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Friday, October 27, 2017

Crypto News: Back Above $5,500: Bitcoin Shrugs Off Fork with Price Rebound

Back Above $5,500: Bitcoin Shrugs Off Fork with Price Rebound

At press time, the bitcoin-US dollar (BTC/USD) exchange rate is $5,540, up 3 percent from the intraday low of $5,376, but still down 2 percent on a daily basis. Week-on-week, BTC is trading largely unchanged, while on a monthly basis, it is up 41 percent.

But, it's perhaps the daily recovery that is most notable. While slight, it can be read as encouraging as it follows the news that bitcoin gold, a new publicly traded copy of the bitcoin network was made available to investors on exchanges yesterday. While the asset is not yet issued by developers, many exchanges made IOU versions of BTG available, putting sell pressure on the market and spurring buying elsewhere.

Yet, it does not seem that new bitcoin buyers are in a rush to exchange these phantom BTG tokens for fiat currency, and the recovery suggests more new money could be entering the BTC market at a price they feel is attractive.

So, is bitcoin heading back towards record highs?


Full story at http://bit.ly/2i9CU9d


Source: CoinDesk


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