Cryptocurrency

Bitcoin firms above $10,000 on positive comments by senior US congressman

2019-07-19 10:56:04 GMT (Economies.com)

Bitcoin rose slightly in spot trading on Friday to maintain its gains for the third day in a row after the leading currency in the crypto market returned strongly to trade above the $10,000 mark, with the recovery continuing from a four-week low, after comments by a senior member in the US Congress on the difficulty of stopping or disrupting the Bitcoin.

 

On the Bitstamp exchange, Bitcoin rose by $96, or 0.9% to $10,734, from the opening price of $10,638, with the lowest level at $10,401.

 

Thursday's gain was 9.8%, the second daily gain in a row, and the biggest daily gain since July 3, with rebounds continuing from a four-week low of $9,049 per unit.

 

The total market value of cryptocurrencies on Friday rose by about $3 billion to a total of $290 billion, with most of the major currencies in the market recovering.

 

The market recovered more than $42 billion in 48 hours, after the total value of cryptocurrencies on Wednesday fell to $248 billion, the lowest level since June 11.

 

Before firming above the $10,000-strong strength, experts said that scrutiny of the encryption industry and Libra in the US and most of the world may weaken sentiment in the short term, but it is unlikely to change the long-term trend in Bitcoin, which is supported by strong fundamentals.

 

They stressed that the current correction in Bitcoin prices is a good entry point because the market will shift its focus very soon to the launch of the Bakkt platform.

 

According to a previous announcement, the platform will start on July 22 and will certainly attract many institutional investors. The platform is expected to settle its contracts using the Bitcoin currency instead of the paper currency.

 

In an interview with CNBC television, US MP Patrick McHenry, a senior member of the House of Representatives Financial Services Committee, said that he believes that there is no "ability to kill Bitcoin."

 

"Even the Chinese with their own protection systems and their strong involvement in their society have not been able to stop or disrupt the Bitcoin," McHenry said.

 

The congressman pointed out that the latest cryptocurrencies backed by startups or international companies such as the Libra currency are trying to replicate the success of the Bitcoin, which is the core of the Blockchain networks.

 

He stressed that the regulators had no means of stopping the Blockchain network, yet he thinks that other cryptocurrency projects that imitate and mimic the Bitcoin could be stopped by the regulatory authorities.

 

On the other hand, the digital asset management fund Grayscale Investments recorded a remarkable growth in its assets, reaching an all-time high of $2.7 billion, in a strong sign of the massive participation of institutional investors.

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