Photographer: Akos Stiller\/Bloomberg<\/p>\n
Photographer: Akos Stiller\/Bloomberg<\/p>\n
Theres one asset escaping the pounding from the spreading coronavirus: Bitcoin.<\/p>\n
The largest cryptocurrency rose as high as $9,142.80 on Tuesday, a level last seen early November. Other coins rallied as well, with the Bloomberg Galaxy Crypto Index gaining as much as 1.7% to more than a two-month high.<\/p>\n
The increases come after last weeks poor performance in the run up to Lunar New Year celebrations, which some participants expected to trigger a slowdown in trading.<\/p>\n
Potential explanations for the rally include Bitcoins potential new safe-haven status amid risk-off moves fueled by the spread of the virus. JPMorgan Chase & Co.s Nikolaos Panigirtzoglou last week said that options on the cryptocurrency are off to a decent start.<\/p>\n
Some hedge funds who do not necessarily have a fundamental view on Bitcoin direction could see opportunities in trading volatility, Panigirtzoglou wrote in a note Friday. The CMEs reputation and credibility in U.S. derivatives markets more broadly could be a substantial advantage in attracting those potential market participants.<\/p>\n
Read: CME Sees 54 Options on Bitcoin Futures Traded in Debut<\/p>\n
Nomura Securities Internationals Charlie McElligott in a note Monday pointed to U.S. five-year real yields at the most negative since April 2017 acting as a major bullish catalyst for gold and Bitcoin.<\/p>\n
Of course, Bitcoin is also famously volatile, having gone parabolic in late 2017 to reach about $19,000, before tumbling back over the course of the next year. It had quite a ride even in 2019, having started the year just above $3,000 and spiking to nearly $14,000 in June before ending December at $7,158.<\/p>\n
Before it's here, it's on the Bloomberg Terminal.<\/p>\n
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No Virus Woes for Bitcoin as It Climbs to Highest Since November - Bloomberg<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Photographer: Akos Stiller\/Bloomberg Photographer: Akos Stiller\/Bloomberg Theres one asset escaping the pounding from the spreading coronavirus: Bitcoin. The largest cryptocurrency rose as high as $9,142.80 on Tuesday, a level last seen early November. Other coins rallied as well, with the Bloomberg Galaxy Crypto Index gaining as much as 1.7% to more than a two-month high. Continue reading