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MoneyBitcoin price: values climb as cryptocurrency shrugs off recent declines

18:16  10 july  2019
18:16  10 july  2019 Source:   theweek.co.uk

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Experts believe dwindling coin supply may keep on driving prices up.

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Bitcoin price: values climb as cryptocurrency shrugs off recent declines © Provided by Dennis Publishing Limited

The bitcoin bull run is back in full swing, bringing to an end the brief period of turbulence during which the cryptocurrency’s value declined sharply.

Bitcoin was trading at $12,970 (£10,400) as of midday UK time, approaching the highest value it has achieved so far in 2019, according to figures from CoinMarketCap.

The virtual coin broke through the $10,000 (£8,020) mark - a psychological threshold that, once surpassed, drove investors to up their stash of bitcoin - in June and prices continued upwards for several weeks, the ranking site reports.

However, values began plummeting from a high of $13,770 (£11,040), a record for the year, at the end of June to a low of $9,810 (£7,820) a week later. While values have yet to return to the $13,000 mark, the steady price increase over the past week means it may not be long before bitcoin matches its 2019 high.

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Bitcoin 's Recent Declines . Bitcoin managed to break through ,000 after fluctuating below this level since September 13, additional BPI figures show. The price of Bitcoin - and other digital currencies - appears to be marching higher, rising in value after suffering some temporary weakness as markets

All top 30 cryptocurrencies fell significantly in value , recording nearly 20 to 30 percent decline in market cap. As demonstrated by previous cryptocurrency market corrections, the decline in Bitcoin price has always led to the correction of Yet you didn't ask "why are cryptos climbing like crazy?"

It’s a critical move, too. Cryptocurrency news site FXStreet said last week that the market was entering a “mostly bearish” period, as it would be difficult for bitcoin to gain traction after falling below the $10,000 mark.

Bitcoin’s strong performance over the past week has also had an impact on rival coins.

Gallery: What we can learn from bitcoin's explosive rise and fall in 2018 (Go Banking Rates)

Bitcoin price: values climb as cryptocurrency shrugs off recent declines

Ethereum, ranked second behind bitcoin, rose from a monthly low of $230 (£184) per coin to today’s value of $310 (£249), CoinMarketCap notes.

Behind ethereum in the charts sits the banking-focused coin Ripple, which has yet to recover from the severe market swings that occurred at the end of June. It’s currently valued at $0.39 (£0.31) per coin, down significantly from its 2019 high of $0.48 (£0.38).

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After recent price drops, JPMorgan doesn’t want credit risk. Now, cutting off card purchases could exacerbate those pressures by making it more difficult for enthusiasts to buy into the market. The firm warned that the trend already was beginning to slow as cryptocurrency prices fell.

Bitcoin 's price has fallen over 0 from the record high hit on Thursday last week. Around .4 billion has been wiped off the value of bitcoin since Nearly billion has been wiped off of the value of in the past four days after a correction that has seen the cryptocurrency 's price fall almost 19 percent

What’s been the reaction from analysts?

Despite bitcoin being some way off its all-time high of $20,000 (£16,370), recorded in December 2017, the cryptocurrency has “more than quadrupled in value” since the start of the year, according to The Independent.

While many attribute the virtual coin’s gains to larger companies announcing their own cryptocurrencies, including J.P. Morgan and Facebook’s Libra coin, some analysts believe that bitcoin’s dwindling supply may be spurring investor interest, the news site notes.

Although bitcoin is a virtual asset, the nature of the blockchain – the encrypted technology that underpins cryptocurrencies – means there is a finite amount, 21 million to be precise, that can be mined, which in itself is a difficult and costly process that unlocks more bitcoins.

“We may see further steep rises for bitcoin as it is slowly nearing its maximum supply of 21 million [coins],” said Christel Quek, commercial head for digital currency firm BOLT.Global. “Currently, there are nearly 18 million in circulating supply.”

Meanwhile, Edward Moya, a market analyst from foreign exchange firm Oanda Corp, told Bloomberg that bitcoin “could be coiling for a big breakout as institutional interest for blockchain technology shows no signs of slowing down.

“The bubble-like gains this time are driven on solid institutional interest and while security is still a big risk, it appears Bitcoin has overcome many of its initial growing pains,” he said.

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Bitcoin vs Libra: Here are the key differences between the two cryptocurrencies.
Libra and bitcoin are different in a lot of ways, from the technology behind them to the way they're used. CNBC runs through the key differences between the two. Facebook has made headlines of late with its plans to create a cryptocurrency. The social media company has been forced to defend the project on Capitol Hill, amid regulatory concerns around data privacy and potential illegal usage, while the G-7 has warned it poses "serious" legal risks. It's an experiment in monetary systems for the digital age, and has inevitably been compared to popular cryptocurrencies like bitcoin.

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