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Bitcoin Briefly Falls to $9,100 As Compound Soars Again

June 25, 2020 at 16:01 by Matt Jackson

The Bitcoin price briefly fell to $9,100 in Thursday trading as the International Monetary Fund warned that its previous forecasts were underestimated. The group has said that they now expect the global economy to shrink 4.9% this year, having previously estimated a 3% fall in April. They have said that, although markets are beginning to reopen, new market conditions and regulations will make it even more difficult for companies to return profits. They have warned that the world is experiencing a crisis like nothing we have seen before and that it will take considerable time to rebound from it.

The world’s largest cryptocurrency has lost 1.2% of its price over the past 24 hours, but despite falling to just over $9,000 on some exchanges, including Binance, it has since rebounded to change hands at $9,231 at the time of writing. The drop has seen most of the cryptocurrency market pulled down with it.

In fact, EOS is the only coin in the top 10 that has posted any gains, adding 0.31% to its price. EOS started the year at $2.60 and unlike Bitcoin, which is still up approximately 30% YTD, its prices have fallen to just under $2.50. Having reached $2.48 in yesterday’s trading, the coin abruptly fell back to $2.46 before staging a minor recovery.

Further down the list of coins, we have ChainLink, which has enjoyed a very good year. It started January at a price of $1.80 and peaked at $4.85 at the beginning of March. Like the rest of the market, it tumbled during the Coronavirus crash in the middle of that month, falling back to $1.75. However, this week, its prices have pushed through the $4 mark and on through $4.50, although it seems to be struggling to break the $5 psychological barrier, having peaked at $4.90 yesterday. LINK is up 3% in the past 24 hours and trading at $4.80.

The biggest gains, though, have come from the relatively unknown Compound. Compound launched as a cryptocurrency borrowing and lending platform, setting dynamic interest rates for each of the listed coins. It received substantial investment from major exchange Coinbase in 2018 when it operated on the Ethereum platform. However, the group launched its own token, COMP, last week, and has subsequently been listed on a number of high profile exchanges. It is now the largest coin of its kind and, despite only having been traded for just over a week, its price has increased from $70 to its current $230 in the past seven days. It peaked at $345 on June 21 before falling back but has gained more than 12% in the past 24 hours to its current level.

While most of the market has managed to quell losses at around 1%, Stellar has underperformed the market, despite having a positive year. The coin started the year at a price of $0.045, peaked at $0.086 in February, and suffered the same fate as the rest of the market in March, falling back to a low of $0.033. More recently, it clawed its way back to a price of $0.085 on June 4 but couldn’t hold its position. Stellar has shed 2.19% from its price in the past 24 hours and is trading at $0.068. Although the daily results are disappointing, it has still experienced 50% gains so far this year and traders will be hoping it can rebound.

At 16:45 GMT, Bitcoin (BTC) prices are down by 1.15% and the world’s largest cryptocurrency was changing hands at $9,227.39. Ethereum (ETH) has performed a little better, losing 0.68% to trade at $233.97. Ripple (XRP) has fallen by 0.71% and now costs $0.183. Bitcoin Cash (BCH) has performed the best of the top five coins and despite losing 0.21% its performance looks robust and is trading at $232.98. The other big Bitcoin fork, Bitcoin SV (BSV) lost 1.14% over the past 24 hours. It is now trading at $171.07.

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

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