Charles Hayter, co-founder and CEO at CryptoCompare:<\/p>

\u201cThe crypto market in 2020 is very different from previous halvings, and the impact of miners selling their Bitcoins differs substantially this time around. This will likely dampen the post-halving impacts from miner selling,\u201d he said. \u201cThe impact of Covid-19 so close to the halving and Bitcoin\u2019s correlation to equity markets means we may not see significant surges in price due to the halving.\u201d<\/p>

Zac Prince, co-founder and chief executive officer of BlockFi:<\/p>

\u201cMay\u2019s halving is a perfectly timed opportunity for Bitcoin. Current market dynamics are driving a bolstered interest on digital currency for the long run that go beyond a rudimentary understanding of the rules of supply and demand. Historically, past halving events have always resulted in an eventual upswing of BTC. We\u2019ve been rightfully bullish in the past, and we\u2019re bullish now.\u201d<\/p>

Rich Rosenblum, co-head of trading at GSR:<\/p>

\u201cThis latest run past $8,000 is as much about positive macro sentiment as it is about the upcoming halving. We\u2019re starting to have a lot more certainty, as more countries begin to share their plans to reopen the economy in May. This clearer path forward helps explain why stocks and Bitcoin stabilized over the last seven days, along with today\u2019s burst.\u201d<\/p>

Meltem Demirors, chief strategy officer of CoinShares:<\/p>

\u201cWe are seeing some enthusiasm around bitcoin as it breaks $8k, but we are still watching closely and believe the sentiment is not yet bullish,\u201d said Demirors. \u201cI expect Bitcoin will see more trading activity around the halving — most likely \u2018buy the rumor, sell the news\u2019 and we\u2019re seeing a lot of interest right now — our portfolio companies are reporting high volumes of inbound from firms looking to access Bitcoin markets, but the volume is largely in derivatives.\u201d<\/p><\/blockquote>\n\n\n

*********************************<\/p>\n

If one of the paying programs on our Monitor appeals to you, please support EmilyNews<\/em> by registering for it on our website. Thanks very very much!<\/p>\n

EN Main<\/strong> web Chat<\/strong> for Hyip \/ Crypto discussions – HyipChatEN<\/a><\/strong><\/p>\n

Telegram Chat for your Crypto and Hyip reports: @HyipChatEN<\/a><\/strong><\/p>\n

*********************************<\/p>\n

Be the first to get most important HYIP news everyday!
Simply Follow EN Facebook<\/strong><\/a>, EN Telegram<\/strong><\/a>, EN Twitter<\/strong><\/a>
or Subscribe to EN Feedburner<\/a><\/strong> and submit your email address!<\/p>\n

If you like this article and want to support EN – please share it by using at least few of social media buttons below. Thanks and See you tomorrow!<\/p>","protected":false},"excerpt":{"rendered":"

But Still Reason for Caution\u2026 A new article in Bloomberg by Vildano Hajric describes the wonderful gains that Bitcoin has experienced in the last few days.\u00a0 First, it jumped to $8,000 and, then, it has … News Commentary #1,051 – Bitcoin Tops $9,000<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":9422,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[139,3545,1874,3544,287,3546,3547,4145,4144,4143,3611],"class_list":["post-10799","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin","tag-bitcoin-info","tag-bitcoin-insights","tag-bitcoin-news","tag-bitcoin-split","tag-bitcoin-update","tag-bitcoin-updates","tag-bloomberg-bitcoin","tag-bloomberg-crypto-news","tag-btc-pump","tag-crypto-news","exalt-entry"],"yoast_head":"\nNews Commentary #1,051 - Bitcoin Tops $9,000 - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=10799\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #1,051 - Bitcoin Tops $9,000 - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"But Still Reason for Caution\u2026 A new article in Bloomberg by Vildano Hajric describes the wonderful gains that Bitcoin has experienced in the last few days.\u00a0 First, it jumped to $8,000 and, then, it has … News Commentary #1,051 – Bitcoin Tops $9,000Read more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/emilynews.com\/blog\/?p=10799\" \/>\n<meta property=\"og:site_name\" content=\"EmilyNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-02T05:57:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-02T06:00:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"200\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Emilynews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emilynews\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10799\",\"url\":\"https:\/\/emilynews.com\/blog\/?p=10799\",\"name\":\"News Commentary #1,051 - Bitcoin Tops $9,000 - EmilyNews\",\"isPartOf\":{\"@id\":\"https:\/\/emilynews.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10799#primaryimage\"},\"image\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10799#primaryimage\"},\"thumbnailUrl\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg\",\"datePublished\":\"2020-05-02T05:57:13+00:00\",\"dateModified\":\"2020-05-02T06:00:38+00:00\",\"author\":{\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33\"},\"breadcrumb\":{\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10799#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/emilynews.com\/blog\/?p=10799\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10799#primaryimage\",\"url\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg\",\"contentUrl\":\"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg\",\"width\":200,\"height\":200},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/emilynews.com\/blog\/?p=10799#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/emilynews.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News Commentary #1,051 – Bitcoin Tops $9,000\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/emilynews.com\/blog\/#website\",\"url\":\"https:\/\/emilynews.com\/blog\/\",\"name\":\"EmilyNews\",\"description\":\"EmilyNews Blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/emilynews.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33\",\"name\":\"Emilynews\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/emilynews.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g\",\"caption\":\"Emilynews\"},\"url\":\"https:\/\/emilynews.com\/blog\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"News Commentary #1,051 - Bitcoin Tops $9,000 - EmilyNews","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/emilynews.com\/blog\/?p=10799","og_locale":"en_US","og_type":"article","og_title":"News Commentary #1,051 - Bitcoin Tops $9,000 - EmilyNews","og_description":"But Still Reason for Caution\u2026 A new article in Bloomberg by Vildano Hajric describes the wonderful gains that Bitcoin has experienced in the last few days.\u00a0 First, it jumped to $8,000 and, then, it has … News Commentary #1,051 – Bitcoin Tops $9,000Read more","og_url":"https:\/\/emilynews.com\/blog\/?p=10799","og_site_name":"EmilyNews","article_published_time":"2020-05-02T05:57:13+00:00","article_modified_time":"2020-05-02T06:00:38+00:00","og_image":[{"width":200,"height":200,"url":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg","type":"image\/jpeg"}],"author":"Emilynews","twitter_card":"summary_large_image","twitter_image":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg","twitter_misc":{"Written by":"Emilynews","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/emilynews.com\/blog\/?p=10799","url":"https:\/\/emilynews.com\/blog\/?p=10799","name":"News Commentary #1,051 - Bitcoin Tops $9,000 - EmilyNews","isPartOf":{"@id":"https:\/\/emilynews.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/emilynews.com\/blog\/?p=10799#primaryimage"},"image":{"@id":"https:\/\/emilynews.com\/blog\/?p=10799#primaryimage"},"thumbnailUrl":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg","datePublished":"2020-05-02T05:57:13+00:00","dateModified":"2020-05-02T06:00:38+00:00","author":{"@id":"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33"},"breadcrumb":{"@id":"https:\/\/emilynews.com\/blog\/?p=10799#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/emilynews.com\/blog\/?p=10799"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/emilynews.com\/blog\/?p=10799#primaryimage","url":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg","contentUrl":"https:\/\/emilynews.com\/blog\/wp-content\/uploads\/2019\/12\/btc.jpg","width":200,"height":200},{"@type":"BreadcrumbList","@id":"https:\/\/emilynews.com\/blog\/?p=10799#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/emilynews.com\/blog"},{"@type":"ListItem","position":2,"name":"News Commentary #1,051 – Bitcoin Tops $9,000"}]},{"@type":"WebSite","@id":"https:\/\/emilynews.com\/blog\/#website","url":"https:\/\/emilynews.com\/blog\/","name":"EmilyNews","description":"EmilyNews Blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/emilynews.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/emilynews.com\/blog\/#\/schema\/person\/d198218498e05856be72796eea940a33","name":"Emilynews","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/emilynews.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/080b41979dac9ab029c0867a1655bdaf?s=96&d=mm&r=g","caption":"Emilynews"},"url":"https:\/\/emilynews.com\/blog\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/10799","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10799"}],"version-history":[{"count":0,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/10799\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=\/wp\/v2\/media\/9422"}],"wp:attachment":[{"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10799"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10799"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emilynews.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10799"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}