Bitcoin rose on Saturday following its most serious slump yet, as optimism returned to the cryptocurrency market ahead of the holidays.
BTC/USD Price Levels
The value of a single bitcoin rebounded more than 8% on Saturday to reach $15,566, giving the cryptocurrency a total market cap of roughly $261 billion.
Trade volumes over the past 24 hours exceeded $14.5 billion, with buying activity spread out across multiple exchanges. Bitfinex, Binance and GDAX saw the highest turnover in volume-terms.
Bitcoin briefly fell below $12,000 on Friday, according to Coinbase. The correction occurred after bitcoin more than doubled in value in the span of three weeks.
Bitcoin was trading at just $1,000 around 12 months ago.
Optimism Returns following Difficult Week
Optimism returned to the crypto market after a string of negative news headlines soured investor sentiment. Earlier this week, the Securities and Exchange Commission (SEC) suspended trading of The Crypto Company (CRCW) over possible price manipulation. The California-based cryptocurrency consultancy surged 1,700% in the span of three month, forcing regulators to investigate its meteoric rise.
Crypto Co describes itself as a platform that “offers a portfolio of digital assets, technologies, and consulting services to the blockchain and cryptocurrency markets.”
Meanwhile, trading of bitcoin cash was suspended on Coinbase’s GDAX exchange as the firm investigated possible insider trading. The bitcoin-spinoff was launched on the platform on Thursday, sending prices soaring.
Making matters worse, South Korean crypto exchange Youbit was forced to close its doors after another security breach wiped out nearly a fifth of client funds. Back in April, hackers stole $35 million worth of digital currencies. The latest hack forced the Seoul-based exchange to file for bankruptcy and close its doors permanently.
Bitcoin’s massive correction on Friday forced Coinbase to halt trading of the virtual currency twice. The massive correction triggered double-digit percentage losses across the altcoin universe, with the combined value of cryptocurrencies falling more than $230 billion.
The market returned to health on Saturday, with the total market cap hitting $600 billion, according to CoinMarketCap. Interestingly, bitcoin’s share of the market has declined to roughly 44% on trade volumes of $36 billion.
Even with the latest slump, bitcoin is on track for a resounding year of gains. The year 2017 saw bitcoin enter mainstream discourse for the first time in its young history, signaling a profound shift in investor sentiment.
The CBOE exchange has submitted formal plans to list six bitcoin futures ETFs, according to the SEC’s public filing system. If cleared, bitcoin-related investments will be available for inclusion in traditional retirement accounts.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
The post Trade Recommendation: Neo appeared first on Crypto Currency Online.
source https://cryptocurrencyonline.co/trade-recommendation-neo/
No comments:
Post a Comment