With a ‘death cross’ looming in the cryptocurrency…
The 50-day moving average is heading precipitously lower to cross the 200-day moving average, which would trigger a so-called ‘death cross’…
But Bitcoin has continued to find support above $8,000 (and the mystery dip-buyer’s territory), suddenly spiking over $300 in the last few minutes…
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And as goes Bitcoin, so the rest of the crypto space jumped too…
This follows comments last night by Peter Thiel who compared Bitcoin to gold…
“…but the one use-case of cryptocurrency as a store of value may actually have quite a bit of a ways to go. I would be long bitcoin and neutral to skeptical of just about everything else at this point, with a few possible exceptions.
The question with something like bitcoin is whether it can become a store of value. And the thing it would replace is something like gold. The analogy is it’s like bars of gold in a vault that never move and you get it and it’s a hedge of sorts against the whole world falling apart.”
Perhaps fear of falling apart is sparking a bid?
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