CryptoCompare reports that Bitcoin has measured up USD 11.500 level on August, the 3rd, 2020. This index has turned out to be 4.85% higher than the day before. Pundits associate this success with all-time high of Nasdaq Composite has been reached the same day. It has become a continuation of Bitcoin and Ether rally started earlier in July, the month had become the most successful for the cryptocurrency for the last eight years.
CNBC assumes that such Nasdaq and Bitcoin skyrocketing is caused by the following reasons:
- COVID-19 pandemic forced investors to look for asylum in high-tech companies like Amazon, Microsoft, Apple etc., so that, this type capital markets are swelling which entails increase in cryptocurrency rates.
- Chinese-American “Tik-Tok war” which strengthens Microsoft market positions.
- Some S&P companies also enjoy with the “month of earnings” that allows them to beat their preceding highs.
It is predicted, that the “bullish” market behavior of Bitcoin and related cryptocurrencies due to these reasons will be actual in medium- or, probably, even long-term.