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Bitcoin Prices Still Laboring at Around $10,400

Summary:
Having dipped below ,000 twice in the past 7 days, Bitcoin continues to languish at around the ,400 mark. The cryptocurrency fell below ,500 on August 14th, and despite attempts to retake this position, it has so far failed to do so. However, the asset is posting higher lows while retesting the ,500 position, so there is some hope of an upward break. Bitcoin peaked at ,300 on August 6th and the market prepared for further increases. While it seems likely that a further move north is likely, its march has arrested over the past few days. Prices started to dip on August 10th, falling from ,800 to ,300. It continued its slide from ,300 to ,700 over a 24 hour period last week. A technology journalist for the BBC, Monty Munford, has shared the painful story of how he

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Having dipped below $10,000 twice in the past 7 days, Bitcoin continues to languish at around the $10,400 mark. The cryptocurrency fell below $10,500 on August 14th, and despite attempts to retake this position, it has so far failed to do so. However, the asset is posting higher lows while retesting the $10,500 position, so there is some hope of an upward break.

Bitcoin peaked at $12,300 on August 6th and the market prepared for further increases. While it seems likely that a further move north is likely, its march has arrested over the past few days. Prices started to dip on August 10th, falling from $11,800 to $11,300. It continued its slide from $11,300 to $9,700 over a 24 hour period last week.

A technology journalist for the BBC, Monty Munford, has shared the painful story of how he lost $30,000 of Ethereum in a phishing attack. The “lunchtime adopted” said that he chose Ethereum because it was the second largest cryptocurrency and he hoped to see the same 100,000% increase that Bitcoin had undergone. The money effectively went missing from Munford’s MyEtherWallet.

It has been reported that British baking giant Barclays has ended its partnership with exchange Coinbase. The bank agreed, in March 2018, that it would provide banking facilities to Coinbase, which made it easier and quicker for the exchange to process payments in pounds. Neither party has released details on why the partnership has been brought to an end.

In the US, the Internal Revenue Service (IRS) has sent another round of letters to people it suspects of profiting from cryptocurrencies. They have effectively warned that investors should come clean now before it’s too late.

Facebook’s Libra currency has already been hit with major scams, despite the fact it hasn’t even launched yet, and may not get governmental backing to do so. What’s more, the scam is proliferating directly on Facebook’s own website. Thousands of pages have appeared offering to sell Libra to potential buyers. Libra spokespeople have said that they are working with Facebook to take the scam pages down.

One of Facebook’s Libra partners, Mastercard, is reportedly recruiting its own cryptocurrency team. A job listing has called for professionals that will monitor the cryptocurrency market and help develop new and emerging crypto technologies and products.

Despite being perilously close to the $10,000 mark, Bitcoin (BTC) prices have risen 2.2% to $10,392.82. Ethereum (ETH) prices rose 7.02% to $196.03 but Ripple (XRP) saw the biggest gains of the top coins, rising 9.02% to trade at $0.287. Bitcoin Cash (BCH) and Litecoin (LTC) prices have risen 4.76% and 5.59% to trade at $319.57 and $76.78 respectively.

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


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