Crypto Today: Biticoin retreats after hitting all-time high beyond $8,100

Haresh Menghani FXStreet

The bitcoin prices continued scaling higher over the weekend and reached an all-time high level of $8,101.91 on Sunday, albeit has retreated back to $8,000. The move followed a recent slump from the previous high of $7,562.47 on Nov. 5 to $5,650 on Nov. 12.

News surrounding the cancellation/upgrade of the SegWit2x appeared to be a key catalyst behind a sudden spike in volatility over the past two weeks. Against the backdrop of CME Group’s announcement to launch BTC/USD future contracts, entry into the mainstream financial markets is now believed to be fueling the ongoing rally.

Bitcoin’s market share of the total cryptocurrency stood roughly around 56%, followed by Ethereum at just over 14%.

The Ethereum market is also beginning to show signs of life, with prices for the ETH/USD pair pushing through the $350 region and looking good to play catch up with bitcoin.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.