The price of Bitcoin suddenly skyrocketed duringt US presidential election. In today’s trade (6/11/2020) the price of Bitcoin reached $ 15,000. This is the highest price since January 2018.
Citing Coindesk.com, Bitcoin was traded at a price of US $ 15,533.89 per coin. The highest price of Bitcoin of all time is $ 19,665.39 which occurred in December 2017.
In the last 24 hours Bitcoin price has strengthened 9.61%. This means that Bitcoin investors and traders can earn $ 1,393.67 overnight.
Bitcoin is more attractive than dollar during US election
Observers say the soaring price of Bitcoin is due to the unprecedented stimulus factor from global governments. Besides it also comes from central banks for the Covid-19 pandemic. It makes Bitcoin more attractive than official currencies like the dollar.
“Part of the reason for the rise in Bitcoin is due to concerns that increased fiscal stimulus will devalue currencies globally,” said Simon Peters, a crypto asset analyst at investment platform eToro.
“As a result, when the central bank announced extensive plans to pump money into the economy, many investors in the crypto community saw this as a Bitcoin buy signal.”
Investors are now waiting for the latest monetary policy announcement from the Federal Reserve.
But the lingering uncertainty over the outcome of the 2020 US presidential election means that it is unlikely that another coronavirus stimulus package will be agreed any time soon.
“With the US elections drawing to a close, the details of the fiscal stimulus could become clearer. Such a package could lead to a weaker US dollar and further increases in bitcoin prices in the future,” said Peters.
Another positive sentiment is PayPal’s decision to permit Bitcoin transactions on its platform. This is thought to allow Bitcoin to be more accepted in the global financial system.
Read now: Thanks PayPal! Bitcoin Investors Got Richer Last night
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