Bitcoin Made A New Yearly High | U.S. Elections Keeping Traders On Edge

Bitcoin

Bitcoin is pretty much set to skyrocket
again as the price is ready to cross above the 14K
resistance level. The bitcoin price is trading at the
highest level since the 2018 price crash, and given the
momentum that we are seeing in the Bitcoin price, it is
highly likely that the price may continue its journey
towards the all-time high of 20K. But the fact is that the
next milestone, in terms of Bitcoin price, is not the $20K
level. It is Bitcoin moving all the way to $50K.

The
reality is that more and more companies are adopting Bitcoin
and providing access to this digital assets through
traditional platforms like PayPal and Fidelity. In addition
to this, we also have central banks around the globe who are
thinking of creating their own digital currency, and this
adds more appeal for Bitcoin.

The U.S. Elections And
Gold

The world and financial markets are watching the
most important event of the year, the U.S. presidential
elections, which is less than six days away. This particular
event has made investors and traders highly cautious, and no
one wants to take too much risk ahead of this event. This is
despite the fact that polls are widely favouring that
Democratic leaders, Joe Biden, is highly likely to win the
elections. However, traders have learned their mistakes and
do not want to rely on polls as they tend to be terribly
wrong. Given the fact that stakes are high and there is
enormous uncertainty, traders are also dumping the dollar
index, and this is keeping the gold price high. Although,
today, the gold price is trading in negative territory, but
the losses are minuscule. The fact that the gold price is
trading above $1,900 per ounce, traders are hopeful for a
further upward move in the gold price.

Another reason
that can also support the gold price is that it is likely
that the outcome of the U.S. presidential election may not
be decided on November 3rd. There is a strong possibility
that President Trump may not accept the outcome of the U.S.
election. This remains the most significant threat for the
U.S. market, and this is keeping traders on edge. Hence,
they are not keen on favouring riskier
assets.

Oil

In the commodity space, we still
see more weakness for the oil price, and the reason behind
that is that traders are concerned about oil supply as oil
demand remains out of luck. The API report confirmed that
the U.S. crude stockpiles rose 4.58 million barrels last
week. This is the last thing that investors want to see.
Currently, the Crude oil price is trading below $40, and it
is likely that the price may continue its journey toward the
$37 mark.

Coronavirus Update

The global
coronavirus cases have jumped over 43 million, and more than
1.1 million have lost their lives. The second coronavirus
wave has become a major concern for governments around the
globe because daily cases are pretty much at a record level.
The daily…