Cryptocurrency

Bitcoin remains range-bound above $9,000

2019-11-07 15:18:38 GMT (Economies.com)

Bitcoin retreated in spot trading on Thursday, as volatility returned to the narrow range above $9,000, as the crypto market is still mainly thirthy for new catalyst to boost demand in order for Bitcoin to breakout to new highs above the psychological threshold of $10,000.

 

At Bitstamp exchange, Bitcoin lost $148 or 1.6% to $9,201, after it opened at $9,349, with an intraday high of $9,373.  

 

The total market capitalization of cryptocurrencies fell by $4 billion today, to a total of $249 billion, as Bitcoin and most other major cryptos fell.

 

After Bitcoin posted a 5-week high of $10,350 nearly 2 weeks ago, volatility bounced back in a narrow range above the $9,000. 

 

As Bitcoin needs further catalyst to gather momentum to jump back above the $10,000 barrier. 

 

This large rally by Bitcoin came after positive remarks from the Chinese leader Xi Jinping about the blockchain technology and the crypto industry.

 

Otherwise, the payments giant, Square, reported its earnings in the third quarter of 2019, with a profit of $2 million from Bitcoin sales through its Square’s Cash App for Bitcoin investment, as the company's revenues reached $148 million against $146 million in costs.

 

The company stated that Bitcoin buyers through the application almost doubled in Q3, in addition to orders for BTC cards sharply increasing.

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