Cryptocurrency

Bitcoin continues to advance above $8,000

2019-10-08 14:34:50 GMT (Economies.com)

Bitcoin rose in spot trading today, to continue rising for the second consecutive day, after it successfully rebounded above the $8,000, with retail and institutional investors trying to benefit from the lowest prices in several months, amid the return of quite tradings to the market after a brief period of confusion that followed the unexpected lackluster launch of the Bakkt platform.

 

At Bitstamp, Bitcoin rose by 1.6% or $133 to $8,344, from the opening of $8,211, with a session-low of $8,211.  

 

Bitcoin rose by 4.5% yesterday, its first daily gain in the last 5 days and the biggest since September 2nd.

 

The total market cap of cryptocurrencies rose by $3 billion today, to $225 billion, as Bitcoin continued to rebound and other major cryptocurrencies such as Ethereum and Ripple rose.

 

The total market cap of cryptocurrencies fell to $213 billion yesterday (the lowest level in a week), to recover around $11 billion in less than 24 hours, and still likely to recover more.

 

Bitcoin rebounded above the $8,000, with retail and institutional investors trying to benefit from the lowest prices in several months, in a positive sign for the return of quite tradings to the market after a brief period of confusion that followed the unexpected lackluster launch of the Bakkt platform.

 

The lukewarm reception of the long-awaited Bakkt’s launch is a primary factor behind the recent drop for Bitcoin, while the institutional investors are still hoping for improvements and positive market movements.

 

Intercontinental Exchange Inc, owner of Bakkt, said that the platform has executed the first block trade of Bitcoin futures contracts between Galaxy Digital and XBTO on October 1st, which can accommodate large trades.

 

Fundstrat co-founder, Tom Lee, said that Bitcoin moves positively when the US stocks rise, and pointed out that Bitcoin becomes a risk-on asset against global turmoil in some cases, Lee also cited the recent drop of S&P 500 and its relation with the Bitcoin, and said that he's closely monitoring Bitcoin's moves in the next few weeks.

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