RATE Group | Bitcoin is Still in Gloomy Bearish Territory Even After a 43% Upsurge, Here’s Why
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Bitcoin is Still in Gloomy Bearish Territory Even After a 43% Upsurge, Here’s Why

20 Jan Bitcoin is Still in Gloomy Bearish Territory Even After a 43% Upsurge, Here’s Why

Posted at 16:12h in Bitcoin News by

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Bitcoin is enjoying fresh gains at the start of 2020 as investors continue to speculate on its potential adoption against a series of geopolitical and macroeconomic letdowns.

The benchmark cryptocurrency on Sunday surged beyond $9,000 for the first time in three months, up by 28.32 percent since the start of the year. The gains came as a part of a wider upside momentum that started lat last year. In total, the price rebounded by 43 percent after establishing $6,430 as its local bottom in December 2018.

bitcoin, cryptocurrency

A strong uptrend leads bitcoin above $9K | Source: TradingView.com, Coinbase

Investors pointed to renewed demand amidst the US-Iran tensions that sent a majority of haven assets in the upward direction.

The narrative later included the launch of yet another mainstream bitcoin derivative product. The Chicago Mercantile Exchange (CME) last week introduced options tied to their existing bitcoin futures. That allowed speculators to predict more institutional involvement in the cryptocurrency…

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