Cryptocurrency Market News: Bitcoin explodes past $12,000 with a convincing breakout

Lorenzo Stroe Independent Analyst

Here is what you need to know on Thursday 18, August

BTC/USD is currently trading at $12,326 but hit $12,467 earlier after a massive breakout above the crucial $12k resistance level.

ETH/USD followed Bitcoin’s breakout and ended touching $446, however, the digital asset already had a previous breakout. It is now trading at around $437.

XRP/USD had a breakout as well but didn’t manage to stay above the last high at $0.326.

AirSwap had a massive run today with a 70% price increase followed by OCEAN yet again after getting listed on Binance. The digital currency has reached a $200 million market capitalization and it’s currently ranked 61st.

Chart of the day: BTC/USD 1-Hour chart

Market

Bitcoin had a convincing breakout above $12,000, a crucial resistance level on the way to a new all-time high. Other coins followed suit and Bitcoin’s market dominance has remained quite flat even after the breakout.

In other news, Goerge Bal, the former chief executive officer of Prudential Securities has suggested Bitcoin or maybe other cryptos could be ‘safe haven’s.

The government can’t stimulate the markets forever, Ball said. The liquidity flood will end. Sooner or later, the government’s got to start paying for some of these stimulus, for some of the deficits, for some of the well-deserved, very smart subsidies that it’s providing to people. Are they going to raise taxes that high? Or, if not, are they going to print money? If they print money, that debases the currency and probably even things like TIPS – Treasury inflation-protected securities – can be corrupted

Industry

Crypto.com, a popular issuer of crypto cards has announced that its exchange will exit public beta in September 2020.

To celebrate this milestone, Crypto.com is pleased to present another Bitcoin Syndicate Special, featuring BTC at 50% off with USD$2M allocation. This event will commence on Tuesday, 8 September 2020, 6AM UTC on the Crypto.com

Quote of the day

Hey, obviously this is a very interesting time to be in Bitcoin center now, but if you guys want to argue over whether this is reality or not, one Bitcoin will feed over 40 homeless people in Pensacola center now. If you guys want proof Bitcoin is real, send them to me, I’ll cash them out and feed homeless people.

– Jason King

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

Pepe Price Forecast: PEPE signals trend reversal amid a short squeeze

Pepe price is up nearly 30% in the last 24 hours, outperforming most top cryptocurrencies and hinting at further upside potential. Derivatives data suggest a short squeeze of more than $2 million during the same period, forcing traders to buy back positions in the meme coin. The technical outlook for PEPE indicates an upside bias as bullish momentum strengthens.

Crypto Overview: Bitcoin tops $85,000 post-CLARITY Act failure – TAO and FET lead gains

Bitcoin price trades above $85,000 maintaining a constructive tone amid positive institutional inflows, Strategy’s first BTC purchase since August, and alternative regulatory expansions following the CLARITY Act's failure. AI tokens such as Bittensor (TAO) and FET have emerged as top performers over the last 24 hours.

Ripple and Stellar outlook: Momentum improves as bulls target further gains

Ripple (XRP) and Stellar (XLM) stabilize after extending their gains by nearly 9% at the start of the week. Improving momentum indicators support XRP and XLM bullish price action and hint at further rally. Meanwhile, traders should remain cautious as mixed derivatives data could limit upside as both tokens try to sustain their recent upswing.

Ethereum Price Forecast: ETH rallies above $2,700 as investors shrug off bearish sentiment

Ethereum climbed above $2,700 on Monday after investors defended the realized price level despite negative sentiment over the Clarity Act's failure and the Federal Reserve rate hike. After the Clarity Act failed to advance in the Senate, ETH dipped below $2,400 last week. But right below that price is the top altcoin's realized price, or average on-chain cost basis, at $2,310.

Bitcoin: BTC shrugs off CLARITY Act setback and hawkish Fed

Bitcoin (BTC) price action has remained resilient this week, trading above $78,000 at the time of writing on Friday, heading toward a key resistance zone. Institutional demand shows early signs of weakness, with spot Exchange Traded Funds (ETFs) on track for a second straight week of outflows, with over $420 million recorded through Thursday amid escalating Middle East tensions.

Cryptocurrency Market News: Bitcoin explodes past $12,000 with a convincing breakout