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Bitcoin Surges past $7,000 and Looks for Further Gains

May 11, 2019 at 23:30 by Matt Jackson

Some traders are claiming alt season is upon us, as Bitcoin prices rose 15% in the space of 24 hours, pushing through resistance at $6,800 and $7,000 to trade at prices not seen since last September. Other top cryptocurrencies saw similarly impressive gains over the period. Facebook, who are heavily involved in developing their own cryptocurrency, has reversed its previous decision banning all cryptocurrency advertising, and most analysts are now looking forward to further gains for the whole market.

When Facebook announced that it would ban cryptocurrency advertising in January 2018. This coincided with one of the worst months for the digital asset, shedding nearly 40% of its value.

At the same time as the Facebook crypto ad, several Asian countries suggested that they would heavily regulate cryptocurrency trading, and sentiment surrounding the asset dropped significantly. Bitcoin, and other digital currencies, did not really recover after this time. Prices continued to decline until March this year.

At the beginning of March, BTC was trading at around $3,800. By the end of March, it had risen slightly to $4,000 and rose to $5,000 by March 5. It is only less than a week since the crypto topped $6,000, a rise that came despite news of a $40 million hack on Binance.

Positive sentiment seems to have returned to the market.

Meanwhile, Facebook has been working on its own stablecoin, and announced that it would be reversing its ban on cryptocurrency. Users no longer need to be preapproved to sell advertising on the site, unless they represent an actual cryptocurrency. News sites, brokers, and informational sites, no longer need to receive preapproval to advertise.

It isn’t just Bitcoin prices that are heading up. Ethereum (ETH) is now trading at $200.44, more than a 17% gain. Ripple (XRP) has risen 13% to $0.34 while Bitcoin Cash (BCH) has increased nearly 30% to reach $366 and EOS (EOS) has increased 15% to trade at $5.60. Bitcoin (BTC) is currently trading at $7,270.31 at 00:00 GMT.

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

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