The price of Bitcoin continued to rise midweek, briefly surpassing the $11600 mark amid bullish market conditions.
The preeminent cryptocurrency has been on an upward trend since the beginning of July, while it has met resistance when trying to test the $12000 mark at the start of August as indicated in the latest data from Coinmarketcap.
As of press time, BTC had crept above the $11600 mark as bulls put the weekend’s significant drop of more $1000 behind them and seemingly set sights on the $12k mark once again.
It’s been an interesting couple of months since the most recent Bitcoin mining reward halving took place in May. The price of Bitcoin has moved between $8000 and $9500 in the six weeks post the halving, as miners and traders came to grips with the subsequent drop in mining rewards from 12.5 BTC to 6.25 BTC.
New BTC public addresses a bullish sign
Market data from Glassnode highlights an increasing amount of new Bitcoin public addresses being created – just another sign that new users are clamouring to get their hands on Bitcoin.
The on-chain market analysis provider defines these entities as a cluster of addresses that are controlled by a single network entity – most likely an exchange.
The bullish sentiment in the markets was also noted by Gemini cofounder Cameron Winklevoss in a Tweet on Wednesday, who speculated that Bitcoin bulls are beginning to take control of the BTC markets:
US Fed policy driving asset prices higher
It is being widely reported that the US Federal Reserve’s efforts to increase inflation to a target of 2 percent by holding off on raising interest rates is driving the price of traditional ‘safe-haven’ assets like Gold and real estate prices higher.
Morgan Creek Digital founder Anthony Pompliano believes that the Federal Reserve’s policies are going to lead to these assets seeing monumental surges in value.
“My anticipation is that real estate, gold, Bitcoin and stocks are all going to run much, much higher than they already have. Bitcoin is going to be the largest winner out of all assets since it is the most volatile. Or as Paul Tudor Jones said, it will be the fastest horse. Regardless of how you invest your capital, just don’t get caught holding cash while the Federal Reserve is systematically devaluing the asset under the guise of creating economic activity,” Pompliano said.