Bitcoin Volume at $6.4 Billion, Up 2x Since Last Week as Crypto Market Surges

The volume of bitcoin, the most dominant cryptocurrency in the global market, has risen by two-fold in the past week, supporting the recent mini bull rally of the crypto market. Last week, CCN noted that the low volume of bitcoin is a concern for the short-term trend of the market. For instance, on July 9, the volume of bitcoin was lower than that of Tether (USDT), a widely traded stablecoin whose value is equivalent to the value of the US dollar. Less than seven days ago, the volume of BTC…

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Crypto Market Adds $20 Billion in 30 Minutes as Bitcoin Spikes to $7,400

The bitcoin price has surged 10 percent over the past 30 minutes, subsequent to experiencing a substantial spike in its volume. Within one-hour period, the price of bitcoin, Bitcoin Cash, ether, Ripple, and EOS increased by 6 to 10 percent, as the valuation of the cryptocurrency market surged to $292 billion from $272 billion, by more than $20 billion. Market Added $20 Billion in 30 Minutes An unexpected corrective rally occurred in the evening of July 17, pushing the price of major digital assets to spike by large margins. Bitcoin…

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Bitcoin Spikes to $6,600 as Crypto Market Finds Momentum

After a week of stability in the $250 billion region, the crypto market has started to demonstrate solid momentum, potentially eying a breakout to the $300 billion mark, supported by a rally initiated by bitcoin and Bitcoin Cash. On July 16, the price of bitcoin, ether, Ripple, Bitcoin Cash, and EOS increased by 3 to 8 percent, with EOS recording the largest gain amongst major cryptocurrencies. The volume of BTC, which has been a key indicator for short-term growth, has rebounded to $4.5 billion, while the volume of ether, the…

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Cryptocurrency Markets Gear into Recovery Mode as EOS Rises 8%

The cryptocurrency markets appear to be in recovery mode on Monday after a rather torrid week where most coins reached 2018 lows. Chief of the pack was EOS which sees an 8% rise to trade at well over the $7.30 level after having dropped as low as $6.50 last week. However, the increases were not limited to EOS since other currencies also registered impressive increases. Stellar Lumens pushed forward and easily sailed over the $20 mark in the past 24 hours to settle at the $0.22 level at press time…

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Ether and Bitcoin Cash Rise 3% as Market Adds $8 Bln, Can it Sustain Momentum?

Over the past 24 hours, the crypto market has added $8 billion to its valuation, as the price of Bitcoin Cash and Ether rose by more than 3 percent. Very Low Volume The bitcoin price came close to breaching the $6,400 level but failed to continue its corrective rally above the $6,400 region. As of July 15, the price of bitcoin remains at around $6,350, after demonstrating a daily gain of around 1.9 percent. Bitcoin Cash and ether, the native cryptocurrency of the Ethereum blockchain network, rose by 3.5 percent,…

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Bitcoin Price Could Hit $15,000 This Year: Fmr. Goldman Sachs Exec.

Christopher Matta, a former vice president of investment management division at Goldman Sachs, still maintains he would invest his mother’s money in bitcoin. A callout box on the TV screen noted Matta believes a return to $15,000 for bitcoin is attainable. Now the co-founder of Crescent Crypto Asset Management, told CNBC’s “Fast Money” in June that even for the most conservative investor, the risk adjusted returns on cryptocurrency are good compared to other asset classes, even with the volatility. Matta Urges Calm YTD Bitcoin Price Chart Since that interview, bitcoin is…

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Bitcoin Avoids Decline to $6,000 But Crypto Market Still in Downtrend

Over the past 12 hours, the bitcoin price has defended a fall below the $6,000 mark, after falling to $6,070 on July 12. Lack of Momentum and Volume The slight increase in the price of bitcoin from $6,070 to $6,250 has allowed the dominant cryptocurrency to break out of a descending trendline since July 10, setting up a corrective rally in the short-term. The Relative Strength Index (RSI) of bitcoin has also demonstrated a bullish trend for bitcoin in the upcoming days, increasing the probability of bitcoin’s recovery to $6,400.…

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Crypto Market Drops Another $10 Billion as Bitcoin Declines to $6,150

Over the past 24 hours, the valuation of the crypto market has dropped by $10 billion, as bitcoin fell to $6,150 and ether dropped below $440. Even after recording a steep 5 percent fall from $6,700 to $6,400 and demonstrating an oversold condition with low Relative Strength Index (RSI), bitcoin struggled to rebound and attempt a corrective rally. Low Volume On July 11, CCN reported that a corrective rally is unlikely even with bitcoin at $7,400 due to its low volume and overly strong downtrend. Although bitcoin broke RSI trendlines…

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Top Economists Stiglitz, Roubini And Rogoff Renew Bitcoin Doom Scenarios

Three of the most respected economists in the world – Kenneth Rogoff, Nouriel Roubini and Joseph Stiglitz – have repeated their past criticisms of bitcoin, saying governments will regulate it “into oblivion” in an effort to fight money laundering and tax evasion. The three, all of whom have criticized bitcoin in the past, now claim it will experience additional falls in value due to regulators’ efforts to stop criminals from using it to launder money and evade taxes, Barron’s reports. Stiglitz: Governments Will Act Stiglitz, a Columbia University professor and Nobel Prize-winning…

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Bitcoin Price Struggles to Rebound at $6,350 After Big Fall, Corrective Rally Unlikely

Subsequent to a 5 percent drop in a 24-hour span, the bitcoin price has struggled to rebound from the $6,350 mark, despite optimistic momentum indicators. Bearish Trend While bitcoin has broken Relative Strength Index (RSI) trendlines and has demonstrated a neutral zone at 44.3 RSI, the overly strong downtrend of the dominant cryptocurrency led its value to drop continuously. If bitcoin had rebounded to the $6,600 mark in the past 12 hours, a corrective rally could have occured, delaying or even preventing another drop in the short-term to the lower…

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