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Bitcoin Takes a Run at $10,000 As Cryptocurrency Market Turns Green

July 26, 2020 at 13:36 by Matt Jackson

After several weeks of sideways trading, Bitcoin prices have pushed up to challenge the $10,000 resistance level. On Binance, the world’s largest cryptocurrency briefly passed the milestone, but BTC is now trading at just over $9,900: 3.33% up over the past 24 hours.

The last time Bitcoin reached this mark was on June 2, when a failed move to pass the $10,000 marker saw its price subsequently slump to $9,500. Holders will be hoping for a different outcome this time around amid a swathe of positive market sentiment. Other cryptocurrencies have seen even greater gains, with many of them reaching their highest prices in more than a year. Some of the most significant gains have been made by Ethereum, which passed the $300 mark, and Cardano, which has reached its highest price since July 2018. The rest of the cryptocurrency market is also in the green.

Ethereum has also enjoyed a good run, adding more than 6.5% to its price and reaching $302.57 and passing the $300 milestone. Ethereum last reached this price in June 2019, but still has some way to go to reach its all-time high, which was just shy of $1,400: a price it reached in January 2018. Ethereum’s price has been boosted by the performance of Decentralized Finance (DeFi) tokens over the past few weeks. The launch of the Compound token, which can be used to borrow and lend cryptocurrency on the Compound platform, saw interest in this class of token rise.

Cardano is another cryptocurrency to have enjoyed a bumper 24 hours. Following several weeks of gains, the ADA coin has added another 8% to its price in the past 24 hours to cement its position as the world’s 6th largest coin, now ahead of Bitcoin SV and just behind Bitcoin Cash. Cardano’s current price of $0.143 is its highest since July 2018, and its prices do not look like slowing soon.

Cryptocurrency as a whole has seen a swing to positive sentiment in the past week. ESPN has announced that it is launching a blockchain-powered gaming platform. The platform will use Cryptopay to enable users to deposit and withdraw cryptocurrencies as their primary currency. The platform will be available via a mobile app, and the launch includes an online treasure hunt called Satoshi’s Treasure that will see a total prize pool worth $1 million split between 1,000 winners.

Another company warming to the prospect of cryptocurrency is payment card Visa. In a blog post on the Visa site, entitled “Advancing our approach to digital currency“, the company has said that they are continuing to investigate digital currencies and highlighted stablecoins as a “promising new payment innovation”. It is likely that VISA, and Mastercard, will use stablecoins to reduce their own costs and money transfer times, but it is also likely that they will eventually offer Bitcoin and other cryptocurrency payments.

Meanwhile, the Federal Courts were forced to rule on whether Bitcoin is considered a form of money while ruling on a recent case. Larry Dean Harmon had been charged with conspiracy to launder money instruments. Harmon, who established a darknet service called Helix which offered to take existing Bitcoin and return “clean” Bitcoin that had not been used on the darknet before. The court ruled that Bitcoin is considered a form of money, which means that Harmon will face charges, although the ruling’s impact on cryptocurrency remains to be seen.

At 14:00 GMT, Bitcoin (BTC) was up 3.11% at $9,880.96 while Ethereum (ETH) had added 6.82% to its price to trade at $302.99. Ripple (XRP) was changing hands at $0.215, having added 3.59% to its price. Bitcoin Cash (BCH) and Cardano (ADA) were both up, adding 1.53% and 7.74% and trading at $245.46 and $0.143 respectively.

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