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Bitcoin Stabilizes Above $9,000 As Litecoin Surges

November 4, 2019 at 15:44 by Matt Jackson

Bitcoin posted its first monthly gains since June, closing out October at $9,150. Since October 1st, BTC has consolidated prices and now rests at $9,300. Although the world’s largest cryptocurrency has settled and is trading sideways, for the time being, one major coin to post recent gains is Litecoin. LTC has risen from $57.65 yesterday to trade at $61.30 today. The $3.65 increase represents a 6% gain in 24 hours.

University of Texas Professor John Griffin and Ohio State University Professor Amin Shams have claimed that Bitcoin’s bull run of 2017 was likely driven by a single major holder. They claim that a single whale on the Bitfinex exchange can manipulate prices when they reach a certain threshold. Bitfinex owners, who also own Tether, have hit back stating that the study is flawed because it uses a limited dataset. They have also said that the report was probably published to support a “parasitic lawsuit.”

Some commentators are expecting a similar bull run in 2020. They have pointed to the Bitcoin halving event, which is set to take place in May. This event halves the rewards given to miners, which basically means that the supply of new coins will drop 50% after May. According to market watchers, the digital currency tends to perform well 6 months prior to this event, too, so some are expecting a positive November and a continuation of the recent price rises.

One leading figure that believes a sharp rise is imminent is CEO of crypto exchange Binance, Changpeng Zhao. He said that price predictions are easy, but that it is predicting the timing that is difficult. He went on to say that “we will see $16k soon-ish.”

The UK tax office, Her Majesty’s Revenue and Customs (HMRC), has published guidelines for businesses and individuals that trade and hold Bitcoin. The guidelines aim to clarify what is considered trading and essentially state that Bitcoin is not money, and therefore should not be treated as such. It should be treated in a similar way to stocks and shares, and that if you trade Bitcoin then there is a good chance that you need to be paying taxes on those deals.

Bitcoin (BTC) prices have risen 1.01% and the cryptocurrency now costs $9,309.01. All other major coins have seen increases, with Ethereum (ETH) rising 2.47% to $186.68 and Ripple (XRP) increasing 1.12% to reach $0.296 and hoping to break the $0.30 barrier once again. Bitcoin Cash (BCH) prices have also risen, gaining 1.08% to reach $291.09 and Litecoin (LTC) has seen the biggest gains from the major currencies, increasing 6.07% to trade at $61.63.

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

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