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Forex Today: Bitcoin Explodes to Almost $90,000

By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

The world’s largest cryptocurrency Bitcoin gained more than 10% in value yesterday, powering higher to a fresh record price just below $90,000.

  1. The ‘Trump Trade’ driven cryptocurrency boom was felt powerfully in the crypto market yesterday, with Bitcoin shooting up my more than 10% in only a single day yesterday. Trump and Republican administrations in Congress are seen as more sympathetic to the advancement of crypto and light regulation. The price has continued to hold up this morning slightly higher, very close to the record high made a few hours ago just below $90,000. If the price quickly gets established above $90,000 it may well rise strongly and quickly again to reach the very big psychological level and round number at $100,000 where we would probably see strong profit-taking. Trend and momentum traders will want to be long of Bitcoin.
  2. The same focus on political change which drove Bitcoin strongly higher yesterday did the same to US stock markets, with all the major US stock market indices such as the NASDAQ 100 and the S&P 500 trading at new record highs yesterday. Trend and momentum traders will also want to be long here.
  3. In the Forex market, the US Dollar has been the strongest major currency since today’s Tokyo open, while the Australian Dollar has been the weakest, putting the AUD/USD currency pair in focus. The EUR/USD, GBP/USD, and USD/CHF currency pairs are trading at multi-month highs in the US Dollar, with the USD/CAD currency pair not far off from the same.
  4. There will be releases later today of UK Claimant Count Change (Unemployment Claims) data, and Australian Unemployment Rate data.
  5. As well as the public holiday in the USA, it will also be a public holiday today in Canada and France.

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Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

 

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