Bitcoin Nears $11,000, Ethereum Eyes $370 – Trustnodes

Bitcoin Nears $11,000, Ethereum Eyes $370

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Bitcoin and ethereum's price, Oct 2020

Bitcoin is rising, up to $10,900 today while ethereum is close to overtaking $370 with stocks up as well.

Ethereum seems to be rising a bit more, gaining on the ratio again after testing support following a bull run:

Ethereum bitcoin price, Oct 2020
Ethereum bitcoin price, Oct 2020

For both bitcoin and ethereum, the new policy by the European Central Bank (ECB) that they too may target higher than 2% inflation, may be one contributor.

The reminder through the US debate of the tough decision that America has to make, may be another.

The dollar is also weakening and considerably, losing significant ground against CNY and other currencies:

Dollar strength index, Oct 2020
Dollar strength index, Oct 2020

This dollar weakness has been going on for months now, but after a few gains, it has turned downwards again.

Except against Turkish Lira (TRY) which is losing even more ground amid complex chess in all Turkish fronts.

It’s economy however is expected to grow by 0.3% according to Berat Albayrak, the Turkish Treasury and Finance Minister.

USD/TRY, October 2020
USD/TRY, October 2020

Finally there’s Pakistan, an economy of $315 billion where a petition has been handed to overturn a central bank diktat that prohibited crypto trading in 2018.

“If using digital currency doesn’t constitute an unlawful act, why is it not being allowed?” – Justice Muhammad Iqbal Kalhoro asked.

That question gives a clear indication of what the result is very likely to be as India’s Supreme Court overturned a likewise diktat.

Pakistan’s economy is a lot smaller than India’s, but they’re a lot more neutral+ towards China. Thus may have more of a chance of strategically using bitcoin for international trade like Iran might be doing.

All in all, the overall picture looks decent for bitcoin and thus much of the crypto space as October enters.

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October 19, 2020 11:11 am

nice one keep posting really appreciated