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

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