Bitcoin Rallied, Now Trading Above $8,000 Again

Bitcoin Rallied, Now Trading Above $8,000 Again

Bitcoin Rallied, Now Trading Above $8,000 Again

$BTCUSD

  • Post-US Tax Day Rally Underway

The price of just 1 Bitcoin jumped back above $8,000 early Wednesday, erasing a Tuesday loss that saw the No. 1 digital currency shed $200 in 20 mins.

Speculation is that that decline was the work of 1 or 2 large sellers, pushing prices down to market bids. After a quiet session Wednesday the world’s largest digital currency by market looked stable.

Currently, Bitcoin is trading at: 8,196.721680, +260.213867, or +3.278685%, as of 4:58a BST, the market is open.

Now, with the 17 April US tax filing deadline in the ‘scrapbook’, market participants are seeing a post-tax day rally in the cryptocurrencies.

Early this week the market saw some heavy selling in the digital coins to fund tax payment, following big profits banked in Y 2017, there were strong bids under the market, the support was hit, held and bounced in relief..

Analysts are predicting that the end of the US tax-selling pressure likely supports a rally in Bitcoin to $25,000 by the end of Y 2018.

Trading action across large-cap cryptocurrencies appeared to validate the post-tax day claims because: Ethereum, Ripple XRP, Bitcoin Cash and Litecoin edged higher supported on demand.

Market data from showed the total market cap of cryptocurrencies rose to $339-B late Wednesday ET from $250-B last week, signaling renewed demand for cryptocurrencies.

Bitcoin Cash rose 16.40% to $887.48, Litecoin rose 3.37% to $138.41, Ripple XRP rose 6.11% to $0.69820, and Ethereum rose 2.19% to $516.49.

Stay tuned…

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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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