● Bitcoin’s New Large Buying Pressure
● Visa’s CEO Has a Take On Crypto
● US Dollar Halts Slide After New Initiatives
In this week’s edition of Overbit Insights, we once again start out with the hottest topic in markets as of late – Bitcoin. According to a new report by CryptoBriefing, a record high level of buying pressure has been achieved by Bitcoin. One would imagine this recent volume is being driven by the current level of institutional interest in bitcoin as of late. At the time of writing, BTCUSD is at $18,313, which makes Bitcoin a mere 10% from breaking its all-time highs. The biggest question on everyone’s mind is whether Bitcoin corrects one last time before continuing on past all-time highs, or if it just shoots straight to $35,000.
The jury is still out on this question, but we lean towards the former, given that in Bitcoin’s short history it tends to have a final pullback before breaching its all-time highs. Nevertheless, one thing is for sure different this time around, and that’s this record-high buying pressure. Though there have always been Bitcoin bulls driving the price up, this is the first time multi-million, and even billion-dollar asset holders have come out so strong of the currency. And it’s hard to understate the spotlight that these investments bring to Bitcoin.
Speaking of this recent spotlight on Bitcoin, it seems like it has caught the interest of at least one institutional partner.
Visa CEO Alfred Kelly recently came out in an interview, saying there’s a big opportunity at the moment to change the way people pay for things. “We operate in 230 countries and territories and want to win as many transactions as we can,” Kelly said. He cited the high cost in printing dollar bills and checks, stating that Covid has rapidly brought upon a world in which these costs may no longer be necessary. He went on to say “We’re a network and increasingly trying to become a network of networks,”, insinuating that he wants more interoperability at Visa, something that is at the core of most cryptocurrency networks and the ecosystem as a whole. This underlies the idea behind the recent Plaid acquisition, an attempt to expand their digital empire.
If one reads between the lines, it seems very clear that Visa wants to be a part of the expanding frontier that is a digital currency.
Closing out this week’s edition of Overbit Insights, we’re going to cover Forex Markets, even with the talks of Bitcoin Price Predictions for 2021, the majority of the world is still watching the traditional markets.
The USD has been sliding for a while now. Still, it finally found some support after US Treasury Secretary Steven Mnuchin called an end to some of the Federal Reserve’s pandemic lending, which came as a bit of a surprise to the world’s markets.
Instead of the Federal Reserve leading stimulus and recovery efforts, Mnunchin looked to reallocate almost $455B from the CARES Act (the name of the US stimulus package), but traditional markets are not out of the woods yet, with markets painting bull and bear flags across the board, a reemergence of Covid-19 cases across the world, have central bank planners looking for ways to stimulate with new curfews and lockdowns clamping back down on the world’s economy.
During these unprecedented times, Overbit.com will continue to provide tools and services whether your swing trading, long term investing, or just getting started, and as always thanks for reading Overbit Insights where we bring you the most important market news in the market.