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Forex Today: Bitcoin Breaks $24k Over Weekend – 21 December 2020

on December 21, 2020

U.S. dollar weaker on passive FOMC and anticipation of Biden presidency.

  • Bitcoin’s strongly bullish breakout slows slightly, but the cryptocurrency continues to advance, briefly trading at a new all-time high just above $24,000 per coin on Saturday.
  • Most stock markets closed down last Friday, but are generally bullish. Some major indices such as the S&P 500 and the Dow Jones 30 Index hit new all-time record highs.
  • Most major currencies are in strong, long-term bullish trends against the U.S. dollar, and close to multi-year high prices. The U.S. dollar is the weakest major currency, while the Australian dollar and the euro are especially strong over the medium term. However, the dollar has opened strong this week.
  • Negotiations between the U.K. and the E.U. on a final Brexit trade deal are ongoing. Language from the U.K. government in recent hours has been pessimistic but this means little. If a deal is to be agreed, it must be done within the next 10 days.
  • A new strain of coronavirus has emerged in the U.K. and is reported to be up to 70% more infectious than generic coronavirus. This has led the British government to impose further restrictions on populous south-eastern England and several countries (notably France, Germany, and the Netherlands) have begun to bar entry to flights and travelers from the U.K. Additionally, a new strain has emerged in South Africa which seems to produce more serious illness in younger people.
  • Global coronavirus deaths have increased dramatically since early October to reach a level approximately 90% higher than the peak last April. Coronavirus new cases and deaths have fallen from recent peaks in the European Union, but new cases are beginning to plateau in the U.S.A. while deaths still seem to be increasing. The U.S.A. is currently confirming more than 200,000 new cases daily and is now seeing more than 2,600 deaths per day.
  • Total confirmed new coronavirus cases worldwide stand at over 76.5 million with an average case fatality rate of 2.21%.
  • The rate of new coronavirus infections appears to now be increasing most quickly in Argentina, Azerbaijan, Belarus, Bolivia, Brazil, Burkina Faso, Canada, Chile, Colombia, Croatia, Cuba, Cyprus, Czech Republic, Ecuador, Egypt, El Salvador, Estonia, France, Germany, Guatemala, Indonesia, Ireland, Israel, Japan, South Korea, Latvia, Lebanon, Liechtenstein, Lithuania, Moldova, Mexico, Netherlands, Niger, Nigeria, Norway, Panama, Paraguay, San Marino, Senegal, Slovakia, Slovenia, South Africa, Sweden, Tunisia, the Ukraine, Uruguay, U.K., the U.A.E., and the U.S.A..

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