Bitcoin price recovered the level of $9500 with the stock market rally

Bitcoin price recovered, but mining difficulty would be interesting to watch

고다솔 인턴기자

| 기사입력 2020/06/16 [15:48]

English

Bitcoin price recovered the level of $9500 with the stock market rally

Bitcoin price recovered, but mining difficulty would be interesting to watch

고다솔 인턴기자

| 입력 : 2020/06/16 [15:48]

Amid the risk of the second wave of COVID-19, last night, the New York Stock Exchange(NYSE) emerged as a measure to stimulate the economy of the Federal Reserve System(Fed), even with China's staggering economic growth.

On June 15(ET), Dow Jones Industrial Average 30 Index was traded at 25,763.16, increased by 0.62% compared to the previous trading session. Standard&Poor's(S&P) 500 Index increased by 0.83%(3,066.59), and Nasdaq increased by 1.43%(9,726.02) before the end of afternoon session.

The Fed announced that on June 16, it will start buying individual corporate bonds. It also launched "Main Street lending Program", which supports lending to businesses. Mary Daly, the president of San Fransisco Fed, said that the Monetary authorities will react when the world is hit by the second wave of COVID-19.

For last 24 hours, Bitcoin(BTC), the world's biggest digital asset(cryptocurrency) recovered the level of USD 9,500. Last day, BTC price temporarily dropped below the level of USD 9,000 at the main trading platforms, including Binance. Later, it succeeded in recovering, and is currently trading by USD 9,500.

"Bitcoin longterm chart shows upward momentum, meaning that Bitcoin is likely to move to USD 10,000." reported CoinDesk, a news website specialized in cryptocurrencies. Meanwhile, Preston Pysh, the co-founder of Warren Buffet Books and Matt D'Souza, the CEO of Blockware Solutions, predicted that Bitcoin price will be dropped below the level of USD 9,000, due to the rise of Bitcoin mining difficulty.

"Bitcoin mining difficulty would rise by 16.25%, the highest level since Janunary, 2018. With rejection at a multi-year resistance at USD 10,500 and strong buying demand at USD 8,900, this week should be very interesting for Bitcoin," tweeted Joseph Young, a prominent cryptocurrency analyst.

Decrypt, an online cryptocurrency news media, cited Mark Cuban, an investor and the owner of the Dallas Mavericks, an NBA club. Cuban pointed out that the current stock market reminds him of the dot-com bubble in the end of 1990s. He has made great fortunes thanks to the tech boom in the 1990s. Decrypt speculated that BTC price risks falling with the collapse of the stock market.