Bitcoin has surged to a record high of $68,999 on numerous exchanges as global fears mount around the inflation of the US Dollar.
It was revealed today that US inflation had hit 6.2%, which was the highest it has been since 1990.
This caused an instantaneous flurry of buy orders across all cryptocurrency markets, as Bitcoin broke above the $67,000 level of resistance with consummate ease.
At the time of writing it is trading at $68,550 as speculators begin to mull over the prospect of Bitcoin hitting a stunning $100,00 valuation before the end of the year.
However, as levels of euphoria and optimism begin to peak, it’s worth noting that Bitcoin is reaching its all-time high in terms of open interest, which is a result of increased amount of leverage entering the market.
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Open interest typically gets flushed when there is an uneven ratio on either side in what is often called a “long squeeze” or “short squeeze”.
From a technical perspective, Bitcoin has several levels of support at $63,000, $59,500 and $56,400, all of which may need to be tested before an eventual move to $100,000 comes to fruition.
In order to reinforce the bullish narrative around Bitcoin, it needs to avoid a weekly close below $63,000 as that would stifle the momentum established this week.
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Bitcoin pricing
Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
About Bitcoin
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
More BTC news and information
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.