Tuesday, 16 July 2019

Bitcoin price now well above $8000 level

Bitcoin is still far down from its all-time high of about $19,000 but during the last day or so its value had risen as high as $8,450 a 5 percent increase within a day. The cryptocurrency market value also crossed the $334 billion market.

The present situation

CNN must have taken its high of $8,450 from a single exchange. It is higher than the high posted so far today, April 15, of $8,388.93 on CoinDesk. The price opened today at $8,003.68 just over the $8,000 mark. But by 17:55 UTC the price was well above the mark at $8,286. The high so far today has been $8,388.93 up 3.72 percent on the day. CoinDesk uses an average of prices from several exchanges for its price data. It can therefore give a considerably different price from an article that uses a single exchange for the source of the price.

Is there now a bull market for the bitcoin price?

The price seems at present more in a recovery stage. For some time the price of bitcoin had difficulty breaking through the $7,000 level and staying above before its recent rally of well over a thousand dollars. Before this, it even seemed as if it could perhaps fall to a new low near the $6,000 mark.
Some analysts attribute the price surge in bitcoin to the end of the tax season in the US. Many investors were said to have been selling the coins to pay their taxes. Dash Core CEO Ryan Taylor said:“The selling pressure associated with tax day has subsided right now. As people get their tax returns, there may be new money entering the market." Dash Core is a software company.

Tom Lee a Wall Street analyst also commented on the tax issue that US investors could owe as much as $25 billion in taxes:“This is a massive outflow from crypto to USD and historical estimates are each $1 of USD outflow is $20-$25 impact on crypto market value. Additionally, we believe there is selling pressure by crypto exchanges who are subject to income tax in U.S. jurisdictions. Many exchanges have net income in 2017 [of more than] $1 billion and keep working capital in [bitcoin]/[ethereum], not USD — hence, to meet these tax liabilities, are selling BTC/ETH.”

The South Korean pump

The South Korean market can heat up quickly and cool down just as quickly. If it starts to heat up with the present rise it could help drive up the value in other markets. In a bullish period, South Korean prices for bitcoin can be considerably higher than those in other countries. A rise in Japan could also initiate price increases in other markets because the two countries together are an important part of the total overall market.

Bitcoin ATM's installed by Coinsource in Washington DC

Resident's of Washington DC can now more easily buy bitcoin as Coinsource has recently installed 20 bitcoin ATM machines around the area. The addition brings the total number of machines Coinsource is operating around the United States to almost 200. Coinsource has ATMs throughout the US at locations shown on this map. Coinsource has its headquarters in New York.

source: digitaljournal.com
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