US Market: Bitcoin Supersedes $8000 As Its Value Doubles This Year

Bitcoin is actually β€˜in’ this year, and its price has risen to $8000 already. If we look at it on the whole, its prices will double this year.

During late 2017, Bitcoin prices rose to about $20,000. While this is a massive drop from that year to now, Bitcoin prices are now strengthening.

In a recent wave, Bitcoin prices crashed but they seem to be rising right now.

On Tuesday, Bitcoin prices (Informative Ready: Market Update Thursday) rose to $8,000, as the crypto currency extended a rally and doubled since the start of the year.

According to a Managing Director of a UK based firm, eToro, negative news is not having any kind of impact on the Bitcoin yet. This is the reason why Bitcoin prices have increased to $8,000. Before this, it was consistent at $6,000.

One of the main users of Bitcoin is the Chinese. While Bitcoin wont reach new highs of $20,000, we can say it is β€˜catching up’.

In a recent report, National Alliance Securities Andy Brenner said that it is unsure as to whom the direct flows are coming from and who exactly and essentially is buying the Bitcoin. It looks like Chinese investors are going for digital currency to diversify. It is again the Chinese trying to get their hands on Bitcoin and so its prices have risen to $8,000.

According to a popular crypto currency website, CoinDesk, Bitcoin prices topped to about $8,325 before it gave up certain gains. Moreover, Bitcoin prices have risen by over 120%.

The recent increase in Bitcoin prices has coincided with the Chinese Yuan and the dollar. So the Bitcoin now stands at $8,000 but few weeks ago, it was valued at $6,000.

In Other News: OPEC

In other news, OPEC on Tuesday said that it would demand oil and demand for oil would be higher than expected this year. 

Moreover, and on the other hand, OPEC, Russia and other non-member producers are reducing their output by 1.2 million barrels. The producers will be meeting up this year to extend this pact.

US Market News/Watch

On Tuesday, stocks rose; The Dow Jones Industrial Average increased by 250 points where as coco-cola shares were in gain.

Boeing and Apple shares rose by 2%, whereas Apple rose by 0.8%. 

Bank shares also rose. Citi group, JP Morgan Chase and Bank of America also traded at 1% higher and Wells Cargo shares rose by 0.7%.

Moreover, Dow Jones and S&P 500 dropped by 617 points and then 2.4% respectively. Their performances were worst since early January. Moreover, Nasdaq declined by 3.4% and it was its biggest loss since 2019.

Additionally, after the Morgan Stanley upgrade, Coco-Cola shares rose by 2.4% and then settled at equal weight.

Major US indexes on Monday rose after China planned to increase tariffs on about $60 billion and then worth of US imports. 

The list of targeted goods ranges from TV cameras to tequilas whereas Beijing is also imposing new tariffs. Major US indexes rose on Monday and China is also planning to bitcoin prices to raise tariffs on goods further.

Stay tuned for more updates.

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