Breaking News
0

Bitcoin Bulls Make Another Attempt to Wrestle $8,000 Level From Bears

Cryptocurrency NewsMay 24, 2019 02:58PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Investing.com - Bitcoin attempted to mount a rally above the $8,000 level on Friday, amid rising expectations that bitcoin watchers are set to ramp up purchases of the popular currency ahead of a cut in overall supply.

Bitcoin rose 4.00% to $8,081, up from a low of $7,700. Over the last year, the popular crypto has made several attempts to breach the $8,000 level in a meaningful way but, until Friday, has come out short. Bitcoin had peaked at nearly $20,000 in December 2017, then slumped.

Its latest attempt to rally above the key level comes as traders expect bitcoin miners, responsible for maintaining the bitcoin network, to hoard popular crypto ahead of the next halvening, which will see the amount that bitcoin miners receive halve to 6.25 BTC from the current 12.5 BTC, reducing the total supply in the market.

For the uninitiated, bitcoin miners are users who help maintain the system by validating transactions stored in blocks on the network.

But there are some who warn that the halvening, which occurs every few years, is becoming less relevant.

By the very nature of halving the number of new tokens issued every few years, “on an absolute basis, each halvening is becoming increasingly less relevant," said Kyle Samani, co-founder of crypto hedge fund Multicoin Capital Management.

Still, the overarching message from the crypto community is one of optimism amid signs that participation from institutional investors is beginning to gather pace.

“You’re starting to get that long waited for institutional adoption. Fidelity is rolling out institutional custody. They’re getting customers," said Brian Kelly, crypto analyst and CEO of hedge fund BKCM in New York.

The optimism in bitcoin has triggered fresh fund flows into other cryptocurrencies, boosting the total crypto market cap rising to $252 billion from $235 billion a day earlier.

XRP/USD rose 3.86% to $0.38776, ETH/USD was up 3.63% to $252.35 and LTC/USD added 14.89% to $101.26.

Bitcoin Bulls Make Another Attempt to Wrestle $8,000 Level From Bears
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Jeff Boulter
JeffBoulter May 24, 2019 3:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I think the Bears are going to win this round.
Orlando Rankine
Orlando Rankine May 24, 2019 3:09PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
yh for June
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email