BTC / USD has finally held its own at the $ 10,000 threshold after the NASDAQ stopped its bleeding around 11,000 points. There is room for optimism for the next few weeks si the US stock market will not collapse before the presidential election.
Money or your Life
Don’t miss our analysis from last week. In it we explain why Bitcoin is unlikely to collapse by November 04. To sum up, Japan is banking on Donald Trump and this has translated into large speculative investments in American multinationals last week. kingmakers (Facebook, Google)… Now that the electoral bribe has been cashed (in view of the NASDAQ correction…), Wall Street should stay the course and Bitcoin too.
We say “correction” and not downtrend. Because who will dare to collapse the markets when Donald Trump has made the stock market his hobbyhorse? Not to mention that he seems to have a good chance of running for a second term. It would really take a global reconfinement for the stock market to fall… Will the second wave be fatal to him?
In the meantime, Israel has just announced its intention to reconfine, along with India, Australia, New Zealand and … England – this gigantic stock exchange. Who knows, the city could easily stumble on hardBrexit over the next few weeks and take Ney York with it. Watch the FTSE 100 Index…
Emmanuel Macron ruled out any re-containment in August, even if we are never safe from a change of course.
Black gold remains on sale
The giant BP advance that we have reached the peak oil demand due to the Covid which would have changed consumption habits against a background of ecological awareness. The oil company expects that demand remains flat for the next 20 years, helped in particular by investments in renewable energies.
This is a bold statement because the thousands of kilometers of highways that China and India are building do not really herald energy sobriety …
But what is the relationship between black gold and Bitcoin? It’s simple. Sluggish demand is negative for BTC in the sense that fierce competition for the oil grab would cause prices to explode with in fine the bursting of the debt bubble. The reason being that it is very difficult to grow with overpriced oil. And without growth, debts cannot be repaid …
In 2008, the price of a barrel had reached $ 150, destroying entire swathes of the US economy. Many sectors have found themselves unable to be profitable with such high energy prices. But the value of Bitcoin would appreciate sharply if the debt ponzi scheme was about to collapseIt’s okay to say it … Debt and money are two sides of the same coin, let’s never forget.
And speaking of currency, note that the companies in charge of its creation – the banks – have lost 3 times the value of Bitcoin in capitalization since the start of the Covid crisis. A drop of more than 600 billion while Bitcoin gained nearly 50% during the same period. Be aware that the shares of banks such as Deutsche Bank or Societe Generale are respectively worth only 7 and 13 euros against 112 and 155 euros before the 2008 crisis…
The hash misses at the highest historical
If there is a key parameter to take into account to reassure yourself about the confidence that Blockchain professionals place in Bitcoin, it is indeed its hash rate. In other words, the amount of energy needed to secure its blockchain. We are at 150 exahash per second. Or 150 million trillions of hashes (150,000,000,000,000,000,000 h / second). + 7% over the week, at an all-time high. All is well on that side
We will have an appointment with the FED this afternoon. The press conference will be transcribed live from 20:30. The press release will be published at 20:00. The day should be good for Bitcoin as markets expect the Fed to unveils its pro-inflation measures. Be Bitcoin’s best ally and its money supply fixed of 21,000,000 units.
If the DXY (Dollar Index) retreats in the wake of statements by Jerome Powell, the chairman of the FED, so the cryptocurrency should benefit from its inverse correlation with the greenback. Overall, the more volatility there is in EUR / USD, in any direction, the more Bitcoin will benefit..
We remain bullish on BTC / USD with the latest significant high in our sights: the $ 13,800 threshold. In the absence of a crash on the US stock market, we should slowly continue our march forward thanks to the threshold of $ 10,000 which may well have turned into support …
- BTC / USD weekly chart (one candle = one week):