On Thursday, amid an anticipated post-election volatility, the original cryptocurrency, Bitcoin ballooned as much as 8.2 per cent, hitting its highest level since the January of 2018, while investors’ bet on further monetary stimulus from the Central Banks in a near-term outlook alongside possibilities over US election associated volatility over the coming days had rewarded the cryptocurrencies substantially.
In point of fact, Bitcoin climbed more than 12 per cent over the past three sessions, while Thursday’s market alone contributed to a rise of 8.2 per cent as beforementioned after voting polls had revealed a likely Biden victory.
Notably, a dovish stance from the US Federal Reserve which would unlikely to yield major policy changes in a near-future alongside a Bank of England (BoE) move to initiate a £150 billion bond repurchase programs had also buoyed up the bitcoin prices.
Bitcoin hits highest level since January ’18
Aside from a US election associated volatility, Thursday’s torrential gains in Bitcoin prices came forth weeks after the American multinational online payment processor PayPal Inc.
had announced a widespread adoption of cryptocurrencies, while a trial-run of digital assets in China alongside an ECB (European Central Bank) move towards adopting a digital version of the bloc’s common currency had been holding bitcoin prices in a tight range between $13,000 and $14,000 over the recent past.
Citing statistics, on Thursday’s session, Bitcoin gained as much as 8.2 per cent to $15,100, marking up its highest level in more than two years and a half, while possibilities of further fiscal stimulus had pinned hopes for further upsides of the digital asset.
Meanwhile, addressing to a flurry of chaotic fundamentals across the money markets all over the globe amid a pandemic resurgence, a co-founder and partner at Cryptocurrency investment firm Morgan Creek Digital Assets, Anthony Pompliano said on Thursday, “Bitcoin is the big winner from the current macro environment.
As we saw coming out of the 2008 liquidity crisis, inflation hedge assets do very well when the Fed steps in with QE”. Nonetheless, Bitcoin prices had hit a record high of $20,000 on December 2017, however, had plunged as much as 50 per cent in the following month.