Bitcoin’s price has been gathering strength despite the flurry of negative news trends lately including the Financial Conduct Authority (FCA) of the UK banning crypto derivatives; US stimulus talks stalling and KuCoin suffering a hacking attack last month.
Nevertheless, the digital currency continued to climb, touching the $11,800 level.The world’s largest digital currency traded 2.37 percent higher at $11,732.68 on Tuesday, said CoinDesk data.
US Elections: 2020 U.S. Presidential Elections remain a strong viewpoint for investors, as the correlation between USD/BTC stands inverse. Therefore, a weakening in dollar will be a boon for BTC.
Fed Reserve’s move: The crypto community is also closely watching Federal Reserve’s move in the digital currency space. US Fed Chairman Jerome Powell’s recent comment has put bitcoin’s rally on-hold.