Bitcoin has been trading in an uptrend, registering new all-time highs daily. On Thursday, Bitcoin continued to gain strength, reaching $98,960 for the first time in history and flirting with the $100,000 milestone. If the BTC price declines, support can be found at $88,800, while resistance may be encountered at the psychological level of $95,000.
Ethereum's price also surged on Thursday, jumping from $3,070 to $3,370. If it declines, it may encounter support near $3,000, while if it increases, resistance may be encountered near $3,280.
Bitcoin has been riding the Trump trade in the past couple of weeks, surging to all-time highs. Crypto markets gained strength after Donald Trump’s victory in the US Presidential elections. Trump’s proposed tariffs and tax policies will support economic growth, boosting high-risk assets, such as cryptocurrencies. Republicans secured full control of the US Government last week, which will allow Trump’s administration to pass laws more easily. The Republicans have completed the government trifecta, by winning the US Presidency, the majority in the US Senate, and gaining control over the House of Representatives.
In addition, Trump has openly declared his support of crypto markets, announcing that he will make the US ‘the crypto capital of the planet’. Growing expectations that the new government will adopt a pro-crypto regulatory and fiscal policy have been boosting crypto markets, especially since Donald Trump announced plans to accumulate a national Bitcoin stockpile.
Geopolitical concerns are promoting a risk aversion sentiment, lowering the appeal of high-risk assets such as cryptocurrencies. Risk sentiment dropped this week, as tensions between Russia and Ukraine flared over the weekend. Russia launched a large airstrike against Ukraine’s energy infrastructure over the weekend. In addition, US President Joe Biden green-lighted Ukraine’s use of US-bought missiles against Russia. Russia has deployed North Korean troops into Ukraine, which fuelled Biden’s decision to permit Ukraine to use the missiles. These long-range missiles can reach deep into Russian territory and Biden’s decision can cause the crisis in Ukraine to escalate further. Ukraine has already launched the first missiles into Russia, according to reports by Bloomberg.
Reports that Russian President Vladimir Putin updated Russia's nuclear doctrine put pressure on risk assets this week. Dmitry Peskov, Press Secretary of the President of the Russian Federation, said on Tuesday that Russia might use nuclear weapons if it was subject to a conventional missile assault supported by a nuclear power. The Russian Government’s message came as a response to Biden’s approval of the use of US missiles by Ukraine against Russia. Peskov also threatened that Biden’s approval of the use of missiles by Ukraine could lead to a third world war. On Wednesday, however, Russian President Vladimir Putin stated that he would be open to negotiations for a ceasefire deal with Ukraine, brokered by US President-elect Donald Trump, according to a report by Reuters. Tensions between Russia and Ukraine continued to rise, boosting gold prices, as Russia launched a ballistic missile against Ukraine, according to a report by Bloomberg.
The conflict between Israel and Hamas is also putting pressure on risk assets. The conflict in the Middle East, however, has been raging for over a year and markets are starting to ignore this risk.
Cryptocurrency prices are also affected by central banks’ interest rates. High interest rates are restricting economic growth, putting pressure on risk assets, while the promise of rate cuts boosts crypto markets.
Rate cut expectations have been fluctuating in the past couple of weeks due to ambiguous Fedspeak. FOMC members seem to be divided on the rate cut outlook, with some policymakers delivering hawkish speeches, while others are adopting a more dovish stance. Market odds of future rate cuts are reflecting this divergence in policymakers’ opinions, with odds of a December rate cut hovering just above 55%.
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Written by:
Myrsini Giannouli
चलनिधि प्रदाता के रूप में उद्योग उपस्थिति
और विश्वसनीय निष्पादन
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ग्राहक सहायता
पंजीकरण
प्रपत्र भरें और
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एक बार जब आप ग्राहक सुरक्षित क्षेत्र में होते हैं, तो कृपया अपनी पहचान का प्रमाण और निवास का प्रमाण अपलोड करने के साथ आगे बढ़ें।
जब आपका लाइव खाता अनुमोदित हो जाता है, तब आप धन जमा कर सकते हैं और अपने चुने हुए प्लेटफॉर्म पर लेन-देन शुरू कर सकते हैं!
अब आप जो वेबसाइट देख रहे हैं, वह टॉपएफएक्स ग्लोबल लिमिटेड द्वारा संचालित है, एक इकाई जो सेशेल्स के वित्तीय सेवा प्राधिकरण (एफएसए) द्वारा प्रतिभूति डीलर लाइसेंस संख्या एसडी037 के साथ विनियमित है जो यूरोपीय संघ में स्थापित नहीं है या यूरोपीय संघ के राष्ट्रीय सक्षम द्वारा विनियमित है। प्राधिकरण।
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