On Friday (January 3), Bitcoin celebrated the 11th anniversary of the mining of the genesis block by strongly bouncing back from the intraday low of $6,886, which had been reached at 01:55 UTC:
That’s when Bitcoin’s price rally started, and by 16:55 UTC, Bitcoin had gone up over $512 or 7.43%.
Su Zhu, Co-Founder, CIO, and CEO of Singapore-based crypto-focused hedge fund Three Arrows Capital, said that the fact that Bitcoin started rallying around the same time as gold and oil gave further support to the theory that Bitcoin is a macro hedge:
$BTC exhibiting some macro convergence today w/ Oil and Gold on the back of Iran geopolitical escalation pic.twitter.com/QZFQltxLky
— Su Zhu (@zhusu) January 3, 2020
However, not everyone was ready to attribute Bitcoin’s price surge to rising geopolitical tensions in the Middle East.
For example, here is crypto analyst/trader and macro economist Alex Krüger with his take on the subject:
It's happening. People all over talking about bitcoin as a safe haven. Seems they didn't learn from the failed China narrative. Zoom in intraday. $BTC moved up 3.30 hours after the Iran news, after first dropping 1.5%. Gold and crude instead pumped right away. pic.twitter.com/IMJwj7OWt6
— Alex Krüger (@krugermacro) January 3, 2020
Across the crypto space, many people were today celebrating Bitcoin’s 11th birthday (i.e. it was on 3 January 2009 when Satoshi mined the genesis block):
3rd of January! Happy 11th birthday, #Bitcoin.
Genesis. pic.twitter.com/z3SbviG4pg
— MMCrypto (@MMcrypto) January 3, 2020
On Jan 3, 2009 Satoshi Nakamoto mined the genesis block of the #bitcoin network, embedded with a message for citizens of the world. pic.twitter.com/n5uTbgR7OH
— Fidelity Digital Assets (@DigitalAssets) January 3, 2020
GENESIS: Happy birthday, Bitcoin! 🎈
It’s been 11 years since the blockchain started moving. Back then, a lot of people thought it was a joke. Well, who’s laughing now? #goingstrong pic.twitter.com/h41jYLMy0W— Bitstamp (@Bitstamp) January 3, 2020
At the time of writing (18:03 UTC), according to data from CryptoCompare, Bitcoin is trading at $7,358, up 5.68% in the past 24-hour period:
Featured Image Credit: Photo via Pixabay.com
