Bitcoin Continues to Surge Past 11K

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Bitcoin Continues to Surge Past 11K, Bitcoin Cash Up 13.8 Percent

Written by:

Aaron Goldstein

Published on:

Jul/28/2020

Bitcoin Continues to Surge Past 11K, Bitcoin Cash Up 13.8 Percent

Bitcoin once again was trading above the 11K mark Tuesday as the digital currency continues to surge.

Daily volumes for bitcoin options hit a new all-time high on Deribit with the Panama-based derivatives exchange tweeted Tuesday morning that over 47,500 contracts for bitcoin options traded in a single day on Monday.

Deribit said the total value of these contracts came to $539 million.

“With gold nearing a new all-time high, and equity asset prices getting more expensive, I believe the market is anticipating inflation and a weaker dollar,” crypto podcaster and trader Brian Krogsgard, also known as Ledger Status on Twitter, told me in a July 22 message. “I struggle to see the downside for bitcoin in such an environment,” he added.

“I don't know how far the market could go, but I anticipate bitcoin will challenge prior highs in 2021.”

Bitcoin Cash meanwhile remained bullish after witnessing a growth of 6.34 percent in the charts. It was priced at $290, up 13.8%.

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