Bitcoin appears to be a big beneficiary of rising geopolitical tensions, as the cryptocurrency rises to fresh all-time highs today.
With global stocks on the decline amid North Korea’s rising threats of missile launches, cryptocurrencies are on the rise, perhaps taking the traditional safehaven spot away from previous metals like gold. Coin Telegraph notes that some experts are now calling for a pause in prices for a bit, before the next leg up commences:
Data from multiple tickers including Cointelegraph’s ticker, Coinmarketcap and BitcoinTicker.co show Bitcoin crossing the $3,500 mark before coming down slightly towards $3,450.
Sentiment yesterday had suggested a downward trend back towards $3,000 could “likely” begin if prices failed to close above $3,500, but these appear to be unfounded.
Now, attention is focusing more on a lingering period around $3,500 before a further uptick, with seasoned trader Peter Brandt nonetheless suggesting prices could separately “explode.”
“Pause may develop around current levels before move to target,” he forecasts.
Bitcoin was trading at $3,576.24 on Friday morning, up 3.80% on the day. The cryptocurrency has now nearly quadrupled in price since the start of the year.
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