Bitcoin $10k Winning Streak More Resilient Than Ever

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On Friday morning, all hell broke loose in financial newsrooms. As soon as investors became aware that US President Donald Trump (as well as First Lady Melania Trump) had gotten infected with COVID-19, stock market futures started to dip. Headlines had to be rewritten and investors wondered whether this would be the beginning of a major selloff. By noon in Europe, it became clear that this was not the case.

Even US stock markets themselves never looked in full panic mode. The video message from POTUS proved a strong enough antidote to calm markets. Of course that doesn’t mean that we’re out of the woods just yet.

Resilient Bitcoin

Over in the crypto scene, the news of a major hack (KuCoin), a lawsuit against BitMEX and even the Covid-19 infection of the US First Couple all left Bitcoin undeterred in the past week.

In fact, the best known cryptocurrency is back to its boring trading range in which it has been stuck for almost two months now, between $10k and $12k, refusing to break one way or the other. Even the onslaught of a second wave of Covid-19 infections in Europe in the past week has not been able to slow down Bitcoin.

Longest #Bitcoin streak ending the day above $10,000 still going strong despite this last week.

Today will be day 69…

— Danny Scott (@CoinCornerDanny) October 4, 2020

Currently, Bitcoin is above the $10,000 for 70 consecutive days.

Analysts interpret this as a rather bullish sign though, with Zachary Friedman, chief operating officer of brokerage Global Digital Assets stating:

If we look back, we have seen a hack of Kucoin, a major BitMEX lawsuit and even trouble in the traditional markets through the announcement that [U.S. Pres. Donald] Trump contracted COVID-19.

Historically, these three collective events would have sent markets reeling. This shows that the market is increasingly filled with more bullish investors [who] believe in the fundamentals.

A new working week will show whether or not Zachary is right.