Bitcoin Bounced Off of its 2018 Lows

Bitcoin Bounced Off of its 2018 Lows

Bitcoin Bounced Off of its 2018 Lows

$BTCUSD

Monday, Bitcoin bounced up from it Y 2018 lows and breaking out of a 2-month downtrend.

The world’s #1 cryptocurrency’s price jumped 12% from Friday, its biggest intra-day rise since April. Bitcoin had fallen as low as 5820.79 Friday, and moved higher at the weekend (Bitcoin trades 7 day a week).

Currently, Bitcoin is trading at 6,649.9351,+344.65, or +5.47%, as of 6:03a BST, the market is open

Other digital currencies were also up, including Ethereum, Bitcoin Cash and Ripple, also known as XRP.

At the height of the Bitcoin run, the digital currency hit an all-time high price of 19,500+ in December.

This is a big week for digital currencies in the regulatory spectrum.

Swiss regulators are expected to give cryptocurrency companies full access to conventional banking services in the coming month, according to reports.

And the Financial Conduct Authority, the Bank of England and the Treasury will give evidence to a UK parliamentary committee on cryptocurrency opportunities and risks Wednesday.

Meanwhile, SKorea’s Financial Services Commission gave new guidelines last week to prevent money laundering via cryptocurrency. They include tightened cryptocurrency trading regulations on transactions and user monitoring.

Have a terrific 4th of July!

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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