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Bitcoin Price Closes Above $13K for First Time Since January 2018, Driven by a Flurry of Good News
Bitcoin had previously failed to close above $13,000 every day since Jan. 15, 2018.
By Zack Voell
Updated Mar 6, 2023, 2:49 p.m. Published Oct 25, 2020, 12:55 a.m.
Bitcoin closed above $13,000 Saturday for the first time in over two and a half years following a week of positive news for the leading cryptocurrency.
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- Bitcoin had last closed above $13,000 on Jan. 15, 2018, six weeks after bitcoin closed above $13,000 for the first time on its way to an all-time high of $19,892, according to Coinbase market data.
- Through late June and early July in 2019, bitcoin briefly traded above $13,000, revisiting that price level on Wednesday through Friday, but still failing to close above it.
- This week, news that PayPal is allowing its customers to buy and sell certain cryptocurrencies, along with recent investments in bitcoin by Square and MicroStrategy, has given the leading cryptocurrency a strong tailwind. Just yesterday, JPMorgan analysts wrote that bitcoin has "considerable upside potential."
- Bloomberg Intelligence set $13,000 as a breakout price target for bitcoin in a July report that called the leading cryptocurrency a “caged bull”.
- Year to date, bitcoin has gained 82%.
- Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, who authored the report, told CoinDesk in an email he was impressed by how bitcoin broke above $10,000 in late July and turned that level into support when it was revisited from the upside in early September.
- As for the future, bitcoin’s “fundamental and technical indicators remain positive,” McGlone said.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Ce qu'il:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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