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Bitcoin Price Surges to $7,600 but Will It Hold?

November 27, 2019 at 18:21 by Matt Jackson

Following a brief slum below $7,000, Bitcoin prices surged nearly $800 in a few hours to surpass the $7,600 mark. The digital currency is currently trading at $7,575 and investors will be hoping that it can hold above $7,500 and start a short-term bull run.

Bitcoin has had a torrid month, so far, having started November 1st at a price of $9,200. Since then, it has fallen to and dropped below the $7,000 mark on several occasions. At its current price, it has lost nearly 20% in a month. At the end of June, Bitcoin was trading at over $13,000, so things look even bleaker. However, it is worth remembering that the world’s biggest cryptocurrency started the year at under $4,000 and has doubled in price since that time. Volatility in Bitcoin price is normal, which is what has helped make it such an appealing investment for short and long traders.

Some investors had been waiting for Bitcoin to pass above the $7,380 mark, in the belief that this would lead to a short-term price rally that would give light to $8,000 prices. Short-term sentiment for the cryptocurrency, therefore, is positive.

The day’s earlier slide, which saw BTC reach as low as $6,840 on major exchanges, could have been attributed to a likely hack of Korean exchange Upbit. Eagle-eyed watchers noticed a sudden movement of $50m from the exchange, and this was later confirmed to be the theft of $50m in Ethereum. Not all investors are convinced that the move could be blamed on the hack, however.

Meanwhile, Microsoft has reported that a new malware, called Dexphot, has infected nearly 80,000 computers in just over a year. This particular malware infects a user’s computer and hijacks its processor power to mine cryptocurrency. Once uninstalled, a scheduled task reinstalls the software and it continues its operations largely undetected.

At 18:00 GMT, Bitcoin (BTC) prices had risen 5.24% and the cryptocurrency is now changing hands at $7,574.03 while Ethereum (ETH) has seen slightly more modest gains, increasing 4.24% to trade at $153.91. Ripple (XRP) and Bitcoin Cash (BCH) both saw increases, rising 2.65% and 3.98% to $0.226 and $221.45 respectively. Litecoin (LTC) has also seen gains, moving up 2.45% to trade at $48.15.

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

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