Bitcoin Celebrates Its 11th Birthday With a 6% Price Surge to Over $7400

Siamak Masnavi

On Friday (January 3), Bitcoin celebrated the 11th anniversary of the mining of the genesis block by strongly bouncing back from the intraday low of $6,886, which had been reached at 01:55 UTC:

BTC-USD - One Day Chart - 3 Jan 2020.png

That's when Bitcoin's price rally started, and by 16:55 UTC, Bitcoin had gone up over $512 or 7.43%.

Su Zhu, Co-Founder, CIO, and CEO of Singapore-based crypto-focused hedge fund Three Arrows Capital, said that the fact that Bitcoin started rallying around the same time as gold and oil gave further support to the theory that Bitcoin is a macro hedge:

However, not everyone was ready to attribute Bitcoin's price surge to rising geopolitical tensions in the Middle East.

For example, here is crypto analyst/trader and macro economist Alex Krüger with his take on the subject:

Across the crypto space, many people were today celebrating Bitcoin's 11th birthday (i.e. it was on 3 January 2009 when Satoshi mined the genesis block):

At the time of writing (18:03 UTC), according to data from CryptoCompare, Bitcoin is trading at $7,358, up 5.68% in the past 24-hour period:

BTC-USD Fancy Chart on 3 Jan 2020.png

 

Featured Image Credit: Photo via Pixabay.com