Bitcoin Price Gains: More Greek Influence?
Perhaps as a response to what's happening in Greece, action in the bitcoin price throughout the first off this week has been pretty volatile. Having seen some initial strength throughout Sunday evening and the Monday European session, Tuesday's action brought us a decline and a bounce along resistance for pretty much the entire day. However, a look at this morning's action gives us some reprieve on this decline, and we have seen what looks to be a temporary return to the upside momentum we saw at the beginning of this week. So, with this said, what of levels that we are watching as we head....
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Bitcoin has enjoyed a pivotal moment, thanks to the ongoing Greek debt crisis, which resulted in capital controls and an influx of funds towards the cryptocurrency. Indeed bitcoin prices have eventually landed back above the $300 mark, following a long period of consolidation around $220 earlier in the year. The prospect of shifting back to a potentially worthless drachma has led several Greeks to move their money to bitcoin, as some websites have offered bitcoin loans and investments while others offered to purchase Greek products using the cryptocurrency. This could allow Greek citizens....
The bitcoin price surpassed the $300 mark over the weekend reaching its highest level since 10th March at 15:00 (UTC), according to the CoinDesk Bitcoin Price Index. Bitcoin's value reached $300.32 at 09:15 on 12th July, spiking to $313.77 at 14:45 on 12th July. Despite hovering over $300 throughout the whole of Sunday, the price dropped by 4.8% from $304.22 this morning (07:00) to $289.48. Emerging theories. Bitcoin has been touted as a safe haven asset during times of economic turmoil, which, according to some, has seen the digital currency gain increasing momentum in the wake of the....
Presently in a National Park, Mount Olympus, was at one time home to some of the most powerful Greek gods. According to ancient Greek legend, the mountain Olympus was built after the younger gods defeated the titans in the battle for control of the world. The peaked mountain, according to experts, was created to hide […]
Last week we got pretty disappointing action in the bitcoin price, as sentiment across markets put downside pressure on the BTCUSD and we saw pretty much an entire week of flat or downside action. On Friday, shortly before the markets closed, we suggested that - depending on the response of the Greek people to proposed austerity measures in Europe, we could see some turnaround in sentiment and a shift towards global risk off assets in general markets. This was the first real opportunity we got to see whether markets view bitcoin as a risk off asset, and - to some extent at least - it looks....
It has been months since the Greek government and its creditors have tried to hammer out a plan to avoid default and a potential exit from the euro zone. Over the weekend, talks between the negotiation teams broke down once more, putting Greece closer to leaving the shared euro currency and possibly reverting to the drachma. Capital controls have already been imposed in Greece in order to prevent a bank run, and these include having withdrawal limits on ATMs. The Greeks are starting to fear that their own currency might not be worth anything, leading several to move their money to bitcoin....