THELOGICALINDIAN - A bulk of agenda currencies accept aggregate appropriate assets over the aftermost 48 hours and the absolute bazaar assets now stands at about 308 billion Moreover cryptocurrency barter volumes accept kicked up a cleft capturing 66 billion in swaps over the aftermost day Overall speculators anticipate the contempo fasten in crypto prices is due to the cutting bread-and-butter ambiguity common
Also Read: Tax Expert: IRS Letters Confirm That Trading Cryptos Is a Taxable Event
Despite Traditional Market Downturn, Crypto Markets See Steady Gains
Cryptocurrency prices accept jumped arctic already afresh as a ample cardinal of agenda assets accept apparent assets amid 2-15% over the aftermost 24 hours. At the time of publication, the amount of bitcoin amount (BTC) is aerial aloof beneath the $12K mark at $11,757 per coin. BTC is up over 8% in 24 hours and has a bazaar appraisal of about $209 billion. The cryptocurrency is up 23% over the aftermost seven canicule and there’s $23 billion in all-around BTC barter aggregate on August 5. Right abaft BTC is ETH which is aerial about $231 per bread and is up over 4.9% today.
Ripple (XRP) is up a beard over 2% this Monday and is trading for $0.32 per XRP. In fourth position and the better gainer over the aftermost 24 hours is litecoin (LTC) as it jumped 15% afterwards the cryptocurrency’s accolade halving took place. LTC biconcave a bit after but is still up 6% and anniversary LTC is swapping for $99. Lastly, bitcoin banknote (BCH) markets are up over 4.5% on Monday as anniversary BCH is trading for $347. BCH is up added than 12.8% for the anniversary and there’s $1.75 billion in all-around BCH barter aggregate today.
A Flight-to-Safety Asset
There’s been a accomplished lot of belief and assay with bodies aggravating to amount out why agenda assets are pumping already again. Many bodies accept the acceleration is due to investors attractive for a safe anchorage asset as bread-and-butter agitation strikes abhorrence into all-around leaders. Charles Hayter, the architect of agenda bill abstracts website Cryptocompare, believes BTC is actuality acclimated as a “flight-to-safety.” The crypto amount fasten started afterwards all-around banal markets started aerobatics back U.S. President Donald Trump told the media he would appoint a 10% assessment on Chinese imports.
“Bitcoin has abounding use cases and one of the best important is as a anatomy of agenda gold,” Hayter explained on Monday. “We accept apparent bitcoin jump afore on macro ambiguity as it becomes a aqueduct and flight-to-safety asset.” Etoro’s Simon Peters thinks tensions amid the U.S. and China is a believable approach as well. “Given that Chinese investors accomplish up a ample admeasurement of crypto investors, there’s a able achievability some are abetment bitcoin’s affairs adjoin the yuan,” Peters told investors on August 5.
A Looming No-Deal Brexit
It’s actual accessible that the apple could attestant a no-deal Brexit in the abreast future. A while aback back bodies talked about Brexit it meant that the U.K. would leave the European Union (EU) but there were assertive agreements angry to the action. This year, a no-deal Brexit agency the two countries will annulment and there will be no deals or agreements fabricated back the two go abstracted ways. Nicholas Gregory, the CEO of Commerceblock, which builds broadcast banking infrastructure, believes a no-deal Brexit could advance BTC prices accomplished the $20K best high.
“Bitcoin has rediscovered its mojo this year with assorted mini-surges but a no-deal Brexit could see a massive and aberrant breakout. Not alone will a no-deal abandonment from the EU actualize agitation and animation beyond two above authorization currencies, but it will additionally activate an character crisis for the all-around arrangement as the accident and vulnerability of above all-around authorization currencies is laid bare,” Gregory wrote to news.Bitcoin.com on Monday. The Commerceblock architect added:
‘Rally Could Have Real Legs’ Says Galaxy Digital Executive Mike Novogratz
After cryptocurrency markets acicular this weekend and into Monday, Galaxy Agenda CEO Mike Novogratz tweeted that the 2019 BTC assemblage could be real. The animadversion follows Novogratz’s contempo account back he told the accessible that the agenda bill could beat best highs in 2019. He attributed the acceleration in prices on July 25 to the contempo Facebook Libra advertisement and mentioned Telegram’s bread launch. On Monday, however, Novogratz abhorrent the all-around bread-and-butter ambiguity and basic flight. “With the yuan over 7.0, an FX war, alternation in HKG and the ancestry of basic flight, the BTC assemblage could accept absolute legs,” Novogratz tweeted.
Trade and Currency Wars
Financial analyst Naeem Aslam detailed on Monday that he additionally thinks bread-and-butter ambiguity and Donald Trump’s barter wars are allowance bolster the amount of BTC. “There is no agnosticism in apperception that the Bitcoin amount is activity to breach this year’s high,” Aslam wrote. The FX, equities, and crypto analyst said that crypto beasts can acknowledge Trump for the fasten because “it is absolutely apprenticed by geopolitical tensions.”
“Donald Trump alien new tariffs on China aftermost anniversary and I talked about the backfire activity by Beijing. China has unleashed its nuclear weapon on the U.S. This backfire has appear in the anatomy of China introducing the best aflutter agency for the markets, a bill war,” Aslam opined. “The Chinese Yuan beyond the akin of $7 for the aboriginal time and this is alone because China acutely wants to cheapen its currency.” Aslam added wrote:
Bitcoin Cash and Litecoin Markets Spike
BCH has connected to chase the advancement trend as the bill has burst a appropriate aisle of advancement attrition and bazaar analyst John Isige thinks it’s accessible BCH could fasten to $400 per BCH in the abreast future. “Glancing ahead, bitcoin banknote (BCH) is abutting the ascent block arrangement blemish — Trading aloft the arrangement attrition could addition Bitcoin Banknote appear $400,” Isige suggested on Monday. “Moreover, Bitcoin Banknote is acerb accurate initially by the 50 Simple Moving Average (SMA) 1-hour blueprint currently at $333.62.”
Litecoin prices jumped during Monday’s aboriginal morning trading sessions due to the cryptocurrency’s reward halving. Before LTC’s block acme at 1,680,000, miners got a accolade of 25 LTC but now alone get 12.5 LTC per block. The halving accident gave LTC prices a addition and saw the agenda asset acceleration college than best bill on Monday. The Litecoin arrangement cuts its mining rewards in bisected every 840,000 blocks. Since the LTC halving, the agenda asset is aerial about the $90-110 range.
Recent Federal Reserve Rate Cut Adds Fuel to the Crypto and Precious Metal Market Rallies
Overall, there’s no curtailment of agenda bill bazaar speculators and pundits giving their two cents on the accepted crypto rally. A abundant majority of investors and enthusiasts accept cryptocurrencies are ascent because of the world’s bread-and-butter woes. Alongside cryptocurrencies, the amount of gold has accomplished a six-year high and speculators accept the fasten is due to the exact aforementioned reasons.
Additionally, aftermost week, agenda bill markets witnessed the aboriginal Federal Reserve absorption amount cut in ten years. The Fed told the accessible aftermost Wednesday that the coffer would cut ante by a division point. Many economists accept the amount cut is adverse for the U.S. abridgement and alike two bounded Federal Reserve presidents about batten out against the absorption amount cut. The banking columnist from Barron’s, Ben Walsh, afresh explained the Fed’s amount cut could reinforce bitcoin gains.
“The Federal Reserve has added ammunition to the assemblage as it has confused from adopting absorption ante in 2018 to befitting borrowing costs abiding to its accepted able hints that a abridgement is on the way,” the columnist penned aftermost week. “Easier budgetary action could accompany added assets for bitcoin.”
Where do you see the cryptocurrency markets branch from here? Let us apperceive what you anticipate about this accountable in the comments area below.
Disclaimer: Price accessories and markets updates are advised for advisory purposes alone and should not to be advised as trading advice. Neither Bitcoin.com nor the columnist is amenable for any losses or gains, as the ultimate accommodation to conduct a barter is fabricated by the reader. Always bethink that alone those in ascendancy of the clandestine keys are in ascendancy of the “money.” Cryptocurrency and gold prices referenced in this commodity were recorded at 11:45 a.m. EST on Monday, August 5, 2019.
Images via Shutterstock, Trading View, Bitcoin.com Markets, Getty, Goldprice.org, Wiki Commons, and Pixabay.
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