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Bitcoin Posts 5% Daily Gains, Breaks the $8,500 Barrier

October 9, 2019 at 16:21 by Matt Jackson

Bitcoin prices rose nearly $500 in less than two hours, equating to 5% gains on the day. Most major coins followed suit, although smaller alt coins retraced some of the gains they have made in recent days. The gains mean that BTC prices are now above the $8,500 mark, seen by many analysts as moderate resistance, but it remains to be seen if the cryptocurrency can hold its nerve above this mark.

Many investors had feared the worst last week, with analysts pointing to a $7,200 support level, but despite dipping below $8,000, the digital currency recovered on Monday, posting 6% gains. So far today, it looks to have followed a similar pattern. Some investors, however, had taken heart at the fact that recent price decline had seen Bitcoin dominance of the crypto market decline. This is said to be an indicator of the start of so-called alt season, when smaller alt coins can see significant gains in a matter of hours.

Bitcoin’s price fell below $10,000 on September 23rd and plummeted down to $8,500 on September 24th. Since that date, prices have tended towards the $8,000 mark, occasionally dipping below $8,000. This morning, prices started at around $8,150 before pushing to briefly touch $8,650 in early afternoon trading.

It has been revealed that former US federal prosecutor, Katie Haun, was asked to look at ways that Bitcoin could be shut down, in 2012. In an interview with CNBC, Haun went on to say that it would have been akin to trying to shut down cash. Kaun has since become a major figure in cryptocurrency, sitting on the board of Coinbase and playing a significant part in the planning of the Libra coin.

Libra has had bad news of its own in the past week. Having seen their proposed cryptocurrency being held back and beaten down by US lawmakers and politicians, as well as other groups. It has been rumoured that Visa and Mastercard are having doubts over their membership of the group, while Internet payment processor PayPal suddenly withdrew from the group last week. Facebook founder and keen Libra protagonist, Mark Zuckerberg, has already been forced to admit that the coin is likely to miss its launch date next year.

Bitcoin (BTC) prices have steadied at $8,538.16, up 3.76% in the past 24 hours. Ethereum (ETH) prices have increased 6.23% to $191.22. Ripple (XRP) has seen modest 2.7% gains and is now trading at $0.282 while Bitcoin Cash (BCH) and Litecoin (LTC) have seen their prices increase 4.19% and 3.55% to $240.15 and $59.26 respectively, as at 17:15 GMT.

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

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