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Hope for Bitcoin Bulls As Cryptocurrency Market Turns Green

March 17, 2020 at 13:14 by Matt Jackson

Bitcoin prices have bounced a little following the recent crash that briefly pushed prices down to $4,500. The rest of the cryptocurrency market is also showing green, although analysts are divided over digital gold’s next move as the FTSE 100 shows major signs of investor uncertainty and the DOW closed nearly 13% down yesterday.

More than 180,000 cases of the coronavirus Covid-19 have now been reported, although the actual figure is likely much higher. Businesses around the world are being forced to shut down while travel between countries has been heavily restricted. Airlines and retail businesses are suffering major losses as a result of the closures, and share prices reflect this. Trading in New York was halted again, yesterday, as automatic circuit breakers triggered. When the market experiences a 7% drop, trading is automatically stopped for 15 minutes. The break is supposed to prevent panic selling and stop the market from experiencing heightened turmoil. While these breakers had not come into effect for more than 20 years prior to the coronavirus outbreak, they have become a daily occurrence in the past week.

Cryptocurrency’s volatility means that the fledgling market had witnessed even greater losses than other markets. On March 12, prices fell nearly $3,000 or more than 25% in a single day. Yesterday, March 16, it looked as though the situation could get worse as prices fell from $5,400 to below $4,500. However, buyers recognized an opportunity to pick up the cryptocurrency at bargain prices and have pushed the price back up $1,000 in the 24 hours since. Bitcoin is now trading at around $5,400 and some analysts expect that there is a further recovery on the cards. However, prices are highly volatile and any news or coronavirus announcements are likely to influence prices.

For those that are looking to invest in cryptocurrency, makers of the Opera browser have made things easier. They have partnered with Wyre to enable the use of Apple Pay and debit card purchases of cryptocurrency. The new feature will allow for the purchase of $250 of cryptocurrency per day, so it is not aimed at heavy investors but at dapp users and everyday users.

Meanwhile, crypto exchange Binance has announced the setting up of a $50 million blockchain fund for Indian startups. Qualifying startups will be entitled to $100,000 each and comes after India’s Supreme Court ruled to lift a ban on cryptocurrency trading in the country, although the Bank of India is still expected to contest that decision.

At 13:00 GMT, Bitcoin (BTC) prices are up 10.71% at $5,265.58 while Ethereum (ETH), which had been trading perilously close to the $100 mark, is now trading at $116.25 having added 7.4% to its price. Ripple (XRP) added 6.93% to its price and is changing hands at $0.148: Ripple investors will be hoping to break the $0.15 barrier once again if the cryptocurrency bounce can hold. Bitcoin Cash (BCH) and Litecoin (LTC) have also added to their prices today, increasing 13.42% and 9.22% to trade at $179.62 and $34.36 respectively. Total market capitalization is back above $150 billion today, having fallen to $130 billion in recent days.

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

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