Bitcoin was little changed around $11,000 Thursday, as traders digested reports that the U.S. economy shrank during the second quarter at the fastest pace on record and President Donald Trump floated the controversial possibility of delaying this November’s elections.
Trading was light, with volume of about $100 million on the Coinbase exchange, after a price rally earlier this week led to a flurry of volumes.
“Bitcoin’s push has been fueled by the drive towards safe haven assets,” said Micah Erstling, trader at digital-asset trading firm GSR. “Markets are being driven by ongoing coronavirus concerns, as well as U.S.-China trade tensions, which also helps to explain gold’s meteoric rise.” Gold is up 28% for the year, while bitcoin has gained 53%.
Trading was light, with volume of about $100 million on the Coinbase exchange, after a price rally earlier this week led to a flurry of volumes.
“Bitcoin’s push has been fueled by the drive towards safe haven assets,” said Micah Erstling, trader at digital-asset trading firm GSR. “Markets are being driven by ongoing coronavirus concerns, as well as U.S.-China trade tensions, which also helps to explain gold’s meteoric rise.” Gold is up 28% for the year, while bitcoin has gained 53%.
