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Bitcoin kicks off 2020 with dazzling display of volatility

Bitcoin kicks off 2020 with dazzling display of volatility 1

Yesterday, BTC looked as though it was threatening to crash as an expected post-Christmas hangover began to take hold, sending bitcoin plummeting below $ 7,000 with what looked like enough momentum to push through $ 6,800 – a historical line of resistance. However, the freefall was arrested before it even touched $ 6,800.

Instead, a curious about-turn occurred at around $ 6,550 which was bolstered by what some observers claim was a massive, multi-million-dollar investment in the early hours of this morning.

That huge shift of hard cash into cryptocurrency appears to have ignited a slumping market and kicked trading volume into action.

Although unconfirmed, the huge transaction would have also coincided with the US drone strike that killed Iranian military commander General Qasem Soleimani. 

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The killing of the 62-year-old and resulting escalation in global tensions may have inadvertently shifted huge investment from fiat currency into digital assets, triggering a rise in the price of bitcoin.

The price of oil and gold also surged following news of the airstrike at Baghdad airport.

Bitcoin’s response equates to an upward move of almost eight per cent – a lift unseen in the markets for some considerable time.

• Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.

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