Bitcoin ( BTC ) price broke the $ 10,650 level for the first time since September 4, and is changing hands at $ 10,714 at the time of writing. Bitcoin was just trading at $ 10,200 this morning. This is probably because US stocks are seeing a bounce after a two-week sell-off.
As can be seen, today the Nasdaq Composite index rose by 247.70 (2.28%). Dow Jones rose 1.28%, and most recently the S&P 500 gained 1.69%.
According to a report published by OMG Altcoin, “Technological sensitivity increased with Nvidia acquiring SoftBank’s chip maker Arm Holdings for $ 40 billion”.
The report points out that investor sentiment outside the technology sector has increased with the news that the British-Swedish multinational pharmaceutical and biopharmaceutical company AstraZeneca continues its third stage trials for the coronavirus vaccine in the UK after being stopped due to safety concerns.
Another macro factor that may have helped the Bitcoin price rise by 3% today could be the drop in the Dollar Index (DXY), which measures the value of the US dollar against other currencies.
The KING WILL RETURN pic.twitter.com/kytRDONrI9
— ๑ Panda ๑ (@RamenofBinance) September 14, 2020
The decline in the value of the US dollar may also have helped the spot gold price increase by $ 18.80 (0.97%) to $ 1,958 an ounce. Charles Edwards, co-founder of digital asset management firm Capriole Investments, says Bitcoin is still low in value, albeit at these levels: