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Bitcoin Climbs to $9,250 Following 4th Week of Losses

July 6, 2020 at 13:50 by Matt Jackson

Bitcoin has recovered some lost ground, rising to an intraday high of $9,295, after posting a fourth consecutive week of losses. The world’s largest cryptocurrency has been struggling to get a foothold after several failed attempts to take the $10,000 psychological resistance level and has failed to post a weekly gain since the last week of May. However, its recent losses have been minimal compared to those in the middle of March, when the digital gold crashed from $10,500 to a low of $3,800 amidst the Coronavirus crisis.

Today, Bitcoin has risen over 2% and is currently trading at a price of $9,240. Although its gains are modest, they have helped propel the rest of the cryptocurrency market to profits. Ethereum has gained nearly 5% while Ripple has posted nearly 6% gains. Bitcoin Cash has posted a similarly decent gain, but it is Bitcoin SV that has excelled in the top coins. It is now trading at a price of over $170, having added more than 11% to its own price this morning.

Last week’s big performer, Cardano, has levelled out at a price of $0.098 as it continues to try and take and hold the $0.10 mark. Compound, which is another altcoin that has enjoyed positive results over the past couple of weeks, since its launch, has also levelled off for the time being. It is changing hands at a price of $196.58, down 0.95% in the past 24 hours.

VeChain (VET) has enjoyed a very strong two weeks. The blockchain platform is used to monitor and securely record supply chain details, tracking real-world products from manufacture to sale.

The crypto’s real-world applications have undoubtedly helped, especially as they attended an Artificial Intelligence exhibition with companies including Google, Microsoft, and Amazon this week. At this stage last month, VET was trading at $0.007 but its price has more than doubled since then and the token now costs $0.015, seven times its value during the Covid crash. Today, VET has increased 7.07% and if it can gain extra exposure from its time at the World Artificial Intelligence Conference, it could see prices rise even further in the coming days.

Bitcoin SV prices have rocketed, adding more than 11% over the course of 24 hours. The currency is a fork of Bitcoin Cash which is, itself, a fork of Bitcoin. It was recently announced that BSV support had been added to the Simplex payment processor platform. Simplex is an online payment processor, and the addition of BSV to its platform means that the Bitcoin fork will be exposed to a greater number of users and investors. BSV started the year at a price of $97 but once it passed the $110 mark in January there was no stopping it. It peaked at $400 by the middle of January. Although it crashed back to the $110 mark during March, it has traded somewhat higher since. Today’s increase means that the coin is now +77% YTD.

At 14:30 GMT, Bitcoin (BTC) is up 2.38% to trade at $9,241.82 while Ethereum (ETH) has added 4.83% to its price and is changing hands at $236.02. Ripple (XRP) has put on an impressive display, adding 5.7% to reach $0.186. Bitcoin Cash (BCH), which is up 5.39% at $231.77, has been oustripped by Bitcoin SV (BSV), which has added 11.62% and is now trading at $171.37.

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

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