Forex Morning Briefing: Bitcoin Bounces on Founder’s Fund Interest

Forex Morning Briefing: Bitcoin Bounces on Founder’s Fund Interest

Bitcoin: Professional Traders Up Net Shorts At Year’s End


Trading in Bitcoin is volatile, while .DXY takes a beating

In November, Bitcoin fell almost 30% in 4 days from $7,888 to $5,555.

In September, it fell 40% from $4,979 to $2,972.

And ETF specialist asset manager focused on technology, said in his newsletter that investors had displayed “irrational behavior” with respect to Bitcoin, including speculators going on margin to invest in the digital currency.

“Historically, these signs have marked the Top, either cyclically or securely, for an asset class,” he said.

Still, he said the launch of a futures market for Bitcoin by CBOE and CME Group Inc last month potentially ushered in another era of financial innovation.

He went on to say that if blockchin technology, an open ledger that has underpinned Bitcoin, is as fundamental a breakthrough as the Internet was when it was 1st launched, then institutions will start investing significantly alongside civilian (retail) investors over the next 9 months.

Currently, Bitcoin is trading at: 15,339.9854, +1,943.48, or +14.51%, as of 7:35a GMT, the market is open.

This spike is likely due to Founders Fund, the Silicon Valley venture capital firm co-founded by Peter Theil, known for its early investment in Facebook (NASDAQ:FB), has stepping into cryptocurrencies with up to $20-M, according to a new report out Tuesday.

It is not clear when the transactions were made or whether the firm has now sold any of its Bitcoins, but the report said 1 of the funds began the investment as early as mid-2017.

The firm saying it has made hundreds of millions of dollars for its investors.

USD taking a beating

US (.DXY) Dollar Index -0.2% to 91.92 +0.33% at 1.2043 +0.70% at 1.3593 -0.26% to 0.9724 -0.23% to 112.33 -0.24% to 6.49

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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