Bitcoin is still in an upward trend

Bitcoin is still in an upward trend

admin 18. November 2020

The price of Bitcoin continues to rise. Today, the cryptcoin market has dawned green. BTC is above USD 16,500.

The main crypt currency on the market, Bitcoin, continues its upward trend. Bitcoin, managed to break through the USD 16,500 barrier. The currency is currently trading at USD 16,800 according to our online crypto tool. It’s currently trading at USD 16,800 according to our online crypto tool, which has registered a 5.53% increase in the last 24 hours.

As Bitcoin continues its upward trend, the major currencies in the ecosystem are also showing gains from yesterday.

Especially noteworthy are cases such as : Ripple (XRP), Binance Coin (BNB), Polkadot (DOT), Bitcoin SV (BSV), EOS, Monero (XMR), TRON (TRX) and NEM (XEM) with gains over 2%. A striking case has been that of Litecoin (LTC) which registered gains of 16%.
Peter Schiff assures us that although the price of BTC has increased, it is still not a good financial refuge

Peter Schiff, again spoke out against BTC. He said that the recent increase seen in its price is not evidence that it is the best asset of value today.

This was highlighted by Schiff in a message posted on his official Twitter account:

The recent rise of Bitcoin relative to #gold in no way proves that #Bitcoin is a superior store of value. Exuberant investors are flocking to risk assets and shunning safe-havens world-wide. As the riskiest asset of them all, Bitcoin is being bought as part of the risk on-trade.
– Peter Schiff (@PeterSchiff) November 16, 2020

„The recent increase of Bitcoin relative to Gold doesn’t prove in any way that Bitcoin is a superior reserve. Larger investors are flocking to risky assets and avoiding those that serve as safe havens around the world. As the riskiest asset of all, Bitcoin is bought as part of the risk market.

It’s not surprising that Schiff is once again speaking out against BTC. In the midst of a moment where the digital currency is recording its best performance in the last two years.

This time, however, he indirectly recognizes the interest shown by many investors. Although he assures that this trend is part of what has been seen in the risk market and not in the safe-haven assets.
Citibank executive says Bitcoin could cost USD 318,000 by December 2021

Several specialized media highlighted today the predictions of a senior executive of the banking giant Citibank. He assured in a report that BTC could reach USD 300,000 by December 2021.

As we well know, Bitcoin’s entire existence has been characterized by large price swings, „exactly the kind of things that maintain a long-term trend,“ said Thomas Fitzpatrick, managing director of Citibank.

In a report, aimed exclusively at the bank’s institutional clients. Where it makes similarities between the gold market of the 1970s and Bitcoin today.

The report was first leaked to the crypto-currency community by Twitter user ClassicMacro in a tweet on Saturday. He noted that Fitzpatrick is „a big fan of moon targets. In other words, it was not a report for the general public and neither is its projection seen as a probability.

Citibank bitcoin technical analysis.

Target: Moon. pic.twitter.com/prB1YjVNhX
– Alex (@classicmacro) November 13, 2020

Fitzpatrick pointed out the weekly Bitcoin graph and used the technical analysis (TA) of previous highs and lows. To determine a projection of the price of the crypt currency of USD 318,000 for December 2021.
Quick notes:

U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton will step down at the end of this year. Announced in a press release on Monday, Clayton led the U.S. regulator for years. And, he went through what the SEC called a „period of historic productivity and unprecedented challenges.
The Binance crypto currency exchange is discontinuing its own BGBP crypto currency, a stable currency linked to the value of the British pound.

Belarus Bank will offer BTC purchases, with Litecoin and Ether soon to follow. Belarus officially legalized cryptographic transactions in 2018. Bitcoin has become a key tool for distributing aid to Belarusians. They lost their jobs during the protests against President Alexander Lukashenko that have rocked the country since mid-August.