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Bitcoin Briefly Slips to $9,000 but Set for First Profitable Month Since June

October 30, 2019 at 22:00 by Matt Jackson

Bitcoin prices briefly dipped to $9,000 today, having slipped from $10,000 earlier this week. Despite the slip, BTC is looking to post its first profitable month since June, having started the month at $8,300. Most coins have seen daily losses against the dollar, with the notable exception being Bitcoin Cash, which has continued to make steady, albeit only slight, gains.

Bitcoin was trading at $10,500 at the end of June, before falling to $10,000 at the end of July. The cryptocurrency’s slide continued, first down to $9,500 at the end of August and then $8,300 at the end of September. Earlier this month, the asset saw its price reach a low of $7,300, and some analysts feared the worst. However, during this week’s trading, prices rose to above $10,000 before settling at around $9,500. Although the digital gold’s price did fall to $9,000 earlier today, it found support and has since recovered to $9,200.

Elsewhere in the cryptocurrency market, almost all coins and tokens have seen a drop against Bitcoin value today. Ripple (XRP) has fallen back below the $0.30 mark, having tried and failed to breach resistance in the past week.

One exception to the general market trend has been Bitcoin Cash (BCH). Just a week ago, it was trading at $205 against USD and 0.0276BTC. Today, it costs $291 and 0.031BTC, which is a 42% gain against the dollar and a 12% increase against Bitcoin.

Meanwhile, it has been reported that Libra faces yet more opposition to its proposed launch. 5 EU nations have banded together and expressed their concerns over the project to other EU finance ministers. The proposed stable coin has come under continued pressure from virtually all parties since its announcement, and it is believed that the EU nations will make an announcement, in December, that Libra will not be allowed to launch unless the EU can regulate it.

Bitcoin (BTC) prices have dropped 2.53% to $9,197.19. Ethereum (ETH) has seen even greater losses, falling 3.99% down to $183.17. Ripple (XRP) has slipped 1.79% and is trading at $0.296. Bitcoin Cash (BCH) has made slight gains, trading at $290.69 after its prices rose 0.76%. Litecoin (LTC), however, has seen its prices fall 2.82% to $58.20.

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

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