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Friday, October 20, 2017

Crypto News: Bulls Take Breather? Bitcoin Slows as Price Struggles to Breach $6,000

Bulls Take Breather? Bitcoin Slows as Price Struggles to Breach $6,000

Evidence is growing that a recent rally in bitcoin prices may be nearing its end.

While bitcoin has been on a tear of late, rising from a Sept. 29 low of $2,980 to new highs above $5,800 last week, the bitcoin-US dollar (BTC/USD) exchange rate failed to capitalize on this upward movement over the weekend's trading sessions.

At press time, bitcoin is trading at $5,700, up 2.5% over the last 24 hours as per CoinMarketCap. Week-on-week, the crypotcurrency is up 19%, while on a monthly basis it is up 52%.

As for the specific reasons for the increase, pundits and observers are still struggling to identify a catalyst for the blast above the psychological hurdle of $5,000. However, one of the more plausible theories is that many are buying bitcoins on hopes that a hard fork in November might end up creating money out of the thin air.


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


Source: CoinDesk


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