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Bitcoin Prices Soar to $8,000, Rising More than 50% in May

Summary:
Bitcoin continues to ride the wave of positive sentiment and good news, as its price wavered above ,000 most of the day today. It has corrected down closer to ,800, but further gains look likely in the short term. A number of news stories could have helped push prices up, although some still point to price manipulation as being the primary driver. Further resistance is expected at ,500, but analysts have said that if BTC can break this resistance, it will likely continue to push on towards ,500 relatively easily. Among the complaints levelled at Bitcoin is the fact that it is not in mainstream use, but that could be about to change. Gemini, which is owned by the Winklevoss twins, is partnering with a payments startup called Flexa. Flexa has persuaded US retailers to use

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Bitcoin continues to ride the wave of positive sentiment and good news, as its price wavered above $8,000 most of the day today. It has corrected down closer to $7,800, but further gains look likely in the short term. A number of news stories could have helped push prices up, although some still point to price manipulation as being the primary driver. Further resistance is expected at $8,500, but analysts have said that if BTC can break this resistance, it will likely continue to push on towards $9,500 relatively easily.

Among the complaints levelled at Bitcoin is the fact that it is not in mainstream use, but that could be about to change.

Gemini, which is owned by the Winklevoss twins, is partnering with a payments startup called Flexa. Flexa has persuaded US retailers to use the contactless payment scanners they already have in place to work with their own cryptocurrency app, called Spedn. This means, effectively, that any retailer with a contactless payment scanner in place could now accept cryptocurrency payments. The app allows users to spend Bitcoin, Bitcoin Cash, Ethereum, and Gemini Dollars, which are a stable coin backed by State Street. The system works in real time, which is a major leap forward for payment processing in the space, and it could genuinely open up retailers and consumers to cryptocurrency. The system is set for launch in major retailers including Crate and Barrel, Nordstrom, and Whole Foods. It seems to work at Starbucks, too, although it has not officially been announced.

There have also been rumours that eBay will be accepting crypto payments in the near future. Photographs of images from the company’s marketing materials issued at Consensus in New York this week, show ads including details of Bitcoin and other crypto payments.

Another piece of potentially big news for Bitcoin came from Kelly Loeffler, CEO of Bakkt. She said that Bakkt would be launching two Bitcoin futures products on Federal regulated exchanges as soon as July this year. The two products are daily settled futures and monthly futures.

The surfeit of positive news has seen Bitcoin prices rocket over the past few weeks. In fact, the digital currency’s prices have risen more than 50% since the start of the month, when it was trading at just over $5,000, and if it can end the month at this kind of level, it would be the most profitable month since August 2017 – the height of the Bitcoin bull run.

Bitcoin (BTC) is currently trading at $7,812.86 while Ethereum (ETH) has made modest gains and is currently trading at $207.64. Ripple (XRP) has gained more than 20% in the past 24 hours, and now costs $0.397. Bitcoin Cash (BCH) has corrected slightly, down 4% to $375.96. Litecoin (LTC) has dropped 1% and is now trading at $89.06. All prices were correct at 22:55 GMT.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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