August has been a positive month for Bitcoin fans, who see the currency’s price once again break the $46,000 mark and trade at a sharp rise after weeks of sharp declines.
In recent days, seeing the new high in the market, a Bloomberg analyst said that Bitcoin price reaching $100,000 is just a matter of time.
Even though the price is not even half the value currently, a new rally begins to draw attention as sales pressure eases in the market. It is worth noting that the current maximum in the share of Bitcoin remains at US$ 64,000, with a drop of 29% since the episode that occurred on April 14, 2021.
Bitcoin price breaks back US$ 46,000 in the market and operates at a sharp rise
In the last 20 days of Bitcoin price closing, only six were falling in the market. With a rally not seen since May, when the biggest falls began to be felt, the price is slowly showing an important recovery.
To mark this resumption of high prices, the community witnessed the break of US$ 45,000 in recent days. However, this Monday the price of Bitcoin climbed one more notch, quoted in US$ 46 thousand in various brokers in the market.
In relation to the Dollar, the price of Bitcoin remains optimistic in most of the graphic times analyzed by traders, with an increase of 3.5% in the last 24 hours. In the last seven days, the appreciation is 15.3%, showing that the month of August remains optimistic with the BTC again.
In the year, the high is 58% today.
The movement in Dollars made Bitcoin reach close to R$ 250,000 in Brazil, a price that had not been noticed since May 2021. , which is also on the rise this Monday, close to R$ 5.30.
Comparisons with gold were unavoidable by the community
Part of the community ended up noting that gold and silver continue to fall this Monday (9). This movement follows an alignment of the possible rise in the US interest rate, which can be expected after an increase in the payroll in that market.
With increasing jobs, the Fed could raise interest rates and reduce tax incentives, a move that is now expected by the market that removes the attractiveness of precious metals as a financial hedge.
Even with gold down 4% in recent hours and Bitcoin up 3%, the market recalled that the cryptocurrency registered a appreciation higher than its “competitor” in the store of value in the last decade.
“Last year, Bitcoin returned +280%. Gold returned -17%. Last decade, Bitcoin returned +469.482% and Gold returned -3%.”
last year, # Bitcoin returned +280%
Gold returned -17%
last decade, # Bitcoin returned +469.482%
Gold returned -3% pic.twitter.com/WGDdUTqmQE
— Documenting Bitcoin 📄 (@DocumentingBTC) August 9, 2021
The case was even talked about by Bitcoin critic and gold defender Peter Schiff, who again attacked cryptocurrency, which he does not consider a digital store of value.
“Bitcoin rising with gold falling does not mean that gold will be replaced as an inflation hedge. Gold is down as traders mistakenly think the Fed will be able to fight inflation by lowering QE and raising interest rates. Bitcoin is not traded as gold because it is not digital gold!”
# Bitcoin rising as #gold falls doesnt mean its replaced gold as an #inflation hedge. Gold is down as traders mistakingly think the Fed will successfully fight off inflation by tapering QE and raising interest rates. Bitcoin doesn’t trade like gold because it’s not digital gold!
— Peter Schiff (@PeterSchiff) August 9, 2021
Despite the criticisms, the market continues to follow the rise of Bitcoin, which should be closely monitored by attentive investors.