Bitcoin Price Holds Steady Near One-Month High

The value of bitcoin was little changed Monday, as the market hovered below a key psychological resistance amid continued strength for the US dollar.

The BTC/USD exchange rate was little changed at 614.84 as of 2:45 pm ET, according to CoinDesk. The pair was down as much as 1.3% earlier in the day, reaching a session low of $611.16. Bitcoin is trading just below $620, the bottom of the psychological range.

bitcoin

Demand for the US dollar remained firm Monday, as investors raised their bets on a year-end rate hike by the Federal Reserve. The dollar index rose 0.3% to 96.91, the highest since late July.

The market for fiat currency has grown more volatile in recent weeks, as the combination of monetary policy speculation, Brexit talks and US election jitters led to a huge divergence between currencies. The dollar has been the prime benefactor, whereas the British pound has plummeted.

There were few catalysts in the cryptocurrency market at the start of the week. The BTC/USD remains in the bullish zone, with investors eyeing a bigger breakout int he short term. Bitcoin’s value has appreciated more than 1% against the dollar over the past five days.

Bitcoin was in the news earlier this month after US Republican Congressman Mick Mulvaney said most lawmakers do not know the difference between bitcoin and the blockchain technology that underlies it. This necessitated the formation of the bipartisan Blockchain Caucus last month.

“[W]e really started this caucus as a sort of way to introduce our colleagues and their staff members to what this technology is so that when they start to hear more and more about it, and they will start to hear more about it, that they have good information as we start to talk about things we can do in terms of government policies,” Mulvaney told Bloomberg in a live interview earlier this month.

Blockchain is the underlying technology that drives bitcoin.




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