Bitcoin is on the mend today, after dropping below the $6,000 mark yesterday.
As of press time, the price on CoinDesk’s Bitcoin Price Index (BPI) is around $7,800.76.
The cryptocurrency has appreciated by 26 percent in the last 24 hours, according to CoinMarketCap. Also, prices are up 38 percent from the previous day’s low of $5,947.40, as per the BPI.
Across social media, the steep rise in BTC is being credited to the careful yet optimistic tone set by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission during a Senate hearing yesterday.
Investors seem to be emboldened upon hearing that members of Congress and the SEC see a lot of potential in blockchain technology. Also, industry observers were fascinated by the reasonable and sophisticated nature of the dialogue.
So, it appears bitcoin has moved out of the frying pan, and the technical studies seem to verify that a bottom has been made.
Meanwhile, cryptocurrencies are still wading in the red in spite of the resurgence earlier in the day. The total market capitalization of all cryptocurrencies has increased to $ $363,644,019,171 billion, as per data provider CoinMarketCap.
The total value had dropped to $276 billion yesterday – the lowest level since November 26.
Though a longed-for development, that figure is still down at least 30% from last Wednesday’s high of over $500 billion. Further, it’s still 57% down compared to the record high of $830 billion that was logged in January.
Ether and Ripple are down 1.13 and 3.90%, respectively while Bitcoin Cash has risen 0.43% for a price of $962.10. Cardano on the other hand, slipped 4.71%.
- How South Korea is Keeping Its Officials From Insider Trading 22 February 2018
- Iran Not Keen on Bitcoin But Holds Other Cryptocurrency Plans 22 February 2018
- Hackers Use Tesla System to Mine Cryptocurrencies 22 February 2018
- Venezuela Announces That Pre-Sale of Cryptocurrency Raised $735 Million on First Day 22 February 2018
- Glitch in Japanese Exchange Allows Users to Buy Bitcoins For Free 22 February 2018
Bitcoin4 days ago
Anonymous Investor Purchases $344 Million Worth of Bitcoins
Business4 days ago
CFTC Announces Bounty for Those Exposing Pump and Dump Schemes
Bitcoin1 day ago
Glitch in Japanese Exchange Allows Users to Buy Bitcoins For Free
Bitcoin4 days ago
Bitcoin Millionaire Sets Up Antiguan Resort Off Profits Made From Cryptocurrencies