Home / Crypto Currency / Following Bullish Sentiments: Price of Bitcoin Eyes $7,000, Global Markets Green

Following Bullish Sentiments: Price of Bitcoin Eyes $7,000, Global Markets Green

While it may be premature, many are suggesting that a true reversal is finally taking place. As Bitcoin establishes higher lows, and more and more altcoins are seeing huge appreciations, there seems to be evidence to suggest the bears are being driven out. Coupled with abundant, positive news recently, it’s possible that the extended red will soon turn green.

Last week, Bitcoin (BTC) held support at US$6,600. More recently, floors were established at $6,700, and days later $6,800. Today, Bitcoin is holding above the $6,900 mark, and is gradually pushing towards a renewed support at $7,000. This growth has been seen directly following news that the multi-billionaire Rockefeller family plans to invest in cryptocurrency. Controversial globalist billionaire, George Soros, has also announced his plans to invest in crypto.

Far more exciting than Bitcoin is the price movements of altcoins recently. The global cryptocurrency market capitalization has risen from below US$260 billion to above $270 billion in the past day, a growth of about 5%. This growth directly follows the news that the European Commission of the EU announces plan to invest €300 million in blockchain projects as part of its recently launched EU Blockchain Observatory and Forum. Speculators suggest that European-focused Ambrosus (AMB) could be one of the projects largely supported by this initiative. The “supply chain 2.0” is presenting alongside members of EU Parliament and the European Commission later this month.

Of the top 100 currencies by market cap, 92 have seen growth in the past 24 hours. 10 of these coins have seen appreciation of over 10%, led by EOS with a 27% growth in the past day. With the exception of one, the coins that have seen loss have only recorded losses of under 4%. The exception is Verge (XVG) which has depreciated by close to 9% since yesterday.

The last major obstacle, many suggest, is the potential for last year’s winners to liquidate cryptocurrency to pay US taxes before April 17. With under a week left, it’s likely that most liquidations have already been made. Furthermore, the adoption of powerhouse investors suggests that now truly is the time when a reversal will finally take place.

Last April marked the precursor to 2017’s massive growth. Global crypto markets quadrupled between the start of April to the first week of June, and, as we know, continued to explode for much of the rest of the year. As was also the case last year, a significant growth in volume is also likely with the start of summer, as many of the college aged crypto enthusiasts become significantly more active during breaks from school. With an increase in volume, a similar increase in price is to be expected.

Read more

Check Also

Bitcoin Ransomware Fails to Make any Economic Impact, Study Claims

Ransomware and Bitcoin are almost two peas in a pod. There have been numerous media reports regarding Bitcoin ransomware over the years. A new study by Canadian and Australian researchers shows this correlation is vastly blown out of proportion While there are Bitcoin-oriented ransomware strains, their impact on our society remains fairly limited so far. Everyone has heard of malicious software forcing victims to pay a sum in Bitcoin. In most cases, this pertains to software encrypting files on one’s computer or mobile device. Known as ransomware, this malicious threat is seemingly more present than ever That is, assuming one believes all of the media reports pertaining to this topic. Ransomware Makes no Real Impact The Ransomware Payments in the Bitcoin Ecosystem study tells a different story. More specifically, there is no noteworthy economic impact due to ransomware schemes. This is in stark contrast to the media headlines we have seen in the past two to three years. Mainstream media outlets make it appear as if Bitcoin ransomware is always lurking in the shadows, even though that is far from the case. To be more precise, the amount of money made from ransomware is fairly limited. There is no factual evidence to prove criminals make millions in Bitcoin from their creations. Not entirely surprising, as the transparent nature of Bitcoin makes it easier to trace payments. That doesn’t mean criminals will stop creating Bitcoin ransomware, though. It is still a popular business, albeit less successful than assumed. It will be interesting to see how this situation evolves. Criminals have taken a shine to Bitcoin due to its erroneously perceived anonymity. The technology itself makes it very easy to identify and trace any suspicious activity on the network in real time. Bitcoin is not suited as a payment method for criminal activity. This is no different when it comes to malicious software. Header image courtesy of Shutterstock The post Bitcoin Ransomware Fails to Make any Economic Impact, Study Claims appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.