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Bitcoin Continues to Trade Horizontally at $11,400

August 12, 2019 at 23:46 by Matt Jackson

Bitcoin traders are enjoying a momentary lull in the asset’s price volatility as it continues to trade at around the $11,400 mark.

Having briefly dipped below $10,000 several times in July, Bitcoin prices rose at the beginning of August. On August 1st, the world’s largest cryptocurrency was trading at around $10,000. Having peaked at $12,200 on August 6th, it dropped back below $11,400 on August 7th. Having tested $12,000 several times, Bitcoin dropped to $11,400 on August 10th and has been trading at around this mark for the past 3 days.

The prolonged period of sideways movement has given some alt coins the opportunity to regain some of their earlier losses. However, Binance Coin remains the only one of the top 10 coins to have registered gains in the past 7 days.

Chinese bank officials have said that they are close to issuing their own state cryptocurrency. It is believed that The People’s Bank of China has been studying cryptocurrencies for the past 5 years, and has intensified their efforts over the past 12 months.

The furor created by the announcement of Facebook’s Libra may have had a hand in PBOC pushing their own cryptocurrency agenda. A government official said, of Libra, that it “must be seen as a foreign currency and be put under China’s framework of Forex management.”

Unlike most other cryptocurrencies, which have a decentralized framework, managing the new state cryptocurrency would fall under the remit of the PBOC, ensuring that Beijing retains control of its economy.

Binance, the world’s largest cryptocurrency, has announced that it is considering offering 30 tokens to members of its new US subsidiary. Unsurprisingly, the list includes major coins like Bitcoin, Ethereum, Litecoin, and its own Binance Coin.

The exchange has made the move to prevent US citizens from accessing and using its existing platform, announcing the upcoming launch of a new platform specifically aimed at US citizens. Binance has made the move in order to more easily comply with US treasury laws and ensure that they are compliant with US regulations.

Bitcoin (BTC) prices have fallen 0.81% in the past 24 hours and the cryptocurrency is now trading at $11,400.64. Ethereum (ETH) has seen its price slide 1.65 % to $211.51 while Ripple (XRP) is now trading at $0.301, having fallen 0.31%. Bitcoin Cash (BCH) and Litecoin (LTC) have seen their values fall 1.35% and 4.08% to trade at $331.42 and $86.03 respectively.

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

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