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WATCH: What Drove Bitcoin's Price Gains Today? We Explore the Pop
Bitcoin popped earlier this morning and our own Brad Keoun talks to Joe DiPasquale of BitBull Capital about what moved the market.
The price of bitcoin (BTC) jumped 5.1 percent on Wednesday – its highest point in two weeks.
STORY CONTINUES BELOW
The price rise comes after the Federal Reserve (Fed) said it would print money to expand the size of bank reserves – seen as a move by the U.S. central bank that could spark inflation.
Traders said optimism also was buoyed by speculation that the U.S. Securities and Exchange Commission (SEC) might approve a new bitcoin-based exchange-traded fund (it didn't) and an announcement by UNICEF that it would accept donations of cryptocurrencies.
Joe DiPasquale, CEO of the cryptocurrency hedge-fund firm BitBull Capital in San Francisco, discusses the day's price jump and gives his views on the market outlook.
While the recent market fundamentals may have contributed to an increase in BTC's value, it remains to be seen whether or not that move will sustain throughout the remainder of the week as traders look to sell the news relating to the SEC's latest decision on the Bitwise ETF.
Ricky Li, co-founder and head of Americas at Altonomy – a trading desk and market maker for BTC and altcoin assets – noted that BTC is likely trapped within a defined region until a firm close above a key resistance zone sets the stage for further growth for the remainder of 2019.
“We expect continued range-bound activity between $7,500 and $9000, as sellers will place sell orders at the retest of $9,000 resistance. Only once BTC breaks the $9,000 resistance will it continue the uptrend.”
Sebastian Sinclair contributed reporting.
Joe DiPasquale image via YouTube
John Biggs
John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times. He runs the Technotopia podcast about a better future. He has written five books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
