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Crypto Prices Rebound; Bitcoin Remains in Correction Territory

© Reuters.
© Reuters.

Investing.com – Cryptocurrency prices rebounded on Thursday in Asia, although remained in correction territory after plunging more than 10% earlier this week.

Bitcoin gained 0.5% to $7,818.4 by 1:15AM ET (05:15 GMT).

Oliver Isaacs, a prominent bitcoin analyst, told The Independent that he remained optimistic that Bitcoin “has the potential to hit $25,000 by the end of 2019 or early 2020.”

“There are multiple drivers behind the recent resurgence. There are geopolitical, technological and regulatory drivers. The net effect of the trade war between the U.S. and China has led to the sudden interest in bitcoin as a hedge on investments.”

gained 1.3% to $245.41, while edged up 0.8% to 0.40197.

was up 1.8% to $103.907.

In other news, Facebook (NASDAQ:) will announce a cryptocurrency-related project sometime this month, CNBC reported on Wednesday.

The development in the project was closely watched by traders, as the company has revealed little about it so far.

The Financial Times reported last week that the United States Commodity Futures Trading Commission is in talks with the company about the project.

Meanwhile, the U.S. Securities and Exchange Commission has filed fraud charges against Longfin Corp, a U.S.-based cryptocurrency firm, for fabricating 90% of its revenue and selling over 400,000 shares of the company that it did not have the funds to back.

Longfin recorded a massive surge in its share price in 2017 when it claimed it is changing its business model towards blockchain technology.

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Source: investing.com
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