Great Leaps In Bitcoin: Increases By $2000


Great Leaps In Bitcoin : Increases By $2000

Bitcoin, the popular crypto currency, faced a bashing, as it dropped during recent times. However, in other news today, Bitcoin has increased by $2000 in just a day.

Bitcoin traded at 9.5% higher, above $8400 at 8:12 am ET. The news was reported by CoinDesk. Yesterday on Tuesday, the bitcoin dropped below $6000 reaching all time lows. The bitcoin has been plunging ever since last year and its fall has continued this year as well. However, today’s news brings some positivity as the Bitcoin managed to put on some gains.

Bitcoin supported the stock markets, which also rose today. There were sharp gains reported in other crypto currencies as well.

Bitcoin traded at 9.5 percent higher, marking a new value of $8400. The jump is more than a $2000 jump in just a day. On Tuesday, after the Senate Banking Committee hearing, there were some hints of a heavy-handed ban on the crypto currencies development and growth. After the news emerged, the Bitcoin dropped to new lows of below $6000.

Bitcoin’s value, as of Tuesday, was $5947.40, which was its lowest since November 13th. On the other hand, aside from the bitcoin, the S&P 500 index closed at a 1.7 percent value higher but other stocks suffered. Moreover, while the US and European markets were better, the Asian markets suffered.

There were gains in other crypto currencies as well. The Ethereum increased by 5.6 percent, closing at $838 whereas the Ripple increased by 2.3 percent. There were also gains reported in the bitcoin cash, which increased by 4.8 percent.

Even though the bitcoin reported gains and had a major comeback today, it still values at 17 percent lower for this month and 39 percent lower for the year so far. This is disappointing news but not something out of the blue because for the longest time now, we are hearing news about a bitcoin crash.

News such as the ones that hinder the development of bitcoin impacts the currency directly and yesterday’s hearing definitely made the crypto currency fall to new lows.