31.5 C
New York

Bitcoin on the Brink of All Time High


Bitcoin is close to reaching all time high after three years of bear and a bull November, with the currency surpassing $19,400.

That’s after rising by another 5% on credible volumes of $7 billion with the currency now looking at that big $20,000.

Bitcoin closes in on all time high, Nov 2020
Bitcoin closes in on all time high, Nov 2020

That looks a bit like a massive giant cup and handle, or a U recovery since the handle is maybe on the daily.

There you can see the bear attempts at both $14,000 correction and $17,000, forming the handle, with it to be seen whether this very bullish formation has indeed formed over this very long time frame.

What is known however is that Janet Louise Yellen is back. Last time she was at Fed, bitcoin went from a low of $200 to a high of $20,000.

She is described as a dove, meaning money for everybody at the Treasury, with Edward Yardeni, President of Yardeni Research, stating “Janet Yellen: The Fairy Godmother of the Bull Market Is Back!” 

Also on the China front the fight is back on with Reuters reporting how bitcoiners are attacking PBoC’s arrogance from the outside.

They mention Singapore and Hong Kong, both suggested as potential gainers in 2017 as well after China closed crypto exchanges.

As it happened, South Korea was the biggest winner, with it likely that will be the case again.

Regardless, it sounds like them loopholes are being dug once more to leak leak bitcoin into China and save them from mass devaluation.

With a president elect that may appoint a bitcoiner as Secretary of Commerce, American bitcoiners are kind of still in disbelief.

While Europeans are told a whitepaper may cost $75,000. However, it’s not the European Commission demanding such fee or license, it’s just how much it might cost with the European Commission instead recommending that entrepreneurs should need no permission if they want to raise capital through a whitepaper, but that whitepaper should contain certain prescribed information.

All sounding fine enough and little contributors to this bitcoin run, with the big one being this is the new gold now because it is acting like gold used to in responding to inflation and geopolitical risk.

Making it a speculative safe haven asset that also happens to be money in addition to acting a bit like a stock but with more volatility because it’s all of these things.

Related articles


Recent articles