First Mover: Bitcoin Rises More in One Day Than Stocks Have Gained All Year

Published on by Coindesk | Published on

The price is now approaching $12,000 for the second time in a week, a level that bitcoin hasn't sustainably traded above for more than a year.

Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more.

Bitcoin is seen by many digital-asset investors as a hedge against inflation, and the bets are growing that governments and central banks will have to pump trillions of dollars more into the financial system to stimulate the economy out of the worst recession since the 1930s.

According Bloomberg News, analysts for the U.S. bank JPMorgan wrote Tuesday that while older investors are buying gold, younger investors are buying bitcoin.

The analysis firm Coin Metrics noted that over the past week bitcoin had averaged over 1 million daily active addresses for the first time since January 2018.

The number of open bitcoin futures contracts on the CME exchange has jumped to a new record around $850 million.

Chris Thomas, head of digital assets for broker Swissquote, told CoinDesk's Daniel Cawrey on Wednesday that bitcoin could break past $12,000 by Friday.

Trend: Bitcoin is looking north after twin bullish cues were activated by a 5% rally Wednesday.

Firstly, with the UTC close at $11,755, bitcoin marked an upside break of a narrowing price range witnessed Monday and Tuesday.

At press time, bitcoin is changing hands near $11,700.

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