Forex Today Today - 12/11: BTC Hits $90K! (Chart)
Date
11/12/2024 2:46:20 PM
(MENAFN- Daily Forex) The world's largest Cryptocurrency bitcoin gained more than 10% in value yesterday, powering higher to a fresh record price just below $90,000.
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.
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.
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.
There will be releases later today of UK Claimant Count Change (Unemployment Claims) data, and Australian Unemployment Rate data.
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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