Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Bitcoin Surges Back Above $11,000, Cryptos Breathe Sigh of Relief

Cryptocurrency News Jul 04, 2019 00:44
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
BTC/USD
-0.35%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XRP/USD
-1.17%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BCH/USD
-2.33%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ETH/USD
-1.29%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
LTC/USD
-1.59%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Investing.com - Bitcoin surged higher on Wednesday in a second day of gains, prompting speculation that the recent correction may have run its course.

Bitcoin jumped 6.75% to $11,272.4 on the Investing.com Index by 12:38 PM ET (16:38 GMT).

The typically volatile digital asset has seen a rollercoaster ride since mid-June that took it from $7,888 to a 2019 high of $13,929.8 just one week ago, with gains mostly attributed to Facebook’s announcement of its own cryptocurrency known as Libra, which it plans to launch in 2020.

Amid concerns that the more-than-200% surge so far this year was far too reminiscent of the frenzy that took it to all-time highs of nearly $20,000 before it crashed to $3,000, analysts became cautious and warned of an imminent correction.

That correction appeared to rear its head last Thursday as bitcoin plunged nearly 14% and the largest crypto by market capitalization began a retracement that took it as far as $9,728.5 on Tuesday, a 30% plunge.

The panic caused a Forbes contributor to claim that the “bitcoin bubble bursts” and Nouriel Roubini, chief executive of Roubini Macro Associates, to repeat his long-term stance that there was “still a long way to less than zero as its true value is negative, not zero”.

The potential for recovery seen a day earlier, although perhaps just a break in the downward trend before further losses, appeared to send a sigh of relief through the sector on Wednesday.

Cryptocurrencies overall traded higher on Wednesday. The total cryptocurrency market capitalization rose to $325.27 billion, compared to $312.02 billion a day earlier.

Among bitcoin’s closest rivals, Ethereum rose 4.8% to $293.86, XRP advanced 2.1% to $0.39838, Litecoin increased 3.4% at $119.853, while Bitcoin Cash traded up 3.9% to $408.37.

Among news regarding the sector as a whole, the Cuban government said late Tuesday it was studying the potential use of cryptocurrency as part of a series of measures to boost its economy amid a deepening crisis exacerbated by U.S. sanctions.

British regulator the Financial Conduct Authority proposed Wednesday the banning of the sale of derivatives based on crypto-assets to retail consumers from early 2020 due to what it considers the prevalence of market abuses.

The FCA noted that prices of crypto-assets - which include currencies like bitcoin as well as tokens representing other tradeable assets - are very volatile and there is a lack of a clear investment need for products referencing them.

-- Reuters contributed to this report.

Bitcoin Surges Back Above $11,000, Cryptos Breathe Sigh of Relief
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email