Bitcoin Bounces Back Above $8,000 Level After Earlier Slump

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Bitcoin Bounces Back Above $8,000 Level After Earlier Slump

Bitcoin rebounded back above the $8,000 level in Asian trading, hours after dipping below that threshold for the second time in a week as Twitter Inc. joined other social media platforms in banning advertisements for initial coin offerings and token sales on its service.

The largest cryptocurrency rose as much as 4.8 percent and was trading at $8,193 at 8:59 a.m. in Hong Kong, reversing an overnight decline that took Bitcoin down to about $7,850 according to consolidated Bloomberg pricing. Rival coins Ripple, Ether and Litecoin also advanced. Bitcoin remains down 22 percent in March.

Cboe Global Markets Inc., which was the first U.S. exchange to list Bitcoin futures last year, continues to have plans to introduce more cryptocurrency-related products. The exchange operator prodded U.S. securities regulators Monday to consider approving crypto exchange-traded funds in a letter to the Securities and Exchange Commission.

Since Bitcoin reached a peak of almost $20,000 in mid-December at the height of the cryptocurrency frenzy, the digital currency has lost more than half of its value as investors weigh the future of the emerging space amid intensifying scrutiny from global regulators.

Twitter confirmed Monday it’s banning the advertisements on its platform due to concern the content is often related to deception and fraud, according to a company spokesperson. The decision comes after Facebook Inc. banned cryptocurrency ads in January and Alphabet Inc.’s Google said it would do the same starting in June.

Read more: http://www.bloomberg.com/news/articles/2018-03-27/bitcoin-bounces-back-above-8-000-level-after-earlier-slump

Bitcoin Plunges 29% From Record High

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Bitcoin plunged, extending its drop to 29 percent from a record high, on speculation some traders were purchasing its spin-off amidst a battle over the digital currency &#x 2019; s future.

Bitcoin dropped to as low as $5,605 on Monday, from a record high $7,882 reached on Wednesday, information put together by Bloomberg program. Bitcoin money increased to $2,426 on Sunday, prior to plunging to $1,379 since 9:32 a.m. in Hong Kong, inning accordance with Coinmarketcap.com.

Bitcoin has actually dropped considering that the cancellation of an innovation upgrade to increase its block size, amidst speculation fans of the proposition bid up bitcoin money to weaken the initial bitcoin.

&#x 201C; It &#x 2019; s the bitcoin money pump, &#x 201D; stated Arthur Hayes, president of BitMEX, a cryptocurrency exchange based in Hong Kong. &#x 201C; It &#x 2019; s clearly a collaborated action of particular people who have a beneficial interest in bitcoin money. &#x 201D;

At the heart of the dispute is how bitcoin &#x 2019; s underlying innovation can accommodate increasing deals as its appeal booms. While increasing its block size would assist, challengers argue it would just focus mining power, weakening the decentralized nature of bitcoin.

    Read more: https://www.bloomberg.com/news/articles/2017-11-13/bitcoin-plunges-29-from-record-high-as-civil-war-intensifies