Bitcoin is threatening to make a new record as it is below last week’s high just above $93,000, suggesting it could soon reach $100,000.
- The cryptocurrency Bitcoin has been consolidating since reaching a record high above $93,000 a few days ago, but the current price indicates that further bullish growth is likely to occur. The obvious target is the big round number of $100,000. Trend and momentum traders will be interested in going long in Bitcoin, which can be traded as spot Bitcoin, as CFDs, as futures (there is a micro future on CME that is only 10% of a coin in size) or as options.
- Equity markets are mixed to higher, with several major indices gaining over the past day, notably the NASDAQ 100, S&P 500, Japan’s Nikkei 225 and Australia’s ASX 200.
- In the forex market, the US dollar lost ground yesterday after hitting a new one-year high last week. Like Bitcoin, the dollar also gained strength with Trump’s victory. Riskier assets are recovering. As of today’s opening in Tokyo, the strongest major currency is the Australian dollar, while the Swiss franc is the weakest.
- The Reserve Bank of Australia has released the minutes of its latest policy meeting. The minutes did not contain any surprises, which reinforced the general analysis that the Bank is in no hurry to reduce interest rates. This may help the Aussie’s relative strength today.
- The following high-impact economic data will be released today:
- Hearings on UK monetary policy reports
- Canada’s CPI (inflation), which is expected to have risen 0.3% last month.
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