Bitcoin News

Bitcoin Turns Green as Fall to $9,000 Wakes Bulls Out of Slumber

© Reuters.
© Reuters. — Bitcoin turned positive Wednesday after a selloff to the $9,000 handle triggered a wave of buying.

rose 1.60% to $9,837, recovering from a slump to $9,082. The recovery from the $9,000 represents some recovery for bitcoin after heavy selling a day earlier, which had led some to suggest that a plunge below $8,000 could be in sight.

But those fears appear overblown somewhat as the popular crypto appears to be mounting a challenge to reclaim the key $10,000 price level – a move which would likely signal the bulls are not ready to call time.

Since the start of the rally that began in February, bitcoin has surged 186%, with many putting the rally down to an expected cut in bitcoin supply next year, dubbed the halvening, and growing interest from institutional as Facebook (NASDAQ:) works on the launch of its crypto Libra.

While many have struggled to highlight a clear reason for the recent selloff in bitcoin, some have pointed to the fears that U.S. lawmakers will use Facebook’s testimony on the Capitol Hill for its Libra coin as an opportunity to bash cryptocurrencies.

Several lawmakers on Wednesday called on Facebook to halt its development until Congress and regulators had the opportunity to assess concerns around the social media company’s cryptocurrency.

Still, the bounce in bitcoin led other cryptos higher. rose 6.85% to $0.3167, surged 6.80% to $214.61 and soared 13.15% to $91.42.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

View original post

Show More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button