Bitcoin up 170% for the year

Bitcoin Reaches $11,000!

On Monday the crypto king Bitcoin rose above the $11,000 target scoring a more than a year top. One fact that supported the popular crypto was the announcement of Facebook's crypto creating new demand from investors.

According to Coindesk’s Bitcoin Price Index, Bitcoin caught an intraday high of $11,307.68 on Monday. That level is the highest level since 2018. Jehan Chu, co-founder of Kenetic Capital said that “The price surge is due to two major factors, one is an increasing consensus among the investment community that bitcoin is a legitimate store of value for the digital age, and two Facebook’s Libra cryptocurrency launch has forced every CEO to take crypto seriously.”

The Week that was

According to the New York Times, tensions between the U.S. and Iran intensified and that made President Donald Trump approve military hits on several Iranian targets last week. However, he suddenly withdrawal his decision after a while. The New York Times said that they don't know if the president simply changed his mind or the administration shifted direction regarding their strategic plans. Trump said “I think they made a mistake, and I’m not just talking the country made a mistake. I think that someone under the command of that country made a big mistake.”

Main Focus This Week

It's going to be a very busy week ahead for the popular U.S dollar.

On Tuesday we will have the June consumer confidence figures, a positive outcome will be the 130 level.

On Wednesday Durable goods orders will also present us the direction while the finalized 1st quarter GDP numbers are going to be released on Thursday. Friday will be a very interesting day as well with the Federal Reserve preferred May inflation figures, personal spending, and the Chicago PMI numbers.