Forex Today: Bitcoin Hits All-Time High

Adam Lemon

Bitcoin exceeded its previous record high price to trade as high as $67K per coin.

  • Bitcoin broke out beyond its previous all-time high to reach $67k, following the successful launch earlier this week of the first ever Bitcoin ETF. The ProShares Bitcoin ETF (BITO:NYSE Arca) offers exposure to Bitcoin futures and has continued to rise in tandem with the spot Bitcoin price – its launch was the second most successful ever of an ETF by volume.  The second leading cryptocurrency, Ethereum, is also performing strongly. We are likely to see higher prices in Bitcoin over the coming days.

  • After dipping strongly, WTI Crude Oil again made a new 7-year high price yesterday just below $84 near the key resistance level at $84.07 before retreating again, following the release of surprisingly low US stockpile data. The short-term price action is suggesting that a deeper bearish retracement looks likely to happen now. However, there is a strong long-term bullish trend, so it is still likely that we will see prices continue to rise again after the retracement plays out, but the continuing failure to break $84 does put the health of the trend in doubt.

  • Stock markets globally continued to advance yesterday, with the rally in the S&P 500 especially notable: the index closed yesterday barely 10 points below its all-time high made last September. However, the Asian session today has seen markets dip.

  • The Forex market is quiet and indecisive after some recent strong moves.

  • British inflation data released yesterday was slightly lower than had been expected, coming in at an annualized rate of 3.1% against the 3.2% which had been expected. This reduces the chance of a UK rate hike over the near term, although the British pound remained relatively strong after the release.

  • Canadian inflation data released yesterday was slightly higher than had been expected, coming in at an 18-year high annualized rate of 4.4% against the 4.1% which had been expected. The Canadian dollar was little affected following the release.

  • Last week saw the eighth consecutive weekly fall in global new confirmed coronavirus cases.

  • It is estimated that 47.9% of the world’s population has received at least one dose of a coronavirus vaccination.

  • Total confirmed new coronavirus cases worldwide stand at over 242.8 million with an average case fatality rate of 2.03%.

  • The rate of new coronavirus infections appears to now be increasing most quickly in Armenia, Austria, Azerbaijan, Belarus, Bulgaria, Croatia, Denmark, Egypt, Estonia, Georgia, Germany, Greece, Iceland, Latvia, Lithuania, Moldova, Netherlands, New Zealand, Romania, Russia, Slovakia, Slovenia, the United Kingdom, and the Ukraine.

Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

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