Will the CPI Crash the USD?
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
Bitcoin visited $8,000 for the first time
Bitcoin reached another all-time high this week. This time BTC/USD rose above $8,000 for the first time ever. However, the quotes visited this milestone only briefly. In addition, the record high was registered only at one bitcoin exchange – Bitfinex.
Bitcoin has been extremely volatile recently. Digital asset fell to $5,426 on November 13 and then rose up to $8000. The cryptocurrency declined as demand for bitcoin’s fork called bitcoin cash (BCH) soared over the weekend. Bitcoin Classic took a blow on the news that SegWit2x, bitcoin’s hard fork planned for November 16 and aimed at increasing the transaction speeds, was canceled. By the end of the week, the situation changed: BCH descended, while BTC went up by 45%.
The key issue – the regulation of the cryptocurrency market – remains unresolved. The world’s largest derivatives exchange operator CME Group announced last month its plans to launch bitcoin futures by the end of 2017. The head of CME Terry Duffy said that these futures would take into consideration bitcoin’s volatility.
Data from Coinmarketcap.com show that the overall capitalization of bitcoin market rose to $133.5 billion.
Sheba Jafari, the vice president of the Goldman Sachs FICC market strategies team, expects bitcoin’s value to consolidate around $8,000.
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