Bitcoin price breaks through $6,000, the largest single-day increase since October - Interchain Pulse

Bitcoin price breaks through $6,000, biggest one-day gain since October

A long-lost big positive line...

After hovering around $5,000 for more than a week, Bitcoin has resumed growth. The largest cryptocurrency by market value has risen by more than 20% in the past 24 hours, thus recording its biggest one-day gain since October last year.

Bullish traders are cautiously buying cryptocurrencies as sentiment in traditional markets is also improving. Bitcoin investors have also been closely watching the performance of other markets and have fallen sharply along with other assets during the coronavirus crisis.

However, yesterday we saw a sign that the digital currency has gained some independence and remains strong, while stocks and oil prices tested new lows. Today, Bitcoin has extended its rally, surging more than 20% and is currently trading at $6,247, according to Coinmarketcap data.

Today's rebound in stocks and oil prices may also help improve market sentiment, as U.S. stock indexes rebounded after Trump discussed possible effective drugs that could be used to treat the disease.

Elsewhere, WTI and Brent crude futures rose 21.40% and 12.90% respectively as investors realized that crude oil was severely oversold.

The cryptocurrency community had been worried that yesterday’s market carnage would eventually put pressure on Bitcoin, as it has already happened several times this month. However, at least for now, the cryptocurrency has taken control of the situation and has stabilized above $6,000.

Also earlier today, several media reports discussed several bullish signals, proving that the cryptocurrency is operating independently.

One of the reasons for Bitcoin's sharp drop is that institutional investors rushed to leave the market in search of funds amid the coronavirus panic.

When the market calms down, they will most likely try to regain their investment in cryptocurrencies. However, it is too early to make some predictions. The market is still in a very difficult situation, and most analysts expect the world to fall into a recession.

In fact, Bitcoin is not necessarily driven by “whales” at the moment. Bitcoin is currently bullish because most fiat currencies are collapsing and many investors are turning to the US dollar as a safe haven currency.

GBP/USD fell to its lowest level since 1980, and the Australian dollar and the Japanese yen fell to multi-year lows against the dollar. With a global recession looming, people are looking for the best form of cash to keep their savings assets. In addition to the US dollar, which is currently the main beneficiary, Bitcoin has also benefited from foreign exchange.

The original article comes from bitcoinist and was translated by the BluemountainLabs team. The English copyright belongs to the original author. Please contact the translator for Chinese reprint.