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Bitcoin Rises More than $1,000 to Retake $8,500

October 25, 2019 at 18:12 by Matt Jackson

Bitcoin prices have retraced all of its losses from the past couple of days, gaining more than $1,000 in just a few hours. It is currently sitting above $8,500, having peaked at $8,799. Most other major cryptocurrencies have followed suit with significant dollar price gains. As is often the case, however, the rest of the market has lost significant ground on Bitcoin as a result of the sharp price move.

The increase comes as China looks set to embrace cryptocurrency, and Twitter CEO Jack Dorsey is dead set against becoming a part of Facebook’s Libra, and the US Congress continues to push against the beleaguered Facebook-backed coin.

Bitcoin had suffered a torrid couple of days, dropping rapidly from $8,400 down to $7,300. However, in the matter of a few hours today, it has retraced all of that ground and made some slight gains, having risen to trade at a peak of $8,799 and settling at around $8,500. The recent losses had been attributed, in some quarters, to Mark Zuckerberg’s ongoing battle with US Congress over the proposed launch of the Libra stable coin. Zuckerberg faced Congress yesterday and effectively had to say that Facebook would not launch Libra payment systems without US backing.

Chinese President, Xi Jinping, today stated that his country should seize the opportunity that is being presented to them by blockchain technology. Although China’s central bank has been set against the idea of cryptocurrency, previously forcing mainland-based exchanges to close, some analysts believe that this most recent statement, although geared towards blockchain technology rather than cryptocurrency or Bitcoin, represents positive sentiment towards the industry. It is, after all, difficult to completely separate blockchain from the tokens and coins that back it.

One country that is not backing the cryptocurrency revolution, however, is the US. Recent BTC drops have been attributed to the country’s stance against the proposed stablecoin Libra. It also looks highly unlikely that Twitter will be affiliated with the scheme in any way, with CEO Jack Dorsey giving a resounding “hell, no” in response to the question of whether his social media company would become a part of the movement.

Bitcoin (BTC) prices have risen 13.16% to $8,486.36, although the price is currently trading at $8,520 on Binance. Ethereum (ETH) has also increased, rising 10.26% and now trading at $179.67. Ripple (XRP) is back up to $0.296, having risen 6.27%, but is still struggling to break that $0.30 mark. It is Bitcoin Cash (BCH) that has seen the biggest gains of the top coins, though, having seen its price rise by 18.61%. BCH is now trading at $257.88. Litecoin (LTC) has also seen strong gains, increasing 12.11% to reach $56.32.

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

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