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Bitcoin Price Tests $6,000 but Gains Are Eclipsed by Other Cryptocurrencies

March 19, 2020 at 17:04 by Matt Jackson

Bitcoin has bounced back from some of its recent losses, adding nearly 15% compared to 24 hours ago and having tested the $6,000 level.

The increases come as other markets experience uncertainty over the coronavirus spread tempered by economic relief being offered by governments. The FTSE has risen on the back of interest rate cuts put forward by the Bank of England, also pushing the pound to recover some of its recent losses against the dollar and the euro. Other European markets have also posted increases following the announcement that the European Central Bank (ECB) is providing a 750 billion euro stimulus package. Market figures suggest that forex traders are cashing in all of their holdings, including those typically thought of as a safe haven, in order to hold dollars, while there is a continued threat of global recession. The greenback has made gains against all other major currencies for the last six trading days.

While Bitcoin’s increase will serve as a respite for some investors, other coins have seen higher gains against the dollar over the same time period. Bitcoin SV has proven highly volatile over recent weeks and months, and so it has proven again today, posting a 30% increase. The total cryptocurrency market capitalization has increased to nearly $170 billion as money has flooded back into the market.

On March 13, as governments intervened to prevent an accelerated spread of the coronavirus, Bitcoin dropped to its lowest levels in nearly a year. Since falling below $4,000 less than a week ago, however, Bitcoin has recovered 50% and bulls are looking to take and hold the $6,000 position. However, despite recent gains, analysts have warned that investors should expect to see choppy conditions. Some experts are predicting near-term trading between $4,000 and $6,000 while one analyst has said that he expects to see $2,000 within the next two months when the Bitcoin halving event is due to take place. In the short term, however, the break above $6,000 means that prices could be fired towards $6,400 where the next level of resistance awaits.

CoinZoom, which has just launched in Utah, USA, can lay claim to being the first US exchange to offer a crypto powered Visa card. Users will be able to convert their currency to dollars and make purchases at any outlet that accepts Visa payments, making it easier to access digital currencies. The US exchange will have to comply with anti-money laundering and know-your-customer laws.

At 17:00 GMT, Bitcoin (BTC) prices had risen 14.37% and the world’s largest cryptocurrency is now trading at $5,934.40 while Ethereum (ETH) is up 15.07% at $130.54. Ripple (XRP) has posted reasonable gains of 10.84% to change hands at $0.157. Bitcoin Cash (BCH) and Bitcoin SV( BSV) are both up, increasing 20.35% and 32.08% to trade at $213.10 and $151.19 respectively.

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

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