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Bulls Drive Bitcoin’s (BTC) Price to New 2020 High

November 6, 2020


Talking Points:

BTC’s price reached a new yearly high at 15,950 USD, leading experts to anticipate a continued rally.

Bulls keep buying in as BTC’s price hits a new 2020 high at 15,950 USD.

Over the last 24-hours, the price of BTC climbed by over 10%, breaking through the 15,000 USD level for the first time since January 2018, and hitting a new yearly high at 15,950 USD.

Data shows that the BTC/USD pair briefly climbed to 15,950 USD before rebounding to 15,500 USD. According to crypto experts, BTC has spent more than 20 days above the 15,000 USD level and 19 days above the 15,109 USD level. This represents almost 0.4% of the cryptocurrencies’ life since it was launched in 2009.

BTC/USD Daily Chart:

Barry Silbert CEO at Grayscale said in response to the recent price movement that “People will never again say Bitcoin is dead.”

BTC’s bullish trend has occurred as breaking news that the U.S. Department of Justice will be seizing over 1 billion USD in BTC from a hacker who stole from a Silk Road wallet.

A report on Wednesday said that the unnamed crypto user had moved over 69,370 BTC, almost 1.08 billion USD at the present price, marking it the first time anyone had moved assets associated with the dark-web market since 2015.

At the time of publishing, U.S. presidential candidate Joe Biden is only six electoral votes away from winning with ballot counting in Arizona, North Carolina, Georgia, Pennsylvania, and Nevada still outstanding. Several experts are anticipating continued volatility with cryptocurrencies and stocks until a winner is announced.

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