Bitcoin Is on A Horse, Price Passes $7K. But This Holly Miracle Will Stop And This Is Why

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Daddy’s home again, baby. Seems that bitcoin recovers after depressing realm of the six thousand for what seemed like forever, as the price is up to $7k as for last 24 hours. 

Here’s what Nexter.org knows about it.

Bitcoin’s price shot well above $7,000 Tuesday in a dramatic move that took the cryptocurrency to a level it hasn’t seen in more than a month.

As of press time, the world’s most valuable cryptocurrency by market capitalization was trading at $7,368.22, up more than $600 from the day’s open at $6,726.40. Indeed, the market moved quickly, posting the gains over the course of 45 minutes.

bitcoin-price-pics

CoinDesk’s Bitcoin Price Index (BPI) registered a market high of $7,409.28 amidst the sudden spike upward. The last time the price was this high was on June 10, BPI figures reveal.

No need to say that all other cryptocurrencies grew up as well in the last 24 hours – every one of the top 100 coins by market cap was in the green, with 84 of them posting gains of over 5 percent.

Source: TechCrunch/CoinMarketCap

Bitcoin itself crossed the $7,000 mark for the first time in the last month, an indication — but no sure sign — that it might be shaking off a summer slump that’s seen prices plunge below $6,000 on more than one occasion. Bitcoin is quickly moving back toward early June norms around $7,500, though may meet resistance at $7,750. In March, Bitcoin dipped below the $10,000 mark and it’s been unable to mount a rally back above that level in the months since.

What the hell has happened?

In case you also wonder what caused the shift of crypto prices Tech Crunch gathered some of the most popular theories pointing out however that perhaps all or none of these reasons could be true.

  • Yesterday, Coinbase shared the news that U.S. regulators will open the door for the exchange to list tokens that are categorizes as securities.
  • Last week, Coinbase announced it was exploring the addition of Cardano, Basic Attention Token, Stellar Lumens, Zcash and 0x.
  • At Goldman Sachs, current COO David Solomon will move into the chief executive role. Solomon is regarded as a cryptocurrency-friendly choice for CEO.
  • Asset manager BlackRock created a working group to examine blockchain and cryptocurrencies, though its CEO cautioned that he hasn’t observed “huge demand for cryptocurrencies.”
  • Japan’s LINE is launching a cryptocurrency exchange known as BitBox this month, though the token-to-token exchange won’t serve the U.S. or Japan.
  • The major Japanese financial firm SBI Holdings just opened its doors to traders on a cryptocurrency exchange based in the country.

What to expect next?

Going forward, several analysts made bearish forecasts.

“Unless we see sustained prices above $7250, the coming months may test the resolve of even the most committed crypto bulls,” said Pearlstone.

“Another leg lower probably wouldn’t surprise anyone at this point,” said Mati Greenspan, senior market analyst for social trading platform eToro. “The downward trend does seem to be slowing down but it is still prevalent.”

Of course, nobody can really say when the situation will change and a price will drop again, so Follow Nexter.org to know the updates.


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Bitcoin Is on A Horse, Again After Price Passes $7K - Possible Reasons and Predictions When This Holly Miracle Will Stop
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Bitcoin Is on A Horse, Again After Price Passes $7K - Possible Reasons and Predictions When This Holly Miracle Will Stop
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Daddy's home again, baby. Seems that bitcoin recovers after depressing realm of the six thousand for what seemed like forever, as the price is up to $7k as for last 24 hours.  Here's what Nexter.orgknows about it.
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