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Bitcoin Price Bounces Back as Crypto Market Sees Green Day

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October 1, 2019 | 

Darryn Pollock |  0 Comments| 

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There has not been too much to cheer about for Bitcoin and cryptocurrency users in the past few days, and even the few weeks preceding the most recent drop in price across the market. Bitcoin had been trading mostly sideways, struggling to make any ground above the $10,000 market before it seddenly fell by $2,000.

Last weeks dramatic drop was a tough one to take for the market as it had been growing and expanding through what was known as the cryptocurrency spring of early 2019. After the Spring, many were hoping for a summer where Bitocin’s price would catapult towards it's all time high of $20,000, and even higher. 

However, the coin only ever reached the higher stages of $13,000 before slumping back down and then falling sharply to hover around $8,000. But, today, there is better news as the price of Bitcoin has pushed off the $8,000 floor, reaching as high as $8,484 before settling just below $8,400 at time of publishing. 

This climb has seen Bitcoin show gains of over five percent for the day and is leading the rest of the cryptocurrency market which is showing a lot of green. This bounce back may not be significant, but it is at least a sign that perhaps the collapse has ended after Bitcoin stabilised near $8,000.

A bumpy ride

The recent dip in Bitcoin’s price, a steep one that shed 20 percent of the value of the coin, has not been seen for some time and it came at a strange time too. Bitcoin’s price fell under the $10,000 mark on the same day that institutionalised Bitcoin futures contracts were launched by Bakkt.

The Bakkt launch was supposed to be a turning point for Bitcoin and another chance for traditional investors to get involved in the cryptocurrency with their physically settled contracts. However, the launch of these contracts did not have the desired effect on the market.

JP Morgan analysts have now said that they believe it is the Bitcoin futures that are to blame for Bitcoin;s recent fall in price and that the launch of Bakkt could well have been a catalysing force. 

Altcoins get some good gains

While Bitcoin has had a decent recovery and is looking a lot better for its small gain, there has also been some good news for altcoins which have mirrored the major cryptocurrency. Tuesday’s big fall hot altcoins probably even harder than it affects Bitcoin, but now their recovery also looks a lot better. 

EOS and TRON are both seeing gains of over seven percent, while Tezos, also in the top 20 altcoins, can also boast a seven percent increase over the last 24 hours. The biggest gainer in the top 20  however is the 20th ranked coin, NEO, which is up nearly nine percent over the same time period.

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