Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      TCS | South Africa’s Sociable wants to make social media social again

      23 June 2025

      Tech stability key to getting South Africa off damaging financial grey list

      23 June 2025

      ‘System offline’ scourge to end, says Schreiber – but industry must pay

      23 June 2025

      Naspers shifts to an AI-first strategy – and it’s paying off

      23 June 2025

      Letter: South Africa risks missing AI wave while world surges ahead

      23 June 2025
    • World

      Watch | Starship rocket explodes in setback to Musk’s Mars mission

      19 June 2025

      Trump Mobile dials into politics, profit and patriarchy

      17 June 2025

      Samsung plots health data hub to link users and doctors in real time

      17 June 2025

      Beijing’s chip champions blacklisted by Taiwan

      16 June 2025

      China is behind in AI chips – but for how much longer?

      13 June 2025
    • In-depth

      Meta bets $72-billion on AI – and investors love it

      17 June 2025

      MultiChoice may unbundle SuperSport from DStv

      12 June 2025

      Grok promised bias-free chat. Then came the edits

      2 June 2025

      Digital fortress: We go inside JB5, Teraco’s giant new AI-ready data centre

      30 May 2025

      Sam Altman and Jony Ive’s big bet to out-Apple Apple

      22 May 2025
    • TCS

      TechCentral Nexus S0E3: Behind Takealot’s revenue surge

      23 June 2025

      TCS+ | AfriGIS’s Helen Hulett on how tech can help resolve South Africa’s water crisis

      18 June 2025

      TechCentral Nexus S0E2: South Africa’s digital battlefield

      16 June 2025

      TechCentral Nexus S0E1: Starlink, BEE and a new leader at Vodacom

      8 June 2025

      TCS+ | The future of mobile money, with MTN’s Kagiso Mothibi

      6 June 2025
    • Opinion

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025

      Beyond the box: why IT distribution depends on real partnerships

      2 June 2025

      South Africa’s next crisis? Being offline in an AI-driven world

      2 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Cryptocurrencies » Bitcoin approaches $12 000 after snapping equities correlation

    Bitcoin approaches $12 000 after snapping equities correlation

    By Agency Staff19 October 2020
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp

    Bitcoin’s biggest rally in more than a week has pushed it to the brink of US$12 000, a key level watched by chartists and technicians.

    The world’s largest digital currency rose as much as 3.4% on Monday to around $11 835. Crypto fans are closely watching the $12 000 level as a major hurdle to cross before it can embark on a bigger rally.

    The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital coins, also rose, gaining 4.5% at one point. Dash and monero were among the biggest advancers, each rising more than 5%.

    Many on social media were quick to point out that a truly global and decentralised digital currency already exists

    On Monday, the International Monetary Fund hosted a virtual panel on cross-border payments and digital currencies which featured BIS GM Agustin Carstens as well as US Federal Reserve chairman Jerome Powell, among others. Powell said the central bank is evaluating the costs and benefits of a digital currency but has not decided yet on whether to issue one. He also nodded to Facebook’s libra as a catalyst for focusing more attention on the issues.

    The discussion at least partly helps explain bitcoin’s move higher as it was closely watched by the crypto community, said Mati Greenspan, founder of Quantum Economics.

    Far apart

    “Comments from Jerome Powell and the other participants made it clear just how far apart the various countries are when it comes to CBDCs,” said Greenspan, referring to central bank digital currencies. “Many on social media were quick to point out that a truly global and decentralised digital currency already exists.”

    The coin’s trading on Monday also helped it buck a recent trend of moving in tandem with US equities, whereby it was often rising when they were and falling on risk-off days. The S&P 500 Index dropped as investors weighed the latest progress on a new government spending bill meant to help shore up the economy.

    Many analysts remain bullish on the cryptocurrency, heartened by its limited supply and comforted by greater institutional acceptance in recent weeks. Square, for instance, said earlier this month that it has made an investment of about US$50-million in bitcoin.

    “We see bitcoin emerging as a relative oasis of calm and outperformance,” wrote Mike McGlone, an analyst with Bloomberg Intelligence, in a note. “There should be little doubt technology and digitisation will continue advancing, yet bitcoin’s supply will keep shrinking, supporting its price.”  — Reported by Vildana Hajric, (c) 2020 Bloomberg LP



    Agustin Carstens Bitcoin dash Facebook Jerome Powell Libra Mati Greenspan monero Quantum Economics
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleJapan to join forces with US, Europe in regulating Big Tech firms
    Next Article Luno launches savings wallet, offering interest on bitcoin

    Related Posts

    Shrimp Jesus and the AI ad invasion

    4 June 2025

    Silicon slip-ups: the tech industry’s biggest flops

    29 May 2025

    Bitcoin smashes R2-million mark in record-breaking rally

    22 May 2025
    Company News

    IoT connectivity management in South Africa – expert insights

    23 June 2025

    Let’s reimagine Joburg using the power of tech, data and AI

    23 June 2025

    Netstar doubles down on global markets while backing SA growth

    23 June 2025
    Opinion

    South Africa pioneered drone laws a decade ago – now it must catch up

    17 June 2025

    AI and the future of ICT distribution

    16 June 2025

    Singapore soared – why can’t we? Lessons South Africa refuses to learn

    13 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.