Markets and Prices
Bitcoin and World Financial Markets Close Another Spectacular Week
Julio Gil-Pulgar · @gil_pulgar | Oct 28, 2017 | 12:30
Bitcoin’s price sustained its spectacular momentum by remaining within its all-time high range during the week ending October 27, 2017. At the same time, the Dow Jones rose for the seventh straight week, fueled by technology stocks. Among these stocks, Nvidia, a Bitcoin and Ethereum mining device maker, was the strongest.
Bitcoin Remains the Best Performing Currency
Bitcoin remains the best performer and the unchallenged leader among fiat and other digital currencies by staying within its all-time high price range. For the previous two consecutive weeks, Bitcoin’s price had been breaking all record highs.
Bitcoin started the week of October 23, 201, by reaching a value of $6,075 USD per coin, during intraday trading. On the same day, Bitcoin’s blockchain was split, creating a new cryptocurrency, Bitcoin Gold.
During the early hours of the new cryptocurrency, and for several hours, hackers crippled the Bitcoin Gold’s cloud site with a distributed denial of service (DDoS) attacks. As a result, Bitcoin Gold’s price descended as low as $127.79 USD. Similarly, Bitcoin hit a low of $5,403 USD.
Massive DDoS attack on our cloud site. 10M requests per minute. We are working with the providers to ban all the IPs. We will be up soon!
— Bitcoin Gold [BTG] (@bitcoingold) October 24, 2017
However, showing its usual resiliency, Bitcoin rapidly recovered, closing the week ending October 27, 2017 above $5,800 USD. Bitcoin Gold, on the other hand, closed the week at $119.58 USD.
Dow Jones, NASDAQ, and Bitcoin’s Amazing Upward Trend
Certainly, Bitcoin is not the only financial asset about which investors are bullish. Indeed, the upbeat sentiment vis-a-vis financial markets also prevails intact, as the stunning data reveals for the week ending October 27, 2017.
For example, the NASDAQ 100 surged the most since the year 2009, closing at a new record high of 6,213.47 points. Meanwhile, the Dow Jones Index advanced 33.33 points, ending the session at 23,434.19.
Most financial experts agree that the technology sector earnings are fueling the extraordinary surge in the market.
And, the technology company that rose the most was Bitcoin-friendly Nvidia. In effect, Nvidia broke an all-time record again, closing at $201.86 USD per share on Friday, October 27.
Nvidia manufactures graphics processing units (GPUs) designed explicitly for cryptocurrency mining. Nvidia’s sales had soared in the second quarter, due to Bitcoin miners’ high demand for GPUs. In this connection, Fortune published an article entitled Wall Street Fears Nvidia Is Too Dependent on Bitcoin.
Nvidia is also heavily involved in manufacturing devices for driverless cars, artificial intelligence, and other Fourth Industrial Revolution technologies. Recently, Nvidia announced the introduction a new cloud-based GPU platform (GPUC) “to combine deep learning software with world’s fastest GPUs.”
For three weeks in a row, the value of both the stock markets and Bitcoin has soared. This is amazing news. However, as always, cryptocurrency enthusiasts and investors need to take precautions before investing.
Do you think there is a relationship among Bitcoin, technology companies, and the recent record high surge in the stock markets? Let us know what you think in the comments below.
Images courtesy of Shutterstock and Pixabay
