Bitcoin hits key level ahead of next week’s halving
Bitcoin was up another 12% as investors continue to pile in ahead of next week’s halving event. The largest cryptocurrency got a leg up to the key $10,000 level when it turned out one of those investors was famed Wall Street trader Paul Tudor Jones.
Jones, one of the most famous traders, has been in the investing game for 40 years and has amassed an estimated fortune of $5 billion in the process. In a market letter, the hedge fund guru said that he was using gold as a hedge against the Federal Reserve and governments. He also said that BTC was “the fastest horse” and reminded him of gold in the 1970s and he added,“The most compelling argument for owning Bitcoin is the coming digitization of currency everywhere, accelerated by Covid-19.”
Bitcoin’s halving event is scheduled for Tuesday when block rewards for miners are cut in half. Bulls will be hoping that the coin can hold onto its recent gains and mount a challenge for higher levels.
Litecoin Higher but the Money Flows are in BTC for Now
Litecoin moved higher to $47.00 on the week, but like the rest of the cryptocurrency market, it is underperforming Bitcoin. This is a one-time event FOMO event with liquidity flowing in to avoid missing out on a punch higher in the coin.
Any dislocation in altcoins is really a value opportunity because if the current Bitcoin buzz attracts new investors, especially after the nod of approval from Tudor Jones, then Litecoin is still 67% lower than last year’s high of $147.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.