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Bitcoin Holds Gains, USD Sees Weekly Loss

by Paul Ebeling
written by Paul Ebeling

#Bitcoin #USD

$BTC $USD

Bitcoin is hanging close to record highs Friday, set for gains of over 20% in a milestone week marked by the endorsement of major firms, while the weak US jobs market weighs on the Buck.

Bitcoin, the world’s most popular cryptocurrency last traded 1.1% down at 47,451, just South of a record high of 49,000 marked after US banking group BNY Mellon (NYSE:BK)said it had formed a unit to help clients hold, transfer, and issue digital assets.

Elon Musk’s Tesla (NASDAQ:TSLA) announced this wk in a SEC filing that it bought $1.5-B of Bitcoin in January.

Credit card giant Mastercard’s (NYSE:MA) plans to offer support for some cryptocurrencies also boosted Bitcoin’s move towards mainstream finance.

Elsewhere: the USD headed for its 1st losing wk in 3 on signs of weakness in the US jobs market.

Thursday’s weaker-than-expected wkly US jobless claims data added to concerns the Buck’s rally priced in a rebound for the US economy too fast.

Have a healthy weekend, Keep the Faith!

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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