Forex Morning Briefing, Bitcoin’s Bull Run Continues
Commentary: Nothing New for $DXY, $EUR, $JPY, $GBP, $AUD. PE
Bitcoin climbed past $7,000 for the first time, breaching another milestone less than one month after it tore through the $5,000 mark.
Bitcoin has been on Bull Run lately, with prices adding a $1,000 each over the past 5 sessions to new record highs.
BTC/USD reached a session high of 6,958.87 Thursday in Asia, giving the digital asset a total market cap of $114-T.
There are about 16.659-M Bitcoin tokens in circulation, a figure that will continue to rise until the total reaches 21-M sometime around Y 2140.
Prices were last seen trending around 6,918.88, having gained more than 20% over the past 5 days.
As 1 might expect, this the rally has pushed Bitcoin into overbought territory on the Relative Strength Index (RSI).
The world’s biggest cryptocurrency by market cap will fork into 2 on or about 16 November.
That is when the new SegWit2x protocol will be initiated.
Miners say the new coin is unlikely to overtake Bitcoin.
What it will do is generate significant volatility in certain pockets of the market.
Bitcoin has forked on 2 separate occasions this year, leading to the creation of Bitcoin Cash (BCH) and Bitcoin Gold (BTG).