[US Stock Market Drop]
The US exchange closed on a low note as a result of profit taking orders triggered by a price surge overnight. The Dow Jones fell .91% to USD 29,638.64, the S&P fell 0.46% to USD 3,261.63 and the tech heavy Nasdaq fell 0.06% to USD 12,198.74 on the NYSE. On the other hand, the blockchain theme in the US market rose 2.17%
With the rising hopes of a COVID19 vaccine and its steady position in the market, investors have been switching over to the riskier asset leaving gold prices at its lowest in the past 5 months. Concurrently on the New York Mercantile Exchange, gold is expected to fall 0.4% to 1,780.90 by next February.
Bitcoin has been on a bullish run as of late and has hit its highest in the major exchanges passing the USD 19,800 mark to rest at USD 19,888. It has hit the same peak it did back on Dec. 17th 2017. Following the price of BTC on the main exchange was $19875.85 for Huobi, $19821.9 for OKEx, and Binance at that time.
Alliancebernstein, a global investment management company known for its value investments, with $631 billion in operating assets alone, stated that Bitcoin is playing a big role in investors' portfolios.
According to CoinDesk, a media outlet specializing in cryptography, Inigo Fraser Jenkins, head of the investment strategy team at Alliancebernstein Research Center stated that since early 2018, Bitcoin was taken off the list of investment resources, however with the recent COVID phenomenon, shifting environmental policy, and rising deficit, it is difficult to ignore Bitcoin's portfolio potential from an asset management firm's position.
Along with Bitcoin's continuous climb, Altcoins no doubt have been moving in the same direction. Bitcoin's climb to the USD 20K mark seems to be a matter of time and congruently, expectations for Altcoins is just as hopeful.
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