Euro Markets Higher | Oil Price Crosses $60 | Bitcoin Surges
European Markets Trade Higher In Thin Volume |
Oil Crossed above $60 Mark | Bitcoin Surged Passed Above 16K
A thin volume trading is a general theme across the markets. European stock markets are trading marginally higher. Most traders are away on their holiday and we do not expect much action in the markets, however, the general portfolio rebalancing trade would be the most common feature between now and the end of this year.
Markets are looking at the energy market and crude oil crossing the $60 mark has engaged some traders. We have not seen the oil prices crossing this mark in the past two years. A pipe blast in Libya is the major reason behind the move.
The roller coaster ride for cryptocurrency is something which many would pay attention today. Bitcoin crossed briefly below 11K on Friday and crosses above 16K yesterday. Perhaps, it may be safe to say that the miserable five days sell off for the crypto King, Bitcoin, may be over. As long as we stay above the recently formed bottom, the path of least resistance is skewed to the upside.
The demand for Bitcoin is unlimited while supply is capped and if this continues to be the case, we do see the Bitcoin price touching the 40K mark in late 2018 or early 2019. Rival currencies such as Litecoin and ethereum have also bounced back up from their lows because the typical theme of rising tide lifts all the boats is supporting the sentiment. The biggest exchange for Bitcoin, Coinbase, issued a warning yesterday on their site by informing traders it is experiencing high volume and transaction processing time may be delayed by several hours.