Bitcoin rises for third consecutive day above $8,000 mark

Bitcoin marginally rose in spot trading today to continue its gains for the third day in a row, due to a strong return to trade above the psychological level of $8,000, as prices are expected to complete the path of the bullish market run, which has dominated Bitcoin's trading since early April.

As of 07:07 GMT, at Bitstamp, Bitcoin is trading around $8,255, up by $20, or 0.2%, from the opening price of $8,235 , with the highest at $8,262 , and the lowest at $8,174.

On Thursday, Bitcoin gained 0.8%, its second consecutive daily gain, as investment demand continued to improve after returning to trade above the $8,000 mark.

Over the course of the week, Bitcoin has gained so far more than 8%, resuming its weekly gains, which were temporarily halted last week for the first time in a month and a half on corrections and profit taking from the highest level in a year.

At the meantime, Bitcoin is trying to achieve more gains above the psychological level of $8,000, but these attempts still need more positive news, which helps to accelerate the levels of investment demand and push the path of the bullish market run.

The bullish market run has dominated the world's largest cryptocurrency trading since early April, recording a year high of $9,096 per unit.

Some crypto market experts believe that a possible Facebook announcement over the next few days about its digital currency will have a significant impact on cryptocurrencies prices, especially if the project disappoints. We may see an appropriate price correction that could be used as an opportunity to buy.

If the details of the project are positive above market expectations, we will see a rise in most of the key cryptos prices, but it is unlikely to repeat the sharp rise as in late 2017.

The Wall Street Journal reported on Thursday (June 13th) that more than a dozen giant companies including Visa, MasterCard, PayPal and Uber are supporting the digital Facebook project, which will be unveiled soon.

A source familiar with the matter told the American newspaper that these companies invested about $10 million each in the digital Facebook currency.

Meanwhile, in a joint statement, G20 finance ministers and central bank governors said that technological innovations, including basic crypto assets, can provide great benefits to the financial system and the global economy.

Whilst at the same time, they warned regulatory authorities against the risks in crypto assets, especially those related to investor protection, anti-money laundering and terrorist financing."

The founder of the digital currency group, Barry Silbert, said the crypto winter had ended and that the markets has entered "a clear spring." He said institutional participation in the market have grown a lot since the 2017 bullish trend, and as a result to that his company is looking at the market with a bullish view.

Most crypto experts believe the bearish market is over and that the market will form a higher base this fall. Some advise that prices should not be pursued at higher levels, as the market is likely to provide opportunities to buy on dips.

Therefore, traders are advised to be patient and buy when the risk to yield ratio is in their favor.

The long waited "Bakkt" platform has announced that it will start testing the futures contract for Bitcoin on July 22, according to an official announcement of the platform on Thursday (June 13th).

The platform is likely to attract many institutional investors as the platform is expected to settle its contracts using Bitcoin instead of the paper currency.

The announcement came on the same week as CME exchange revealed futures data showing a record high in May, while the CBOE exchange will stop providing futures for Bitcoin when their final contracts are settled later this month.