Demand from Asia seen to drive Bitcoin to a new price record.US investors are also piling into Bitcoin.Analysts ponder how high can Bitcoin\u2019s price go.<\/p>\n
Traders in Asia are driving Bitcoin towards another all-time high price, according to analysts. <\/p>\n
Bitcoin is up almost 30% year to date. \u201cAsian trading hours alone contributed more than 25% to that gain,\u201d analysts at crypto research firm 10x Research told DL News while adding that the price pressure could keep the market on a long-term tilt to the upside.<\/p>\n
The comments come as the top cryptocurrency flirted with breaking its July record early on Monday morning when Bitcoin\u2019s price came within 1% of $123,000. <\/p>\n
Market watchers have spent the past months arguing that Bitcoin will go as high as $250,000 this year. <\/p>\n
The rally over the weekend indicates that, as analysts at the London Crypto Club put it, the \u201csummer lull for crypto is over.\u201d <\/p>\n
What\u2019s driving the rally?<\/p>\n
Bitcoin came within spitting distance of breaking its old record thanks to several factors apart from interest from traders in Asia. <\/p>\n
US investors have also piled into Bitcoin and driven up the Coinbase premium<\/a>, the difference in the Bitcoin price on Coinbase Pro and other exchanges, including Binance.<\/p>\n This means US investors are willing to pay a premium for Bitcoin on Coinbase, an indication of rising demand.<\/p>\n David Brickell and Chris Mills, the analysts behind the London Crypto Club\u2019s weekly Connecting The Dots newsletter, wrote on Monday<\/a> that they expect crypto to keep rallying thanks to a combination of rising global liquidity, weakening fiat currencies, and central banks cutting interest rates. <\/p>\n Data from the CME FedWatch tool shows traders are pricing in an 88%<\/a> chance that the Federal Reserve will slash interest rates in September. Lower interest rate environments are seen as a positive growth driver for assets like stocks and crypto.<\/p>\n This week, traders will be looking to Tuesday\u2019s Consumer Price Index, or CPI, report to get a read on the impact of US President Donald Trump\u2019s tariff policies on inflation. <\/p>\n A lower-than-expected CPI print indicates inflation is still under control, despite Trump\u2019s tariff blitz, and might make the Federal Reserve more amenable to a rate slash in September.<\/p>\n Still, other experts say Bitcoin will show strength even if macro conditions exert short-term pressure on the market. <\/p>\n Joel Kruger, market strategist at LMAX Group, previously told DL News<\/a> that massive institutional demand and favourable regulatory shifts will shore up Bitcoin\u2019s resilience to periods where macro storms kneecap the stock market.<\/p>\n Bitcoin exchange-traded fund inflows also flipped positive last week after massive withdrawals at the start of August, according to data from Farside<\/a>, a UK investment management firm.<\/p>\n In April, BitMEX co-founder Arthur Hayes said Bitcoin won\u2019t blink<\/a> if Trump\u2019s tariff zigzag upends the market. Hayes has predicted that Bitcoin will rise as high as $250,000 this year.<\/p>\n Osato Avan-Nomayo<\/a> is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Demand from Asia seen to drive Bitcoin to a new price record.US investors are also piling into Bitcoin.Analysts…\n","protected":false},"author":2,"featured_media":59989,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[64,63,2009,99,48805,171],"class_list":{"0":"post-59988","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-au","9":"tag-australia","10":"tag-bitcoin","11":"tag-business","12":"tag-crypto-trading","13":"tag-markets"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/59988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=59988"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/59988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/59989"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=59988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=59988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=59988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}