Bitcoin continues its steady recovery, rising above $8,000

183

Date | 08-02-2018 - 04:22 PM

Article Type | Stock Markets

Region | World

Other cryptocurrencies match bitcoin’s march higher

By BARBARA KOLLMEYER

Bitcoin continued to move above $8,000 on Thursday, taking a cue from global equity markets, which appeared to be stabilizing somewhat after a week of extreme volatility.

The price of a single bitcoin BTCUSD, +1.33% gained 6.7% to $8,091.23, bouncing off a session low of $7,576.25, according to CoinDesk data. The price of bitcoin remains well below a level of $10,000 seen a week ago, and its December peak above $19,000, but has recovered from a drop below $6,000 on Tuesday.

Ether, the coin on the ethereum network, saw a similar rise, up 6.3% to $806.63, while bitcoin cash was at $995.25, up 3.5%. Litecoin rose 2.7% to $142.66, and Ripple gained 3.4% to 75 cents, CoinDesk prices indicated.

February Bitcoin futures on the Cboe Global Markets XBTG8, +0.18% slipped 2.4%, to settle at $8,040, while those on the CME Group Inc. BTCG8, +0.06% fell 3.6% to $7,970.

Cryptocurrencies have drawn some support this week from a Senate hearing to discuss regulations for the industry , which was viewed as generally positive. But bitcoin and its rivals have been not escaped the volatility that has at times whipsawed global equity markets.

Author: Heng V. Mony

Source: marketwatch.com

Comment