Posted 2 years ago | by Ben Armstrong
Bitcoin Price Climbing
News early this morning of a Binance hack had the crypto community nervous. Usually a Binance hack means that the price of Bitcoin will go down. It has done what Bitcoin usually likes to do, which is the opposite of what people think. Bitcoin just passed $12,003.
Whether or not the hack actually occurred is beside the point. The fact that the market is so strong it is not phased by rumors of a hack of the largest crypto exchange tells you everything you need to know.
Many believe, including Max Keiser, that Bitcoin could hit $15k this week.
I’m sensing #Bitcoin will cross $15,000 this week. Confidence in central governments, central banks, and centralized, fiat money is at a multi-decade low.
— Max Keiser, tweet poet. (@maxkeiser) August 3, 2019
As Bitcoin crosses $12k this morning, there is no reason to believe that a $15k Bitcoin this week is not a possibility. If we continue seeing fiat money losing value then the price per BTC will certainly continue to climb as many are looking at Bitcoin now as a hedging opportunity.
Fiat money is not the only asset losing to Bitcoin at the moment as both stocks have been plunging and Gold correlation to Bitcoin has dropped almost 50% in the past 3 months. The more volatile the governments of the world become, the more we will see people moving over to this new digital asset class.
After rumor of the Binance KYC hack started circulating there was a sense that the price would drop. Usually a rumor like this gets the bears' hearts pumping as it is a great time to place shorts in hopes the price drops. However, this morning $63.4M in shorts were liquidated as seen in this chart:
At this point, it's hard to see Bitcoin not heading back toward All Time Highs sooner than many people think.
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