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Bitcoin Climbs to Retest $6,500 – Takes Cryptocurrency Market Up with It

March 31, 2020 at 13:49 by Matt Jackson

Bitcoin has posted a 2% gain this morning, testing $6,500 resistance level and taking the rest of the cryptocurrency market with it. Bitcoin SV has led the way, its price increasing more than 5% over the past 24 hours. The gains come following a poor weekend performance that saw prices fall from $6,700 to below $6,000, and as investors continue to get to grips with the Coronavirus outbreak and the likelihood of its long-lasting impact on business and investment markets.

The world’s largest cryptocurrency spent the latter half of last week attempting to take the $7,000 position; a move that ultimately failed. Over the weekend, prices dropped from $6,700, at one point falling below $6,000. Prices recovered slightly overnight and Bitcoin has continued to trade at the $6,400 mark, testing $6,500 resistance a few times over the course of the morning. Assuming prices remain roughly stable until the end of the day, Bitcoin will have lost around 25% of its value in March alone, and there is still a lot of uncertainty surrounding global economies.

Digital gold started the month trading at $8,600, but as Coronavirus spread across the globe and governments introduced strict countermeasures, including social distancing and even lockdown in some countries, its price followed major share markets and endured a massive slump over the month. On March 12, Bitcoin prices fell more than 40%, representing one of the worst days in the cryptocurrency’s, albeit relatively brief, history.

However, a lot of traders used the opportunity to digitally stockpile their crypto holdings. Coinbase launched a report today, showing that Bitcoin trading was six times higher than the average trading day, during this time, and that there was a buy-ratio of 69%. Although Bitcoin was the most heavily traded of cryptocurrencies, as expected, all other digital currencies combined saw a seven times increase on the day, too. The exchange also saw double the number of people signing up for accounts, suggesting that the low price led to a lot of new money entering the cryptocurrency market.

Another major exchange, Binance, is set to complete a $400 million deal to buy cryptocurrency market analysis website CoinMarketCap. The deal is said to be in the final stages and is expected to complete by the end of this week. Critics have said that the acquisition would further damage the reputation of the aggregation site, stating that traders will find it difficult to trust the impartiality of a site that is owned by the world’s largest exchange.

At 14:45 GMT, Bitcoin (BTC) had added 2.21% to its price, rising to $6,462.02 while Ethereum (ETH) increased by 0.49% to change hands at $132.89. Ripple (XRP) added 0.53% to its price and is now trading at $0.173. Bitcoin Cash (BCH) and Bitcoin SV (BSV) increased by 1.96% and 5.55% to reach $220.46 and $166.05 respectively.

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

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