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Bitcoin Breaks $13,500 and Looks for Even More Gains

June 26, 2019 at 18:49 by Matt Jackson

Bitcoin prices are going full throttle, as the digital currency broke $13,000 today and peaked at $13,850, less than 24 hours after breaking $12,000. There is very little resistance between Bitcoin’s current price and all time high prices of around $20,000, leading many to speculate that the impressive gains are just a start of what is to come in the near future. Prices have increased 250% since opening the year at $3,850.

It is getting easier to spend Bitcoin. There are more than 5,000 Bitcoin ATMs around the world, where users can withdraw their Bitcoin earnings as cash, anonymously. Payments company Square has also rolled out Bitcoin deposits for its Cash App mobile app. It had previously been possible to purchase or sell Bitcoin and transfer it to another wallet, but this next update means that it will be possible to transfer Bitcoin from other wallets into a Cash App wallet.

Most commentators have struggled to find any specific reason for the sustained rally. Some are indicating that Facebook’s Libra announcement might have inadvertently benefited Bitcoin. Consumers have concerns over Facebook’s privacy and its use of personal data, so might be running scared of using Libra. However, the same consumers might view the announcement as being a positive sign of Bitcoin’s value, leading them to invest in the world’s largest cryptocurrency and shy away from Facebook’s stable coin.

However, there are many that simply believe the price increases have continued due to a Fear Of Missing Out (FOMO). A lot of potential investors will have watched from the sidelines as the currency rose to $20,000 in December 2017, missing out on a considerable investment opportunity. As Bitcoin has neared and surpassed $10,000 again, media and public attention has risen, and the same potential investors could be buying in now to avoid missing out for a second time.

Whatever the reason for the rise, Bitcoin prices have the potential to continue rising with little in the way of resistance now standing in the way of an all time high price.

At 19:45 GMT, Bitcoin (BTC) prices have risen a bumper 20.29% in the past 24 hours, and the cryptocurrency is now trading at $13,667.57. No other coin in the list of top 20 biggest cryptocurrencies has risen this far, although the majority have performed well. Ethereum (ETH) prices have risen an impressive 14.07% and the second largest crypto now costs $353.70, having broken the $350 barrier. Ripple (XRP) is now trading at $0.484, having seen its prices increase by 3.44%. Bitcoin Cash (BCH) prices have gone up 7.17% to trade at $506.06, while Litecoin’s daily increase of 1.94% sees its prices at $135.60.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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