News Cryptocurrency above $4,000 for first time in two weeks

Cryptocurrency above $4,000 for first time in two weeks


- Advertisment -

has surpassed $4,000 for the first time in two weeks, continuing to break away from a months-long rout.

The price of the world’s best-known cryptocurrency climbed almost 7 percent to $4,037 on Thursday, according to CoinDesk’s index tracker.

The last time the digital currency was trading at the $4,000 level was on Dec. 4. It began to plummet in mid-November after months of stability, restoring volatility in an asset known to jump or fall hundreds of dollars within hours.

It has fallen almost 80 percent since a record high near $20,000 in December last year. Earlier this week, bitcoin began to jolt upward on the anniversary of the cryptocurrency’s all-time high.

Other major digital assets also traded higher on Thursday. , a virtual token closely associated with blockchain firm Ripple, jumped more than 2 percent to almost 38 cents, while , the digital token of the Ethereum blockchain, rose over 5 percent to $109. The two cryptocurrencies are the second and third-most valuable, according to CoinMarketCap.

“The surge on Monday represents a strong push off the key support level of $3,000 per coin,” Mati Greenspan, senior market analyst at social trading platform eToro, told CNBC in an email.

“This is an extremely significant movement that may end up creating a floor for the battered down cryptocurrency.”

Greenspan said the sudden rally was likely the result of traders closing their short positions ahead of the holidays.

Charles Hayter, chief executive of cryptocurrency comparison platform CryptoCompare, said the recent sell-off in cryptocurrencies was likely seen as a “buying opportunity.”

“The maxim of buy when there’s blood on the streets could be influencing some to gain exposure at this nadir prior to the new year,” he told CNBC in an email Thursday.

Last year proved to be a momentous one for bitcoin, with trading giants like and introducing futures contracts for the virtual currency. According to a Wall Street Journal report out Thursday, New York Stock Exchange parent may soon get regulatory approval to launch the first futures contract redeemable in bitcoin.

2017 was also a big year for the cryptocurrency space as a whole, as a controversial fundraising method known as an initial coin offering (ICO) gained traction.

ICOs were banned in China and South Korea last year, however, while regulators have upped their scrutiny on the cryptocurrency industry as a whole over concerns of speculative trading and potential criminal activity.

The U.S. Securities and Exchange Commission, meanwhile, has clamped down on numerous crypto projects, including one backed by professional boxer Floyd Mayweather.



Please enter your comment!
Please enter your name here

Latest news

3 Important Reasons to Have AML for Cryptocurrency Business

In this article we are going to examine the 3 most important reasons to Have AML for...

Use of Smart Cards in Blockchain App Development

Ever since blockchain technology made a major breakthrough all over the globe, experts and forecasters have been...

IMF: Risk of substitution of domestic money by central banks’ digital currencies

Central banks around the world began looking closely at the issuance of their own digital currencies, known...

Ripple: The cryptocurrency that will ‘change’ the world in 2020

Ripple could say he's a child of Bitcoin: In December 2017 Bitcoin hit a record price in...
- Advertisement -

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders

Spain approves Crypto Holdings disclosure bill from cryptocurrency holders. Spain's government has reportedly approved...

CryptoTaxCalculator Partners With CoinSpot

Australia’s leading cryptocurrency exchange CoinSpot has partnered with Australian made CryptoTaxCalculator to help users deal with the...

Must read

Use of Smart Cards in Blockchain App Development

Ever since blockchain technology made a major...
- Advertisement -

Read Next
Recommended to you