Bitcoin reaches $11,800 amid global market turbulence

05 Aug 2019

Bitcoin Bitcoin has smashed through the $11,000 level for the first time in three weeks.
 
The price of the world's largest cryptocurrency soared more than 10% over the last 24 hours, hitting $11,840.
 
The co-founder of Morgan Creek Digital, Anthony Pompliano, noted on Twitter: “Bitcoin is performing as designed during times of global instability.”  His comments suggest Bitcoin is increasingly seen by some experts as a safe haven assets in times of market volatility. It comes against a backdrop of financial markets being impacted by a fall in the Chinese currency.
 
“Bitcoin has many use cases and one of the most important is as a form of digital gold,” Charles Hayter, CEO of digital currency comparison platform CryptoCompare, told CNBC by email on Monday. “We have seen Bitcoin jump before on macro uncertainty as it becomes a conduit and flight-to-safety asset.”
 
Bullish sentiment appears to be driving the crypto sector once again. For instance, Pantera CEO Dan Morehead has said there’s a “good shot” the Bitcoin price will hit $42,000 this year.  Meanwhile, Bitcoin hyper-bull Max Keiser sees the digital asset hitting $15,000 this week.
 
The jump in Bitcoin has driven other major digital currencies higher, Ethereum (ETH), TRON (TRX) and Tezos (XTZ) are up between 1.7 and 4%.
 
“Further, the total market capitalization of all cryptocurrencies combined rose by more than $9 billion over a 24-hour period, marking another consecutive day in the green and spurring on the possibility for a continuation in BTC’s price,” reports Coin Desk.