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Bitcoin Continues Rally and Tests $7,000

March 20, 2020 at 15:02 by Matt Jackson

Bitcoin has continued its rally with prices nearly reaching $7,000 earlier today, enabling the rest of the cryptocurrency market to turn green. Bitcoin SV has once again proved the pick of the bunch, adding more than 30% to its prices, but the majority of the top 50 coins by market capitalization have posted double-digit gains. Total market capitalization has remained up at around $190 billion. Major markets including the DOW and FTSE also made gains on the back of government incentives and legislation designed to ease financial suffering during the coronavirus outbreak. The pound has also continued to regain ground but, while oil showed some early positive signs, it is now trading down on the day. The Bank of America has announced that the USA is now officially in recession.

Bitcoin prices rose yesterday to finish trading at around $6,200 and after a few hours of trading at this level, the world’s largest cryptocurrency saw a sharp rise peaking at just under $7,000. Resistance pegged the price back but BTC prices have remained above $6,600 since. Investors are hoping that $6,400 will now act as support and give the asset a basis on which to continue a further run to $7,200.

It isn’t just Bitcoin that is benefiting in the cryptocurrency market, either. All but one (LISK) of the top 50 coins have shown price increases today, with Bitcoin SV proving the pick of the bunch once again. BSV’s price shot up from $120 to finish the day at $160 yesterday and the Bitcoin fork wasn’t finished there. Now trading at $170, Bitcoin SV packed above $180 earlier today and is looking to make further increases, as long as Bitcoin can hold its nerve at current levels.

Cryptocurrency followed most of the major markets, with the FTSE and DOW posting gains. The price improvements are likely a result of government actions taken to protect businesses and individuals. Some countries, like Denmark, have promised to guarantee 75% of employee wages as long as employers do not let staff go. The Danish government has said that the guarantee will be in force for three months, and many other governments are following suit. While the threat of Covid-19 still looms large and is likely to do so for some months, it is possible that the markets have seen the worst of the action.

The Bank of America has declared that the US is now in recession. Their chief US economist, Michelle Meyer said that the country has followed the rest of the world into a deep economic plunge and that “jobs will be lost, wealth will be destroyed and confidence depressed.”

Italy’s Banco Sella has offered some hope for individual crypto investors. They have announced that users of their Hype platform will be able to trade Bitcoin and benefit from additional security as a result of their inclusion. Not only will users be able to buy and sell crypto but they will also be able to spend Bitcoin on everyday goods, offering a quicker and easier means of accessing their assets.

At 14:30 GMT, Bitcoin (BTC) had added 15.06% to its price compared to the same time yesterday. The cryptocurrency was trading at $6,673.61. Ethereum (ETH) is changing hands at $144.26 having added 14.53% to its prices, while an increase of 9.73% means that Ripple (XRP) now costs $0.169. Bitcoin Cash (BCH) and Bitcoin SV (BSV) have increased 23.29% and 34.31% to trade at $235.21 and $168.18 respectively.

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

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