##Major Singapore Bank: Central Bank Interest in Crypto and Gold Surged Following COVID-19

 

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DBS report showed that cryptocurrencies have grown amid the COVID-19 pandemic and central banks are “troubled and intrigued” by that fact.

The Singaporean multinational banking and financial services corporation DBS Bank has compiled a report on cryptocurrencies and the recent developments in the sector. The paper noted that central banks are both “troubled and intrigued” by the growing role of digital assets in today’s world, especially following the COVID-19 pandemic.

DBS Bank: Cryptocurrencies Are Growing

Headquartered in Marina Bay, DBS Bank is among the largest banks in the region. In its recent paper on cryptocurrencies, DBS said that while they were once perceived by central banks as entirely speculative assets with little-to-no real-life utilization, they have outgrown that mantra and have “captured the investor zeitgeist.”

The COVID-19 pandemic and the actions taken by central banks have only highlighted their merits and accelerated the developments in the field, the paper added.

“Ever since central banks around the world embarked on an unprecedented expansion of their balance sheets to combat the COVID-19 pandemic-related economic headwinds, interest in cryptocurrencies, along with gold, has resurged.”

Although the paper outlined that Bitcoin’s maximum cap of 21 million makes it an enticing investment instrument or a store of value, it also brought up a poll indicating compelling results.

Nearly 35% of participants have responded that they employ BTC and other digital assets for online payments and purchases. At the same time, less than 25% of all answers go to “general interest in it as a technology, short-term investment, and long-term investment.”

##Bitcoin Price Breaks $12K To New 2020 High: New Bull Run Gets Underway?

 

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Bitcoin price had been lingering under the $11,900 mark for the past 48 hours, despite another injection of $6 billion entering the global crypto market at that period.

In the last hour, however, a sudden surge in buying pressure finally arrived, which assisted in driving prices over the psychological $12,000 resistance for the first time in over a week. The bulls drove the price higher than $12,125, which was the 2020 high since the beginning of August.

This key level has so far succeeded in defeating bullish BTC traders on two separate occasions in the first ten days of August. Will it be third time lucky for the primary cryptocurrency, including a daily close above $12,100?

Price Levels to Watch in the Short-term

Right now, BTC is attempting to close above the median line (dashed line) of the long-standing rising channel. This particular level also overlaps with the first major resistance area (green area) between $12,000 and $12,070.

Breaking over this will secure a new reliable support for Bitcoin as bulls attempt to daily-close a new YTD high above $12,100.

Looking at the Fibonacci extension levels on the 4-Hour chart (yellow lines), we can see that the initial breakout ricocheted cleanly off the 0.618 level ($12,199). If this area is overcome during the current uptrend, the first significant test for bulls will be at the 0.786 fib extension level ($12,343), which also overlaps with the upper channel resistance.

There will undoubtedly be a lot of selling pressure at this key level, but breaking over it will almost certainly signal that the Bitcoin bull market is about to add its next leg.

Looking back at previous daily closes, the only area which has shown any real resistance in the past year is the $12,400 level – between June 29 and July 08, 2019.

Going back to 2018 candles, we can also see the $12,800 was a key S/R level during the month of January.

##Bitcoin Breaks Above $12,000 After David Portnoy and MicroStrategy Venture into BTC

 

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According to the chart from TradingView, Bitcoin has now gone above the $12,000 mark. Bulls have made it after dominating the market recently, but there have been a few major factors that may have pushed Bitcoin above this line.

Bitcoin goes up after Portnoy and MicroStrategy bet on it

As covered by U.Today recently, Barstool Sports founder and internet celebrity, David Portnoy, invited the Winklevoss twins to his place to let them tell him what Bitcoin (and crypto in general) is and how it works.

The twins, Bitcoin billionaires, pitched BTC to Portnoy successfully, as he immediately opened his laptop and acquired both BTC and Chainlink. Among the arguments that he heard was that Bitcoin is superior to gold, since Elon Musk and NASA plan on mining gold and other precious metals in space from asteroids.

Thus, Bitcoin, according to Cameron and Tyler Winklevoss, is the most scarce asset in the galaxy and gold’s supply is likely to be infinite.

MicroStrategy lays hands on Bitcoin

Another likely reason for Bitcoin's surge above $12,000 is that, last week, a major publicly-listed Nasdaq company—software giant Microstrategy—announced that it had got hold of $250,000,000 worth of Bitcoin.

The company decided to allocate this amount of cash to a safe haven asset and decided that Bitcoin can definitely be that, thus acknowledging BTC as a legitimate inflation hedge.

#Huge growth in Bitcoin whales after price rally to $11,000

         
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The number of Bitcoin accounts with more than $1 million in Bitcoin has grown 40% in the last week.

In brief

The number of Bitcoin addresses with more than $1 million in Bitcoin has increased by 40%.

This is due to the increase in Bitcoin price over the last week.


More Bitcoin is flowing back into exchanges too.



The number of Bitcoin whales has hit 18,000 after a sudden increase in the last few days. A Bitcoin whale, in this instance, refers to the number of accounts with more than $1 million of Bitcoin.


According to data provider Glassnode, the 40% surge coincided with the recent boost in the price of Bitcoin. After flatlining in the low $9,000s for weeks, Bitcoin’s price suddenly broke $10,000—and then $11,000—in a matter of days.


Since this is based on blockchain data, it doesn’t necessarily mean that there are now 16,000 Bitcoin millionaires. It just refers to the number of accounts that contain at least $1 million worth of Bitcoin, whether they are exchange accounts (looking after other people’s money) or multiple accounts owned by the same people.


The price action is the main reason behind the increase. Since it’s a measure of the amount of fiat value in these Bitcoin addresses, when the price went up, it nudged many addresses into the $1 million mark.


This follows a trend reversal in the movement of funds to and from exchanges. As Decrypt reported last week, the trend switched as more Bitcoin started heading back into exchanges, rather than moving away from them.

Typically this is seen as a bearish sign, suggesting more traders might be wanting to sell. But for the price to jump up $2,000 in two days, someone has to be buying.