Bitcoin rips through more and more FIAT barriers with not many left now
With today's action of Bitcoin ripping through the previous all time highs against FIAT currencies such as USD and EUR which appears to be heavily driven by the Central Banks activity in the recent months in terms of money printing and driving the purchasing power of the currencies down, there remain to be a few barriers which Bitcoin is yet to break with only a few currencies left such as JPY.
- With 16th of December 2020 certainly a date to remember and celebrate for Bitcoin's achievement of having a solid breakthrough the psychological barrier of $20,000 as well as €17,000, the USD pair hours after the breakout remained to consolidate within the $20,550 to $20,800 price area, with a further breakout to the upside currently claiming the $21,444 high
- Although the GBP pair has lagged good ten hours behind in terms of breaking the previous time highs, at last it appears as though the stars have aligned for the pair and exactly three years after its previous high it has just blasted through the barrier of £15,600 for now claiming just slightly over £15,900
- Perhaps the last barrier for Bitcoin to face now is the JPY pair which at the time of writing is short just about 4% of an upside to break through the ¥2,312,100 previous all time high formed back in the December of 2017.
- Besides FIAT currencies, one asset Bitcoin is often compared against is Gold which is yet another unclaimed barrier back from the 2017 when a Bitcoin at its highest was roughly worth 15.6 ounces of Gold with today's price action seeing Bitcoin being worth roughly 11.5 ounces of Gold.
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This article was originally published on read.cash