A somewhat strange headline graced the pages of both Coindesk and Cointelegraph this morning as both major crypto publications that the sudden rise of Bitcoin towards $10k seemed to coincide with US President Trump’s threat to use the army against rioters in US cities.
The move above the $10k level did indeed occur as U.S. President Donald Trump mobilized local police and the National Guard to disperse masses of protestors on the White House grounds, however from a technical standpoint the most famous cryptocurrency had been poised to break through this level any way.
Commenters on crypto sides now claim that investors are seeking a safe haven and are therefore once again turning to Bitcoin as it protects against inflation and is a safer bet than the volatile stock markets at the moment.
Spike of Bitcoin
The spike of Bitcoin can be handily seen in the graph of Coinmarketcap which also shows a steady rise for the crypto since May 25th, the first day of the US protests.
Joshua Green, chief investment officer at Orthogonal Trading commented: “ETH broke out already, BTC now having its turn. The macro and fundamental scenario is very bullish, and the market has been shorting into $10,000, under-allocated above $10,000.”
Elsewhere in the list largest cryptocoins as per market capitalization, Tezos and Cardano were battling it out for who closes out the top ten.
Main picture credit: Twitter Selfbankt