Bitcoin fell as low $10,025 by Friday and has just bounced back, trading around the $10,400 price level.
According to data retrieved from Coingecko,Bitcoin’s price was above the $12,000 for the first time since August 19. Then prices dropped momentarily to $11,920 price levels. The price correction continued till Bitcoin fell to as low $10,025 by Friday and has just bounced up, trading around the $10,400 price level.
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At the time this report was drafted, Bitcoin was trading at $10,437.05 with a daily trading volume of $25.9 Billion. BTC price is up 1.8% in the last 24 hours.
The macros helping Bitcoin
In recent times, some emerged markets have beefed up their monetary activities, attempting to prop up a fragile economy disrupted by the raging COVID-19 pandemic.
Such efforts had included EUR750 billion passed by the EU and trillions of dollars pending at the U.S congress, which, in part, is to stimulate global spending, thereby leading to inflationary concerns, as more money flows into an already over-bloated global momentary system.
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Some of these funds have found their way into the crypto market, due to investors aggressively looking for high gains, as cheap money inflow hits record highs.
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