Yesterday, Bitcoin broke through the $ 65.000 barrier to hit a new all-time high against the US dollar. However, BTC is now retracing its steps, having dropped close to quotation of $ 63.000, but it could still be interesting.
Paul Tudor Jones prefers bitcoins to gold
Currently, Bitcoin is "winning the race against gold," according to billionaire hedge fund manager Paul Tudor Jones. He also said that cryptocurrencies, rather than gold, are his favorite inflation hedge.
Yesterday, in a discussion with CNBC, Paul Tudor Jones, the founder of wealth management firm Tudor Investment Corp., discussed bitcoin, saying it was his favorite inflation hedge. He has declared:
“Clearly, cryptocurrencies have a future. Clearly, he is now winning the race against gold… At the moment, this would be my preferred option over gold ”.
The price of bitcoin broke all-time highs yesterday, October 20, following the launch of the first bitcoin futures ETF in the United States on the NYSE. Over the past year, gold has lost 8%, while bitcoin has risen by 437%.
Open interest in Bitcoin is increasing
During the month of October, there was a significant increase in interest in Bitcoin. Open interest rose 23% in October alone, reflecting the asset's monthly growth. This is the fastest growth in world open interest in 18 days and up to 7 months. Bitcoin has led the way in terms of open interest worldwide, registering the most significant development in this sense.
Last week, global open interest in Bitcoin stood at 350.000 BTC. This week, however, that figure rose to 370.000, returning to levels seen in April, at the height of the previous bull market.
Bitcoin futures contracts on the CME were the main driver of the increase in open interest. This also set a new high, with the amount held in futures contracts currently approaching $ 4 billion.
Bitcoin's price has risen above the $ 63.500 resistance level. BTC has broken through the crucial $ 65.000 resistance zone and is trading above the 100-hour simple moving average.
It even broke through the overhead resistance of $ 65.500 and hit a new all-time high of $ 66.982. It is currently correcting at less than $ 66.000.
The $ 64.200 level provides instant support. On the hourly timeframe of the BTC / USD pair, a critical uptrend line is forming with support at around $ 63.000.
So? What do you think of BTC and its new all-time high? Let us know in the comments section below.
