BTC is rising steadily after the bulls managed to break above the $14K mark in yesterday’s late sessions. The BTC/USD pair has shown a lot of positive signs amid a turbulent US election that is yet to deliver a clear winner.
On Thursday morning, BTC traded to a new 2020 high at $14,338 and went on to follow a bullish path above the $14,500 zone.
The bulls went on to eye a break towards $15,000 and managed to accomplish that in the past few hours. At the time of this article’s writing, the BTC price is up 8.96% to trade at new 2020 highs of $15,239.
BTCUSD chart by TradingView
Bitcoin’s show of resilience amid the US elections is attributable to a spike in fear, doubt and uncertainty, as investors worry about the presidential race’s impact on the dollar. The FUD has caused a spike in the VIX volatility index as the world waits anxiously to see who wins the Presidential race.
This volatility indicator has thus far been associated with a downside as was seen on Black Thursday. However, this time around, it is playing out to the upside instead and has sent the BTC price soaring above $15K.
Bitcoin Is Now In a Bull Market, says Wall Street Veteran
The ongoing global uncertainty has seemingly triggered a wave of FOMO buying in Bitcoin markets. The world’s leading cryptocurrency, which is maturing into a hedge against uncertainty, is picking up steam even more as the outcome of the election prolongs further.
Following BTC’s eventual climb higher after weeks of extended upside, Mike Novogratz, CEO of Galaxy Digital, is now convinced that the asset is in a bull market.
The former Goldman Sachs partner pointed to BTC’s rally in the face of election uncertainty to argue that the world had crossed the Rubicon in its adoption.
He added that the benchmark crypto has gained widespread acceptance as a hedge against fiscal irresponsibility, and will benefit more as the Fed continues to print more money.
ETH Price Surges 8%
Ethereum finally gained strength on Wednesday after days of lacklustre trading near the $380 level of support. The ETHUSD pair has soared by 8% over the past 24 hours from lows of $375 to a high around $411 during press time.
ETHUSD chart by TradingView
The uptick comes amid bullish news that Ethereum 2.0’s launch will take place on December 1st, barring any bugs. The Ethereum 2.0 deposit contract was also released today, as confirmed by the project’s CEO Vitalik Buterin.