Today we see Bitcoin back up over $8000, and Ethereum up some 4%, with Ripple up 1%.
“After peaking around $9,000 in May, BTC crashed down to under $8,000 but seems to be slowly recovering. BTC was trading just shy of $8,000 earlier today, and is now trading at $8,130 at press time,” wrote Max Boddy last night, showing the progress of the coin. “Overall, the top cryptocurrency is up by approximately 2.72% over teh past 24 hours at press time.”
After languishing under $4000 through parts of February, Bitcoin has doubled its value in just a few short months. This is enormous news for anyone who is all in on Bitcoin or who may be trading on margin, but it’s also big news for anyone with even a tangential interest in the household cryptocurrency.
Sustained numbers over $8000 provide a new level of stability for Bitcoin value, and hodlers rejoice.
“We have had a huge year so far,” eToro’s Mati Greenspan tells Cointelegraph’s Molly Jane Zuckerman this morning in a video segment, characterizing Bitcoin activity as “consolidating gains.”
Pointing to a mid-May spike that happened over several days, Greenspan talks about sustained rallies and their impact on Bitcoin psychology.
“It’s basically cementing in people’s minds: this is what the price is right now,” he says.
Invoking the idea of more buying on fear of missing out, Greenspan points to the possibility of a rally over $9000 – at the same time, he said, Bitcoin could also go lower, but there are multiple supports on the way down.
Greenspan also addressed Zuckerman’s question on whether the new Facebook coin rumor will move markets as it develops.
“The thing about the Facebook coin is that we don’t know a lot about it right now,” he says, going over some scant information related to hiring, with an estimated 50 Facebook employees at work on blockchain. “After that, what we have are a lot of leaks.”
The best guess that analysts can provide, Greenspan says, is that the social media giant will create a stablecoin pegged to multiple fiat currencies.
“It’s similar to what Tencent has done in China,” he says.
Citing a survey he conducted, Greenspan shows that 55% of respondents think the FB coin will be good for Bitcoin.
“People feel like this is going to be a big on-ramp for crypto,” he says.
Look for more as the Facebook mystery unfolds.