Bitcoin Bounces back From 4-Month Low – Outlook Positive
Feb, 12th 12:25
Bitcoin was last up around 8% at $8,770 on the Bitfinex exchange. Prices have been on a steady climb since comments made by U.S. regulators at a Senate hearing last Tuesday were construed as more positive than expected.
The last week’s sell-off in cryptocurrencies was partially triggered by a panic on the US stock markets, since virtual assets like bitcoin and other cryptocurrencies are the first thing investors jettison when turbulence occurs in traditional markets.
Bitcoin and other cryptocurrencies were recovering strongly on Monday. The leading cryptocurrency surged almost 10 percent to $8,700, ethereum jumped 9.98 percent to $870, and ripple surged 14 percent to $1.10. All of the top 100 cryptocurrencies on Coinmarketcap were trading in positive territory.
According to analysts, bitcoin could reward its investors by hitting values of $25,000 by the end of the year and as much as $20,000 by the middle of 2018.
Some focus is on reports of a cryptojacking attack that targeted a series of Australian government websites, which forced visitors’ computers to secretly mine cryptocurrency without their permission and in turn generate profits for the hacker.
Government websites were infected with the malware on Sunday after a browser plug-in made by a third-party was compromised. Thousands of sites, including the UK’s National Health Service, and the UK’s own data protection watchdog, were affected.
On the technical charts, BTC/USD is trading in the positive zone and is above the 9 day EMA. The market is trading below the 20 day, 50 day, 100 day and 200 day moving averages. The RSI is at 43.54 and the MACD has made a positive crossover above the signal line.
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