Bitcoin Price Surges to $8450

16 April, 2018

The bitcoin price has surged to $8,450 after recording a 5 percent increase within the past 24 hours. The cryptocurrency market is eyeing a move towards the $350 billion region and it has already crossed $334 billion.

Is the Bull Market Back?


It is too early to confirm whether the bitcoin price can continue its bull run throughout April and potentially to the $10,000. Bitcoin is still down 50 percent from its all-time high at $19,000, and traders expect the bitcoin price to surpass $12,000 before it can eye a move towards its all-time high. Hence, bitcoin is still at its early stage of recovery.

However, it is optimistic that within a short period of time, the bitcoin price increased from $6,500 to $8,400, initiating a swift recovery for the first time since mid March. The valuation of the cryptocurrency market has also achieved a monthly high at $335 billion and if the market can sustain some momentum throughout April, it is possible that it could achieve a two-month high at $400 billion.

Over the past week, many alternative cryptocurrencies (altcoins) like 0x, OmiseGo, STORM, and WanChain have outperformed bitcoin. The strengthening in the momentum of altcoins is an optimistic indicator of overall market stability, as investors are willing to take more risks and invest in highly volatile assets with relatively low liquidity instead of bitcoin.

Several analysts have recently stated that the price surge of bitcoin may be attributable to the end of the tax season of the US, as Wall Street analyst Tom Lee previously stated.

“The selling pressure associated with tax day has subsided right now. As people get their tax returns, there may be new money entering the market,” said cryptocurrency software company Dash Core CEO Ryan Taylor.

In early April, Lee echoed a similar stance as Taylor and predicted the price of bitcoin to increase as soon as the tax season comes to an end, as investors in the US could owe as much as $25 billion in taxes to the Internal Revenue Service (IRS). Lee told CNBC:

“This is a massive outflow from crypto to USD and historical estimates are each $1 of USD outflow is $20-$25 impact on crypto market value. Additionally, we believe there is selling pressure by crypto exchanges who are subject to income tax in U.S. jurisdictions. Many exchanges have net income in 2017 [of more than] $1 billion and keep working capital in [bitcoin]/[ethereum], not USD — hence, to meet these tax liabilities, are selling BTC/ETH.”

South Korea Pump


South Korea’s financial sector and cryptocurrency market are both massively influenced by word of mouth. The South Korean market is described by local investors as a copper pan, because it heats up very easily and cools down quick. When the cryptocurrency market fell by large margins in February, public figures went as far to apologize about their investments in the cryptocurrency space, because many investors lost money from it.

If regions like South Korea and Japan begin to initiate another bull rally for bitcoin and other cryptocurrencies, the market could significantly improve in terms of liquidity, adoption, and stability.


Source link  
Short-term Turkish lira, long-term pressure will continue

Further increases in US interest rates are likely to maintain underlying downward pressure on the lira. The currency will also be vulnerable on domestic...

XM gets award for outstanding services

We are proud to announce that in June 2018 XM received two more prestigious achievement awards as acknowledgement for the excellence we represent...

Investing in CFD Crypto Currency

FIBO Group company continues to enlarge the investment possibilities by increasing the number of trading instruments and trading accounts they are...


FxPro is hiring new staff

Are you proactive, positive, responsible, able to solve different tasks, and have many creative ideas that you want to make come true? Then send us your CV right...

Make deposits to your account in bitcoin

We have added a new way of making deposits to your account - via cryptocurrencies. Alpari will not be charging a commission fee for deposits made in bitcoin...

Deposit and withdraw via Help2Pay

We have added a new payment option, Help2Pay to make your deposits and withdrawals more convenient. Help2Pay is a modern and secure payment system...


Tighter Crypto Currency Spreads

easyMarkets is proud to announce even lower spreads on Bitcoin, Ripple and Ethereum. The three most popular cryptocurrencies in the world...

FXTM Market Forecast for Q3 2018

There's been a lot to keep track of this year - the markets have endured political shocks, trade war tensions, and much more. The complete Q3

AvaTrade Forex Affiliate Partnership

The online trading sector is growing exponentially as more and more people recognize the opportunity to profit - no matter how challenging the economic...


In the past 24 hours Bitcoin has gained 0.92% and reached $7429.09. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.3727% and is now at $1.1646. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 7.23% and is now at $468.003. Have the most popular cryptocurrencies compared online 24/7.


Top Forex Newsmakers



Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets90%
2FXTMFXTM88%
3HYCMHYCM86%
4FIBO GroupFIBO Group79%
5FxProFxPro78%
6FXCMFXCM73%
7AvaTradeAvaTrade69%
8HotForexHotForex68%
9XMXM68%
10Alfa-ForexAlfa-Forex66%


Forex Articles
  


Share: