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Jun 2, 2020

Bitcoin surges pass US$10,000 to highest level since mid-February

A bitcoin shop in Hong Kong.

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The world’s largest cryptocurrency rallied above US$10,000 once again amid optimism digital assets will continue to benefit in the wake of unprecedented global fiscal and monetary stimulus.

Bitcoin rose about 5 per cent on Tuesday to trade around US$10,168 as of 10:05 a.m. in New York. The rally catapulted the coin to its highest level since mid-February.

Bitcoin has advanced more than 40 per cent this year, while peer tokens, including Litecoin and Bitcoin Cash, have also posted double-digit gains. Bitcoin still remains about 50 per cent below its all-time high set before the collapse of the crypto bubble in late 2017.

Crypto fans have seen prices surge this year thanks to projections that digital tokens can benefit as central banks and governments around the world unleash stimulus measures to shore up listing economies.

Some of Wall Street’s best-known names have embraced Bitcoin, arguing that crypto assets can act as a hedge against inflation in the current environment.

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“The risk-on attitude and all the Fed stimulus is a huge tailwind for Bitcoin and the entire digital asset space,” Mati Greenspan, founder of Quantum Economics, wrote in a note. “If the Fed breaks down or if there is an erosion of trust in government-issued currency, then crypto assets may be used as a fail safe.”

That rings true to Nigel Green, chief executive and founder of deVere Group, who says steps taken by governments and central banks to boost their economies could trigger a price increase for Bitcoin.

“Bitcoin, of course, cannot simply be printed,” said Green. “Indeed, it is living up to its reputation as ‘digital gold.’”

Technical indicators also paint a favorable backdrop for the largest cryptocurrency. Based on the GTI Vera Convergence Divergence Indicator, which measures up and down shifts, Bitcoin generated its first new buy signal since early April.

Should the coin maintain trading above US$10,000, it could rally toward new annual highs. But a selloff could be in the offing should the token fail to maintain it.