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Bitcoin Challenges Dollar's Global Reserve Status .....

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planetaryfuture   Tuesday, 10/06/20 09:31:07 AM
Re: planetaryfuture post# 21603
Post # of 21651 
Bitcoin Challenges Dollar's Global Reserve Status .....

While my reaction would be : What became of the Kraken Financial NEWS I posted in a link below ? ..... relative to Kraken becoming the very first legally approved Cryptocurrency Bank ? ..... even though they are located in Cheyenne Wyoming !!! .....

This should have been profoundly important NEWS to the entire Cryptocurrency sector !!! ..... while ..... I imagine ..... First Bitcoin Capital Corp should be jumping-with-joy !!! ..... stock ticker $BITCF .....

Kraken NEWS available in link below .....


Bitcoiners May Not Care If Dollar Keeps Its Reserve Status

October 6, 2020

Just as this chariot carried Julius Caesar's trophy of war, the dollar could retain its reserve-currency status. (Metropolitan Art Museum, modified by CoinDesk)

Omkar Godbole
Bradley Keoun
Sebastian Sinclair

A growing number of economists and analysts – and even the Wall Street firm Goldman Sachs – have speculated this year that the U.S. dollar might be on the cusp of losing its status as the dominant reserve currency for central banks around the world.

That possibility has helped to support this year’s 50% increase in prices for bitcoin, seen by many cryptocurrency investors as a hedge against a dollar devaluation.

But CoinDesk’s Omkar Godbole reported Tuesday that, according to one prominent foreign-exchange analyst, the dollar’s value could decline significantly even if the U.S. currency keeps its majority share of global central-bank reserves for the foreseeable future. As of the most recent data, the percentage is around 60%.

Marc Chandler, chief market strategist at Bannockburn Global Forex and author of the book "Making Sense of the Dollar," talks with CoinDesk's Omkar Godbole about the future of the U.S. currency. (CoinDesk)

Bitcoin’s price bounce from Friday’s low of $10,380 looks to have stalled, and the cryptocurrency remains trapped in a contracting triangle or a narrowing price range.

Such low-volatility price consolidations often end with a violent move on either side.

Some investors may be anticipating a range breakdown, given the weekly chart MACD histogram has crossed below zero – a sign of a bearish shift in momentum.

The indicator, however, is based on backward-looking moving averages and lags prices. As such, its reliability is under question.

Besides, broader sentiment in the options market is bullish, according to three- and six-month put-call skews, which measure the cost of puts relative to calls.

Further, on-chain data shows the market is currently witnessing a bigger influx of new investors than it did at the height of the bull market frenzy in late 2017. That is a major bullish sign, according to popular analyst Willy Woo.

– Omkar Godbole


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