Wednesday, February 7, 2018

Bitcoin recovers to back over $8000 with rest of cryptocurrency sector also rebounding as market volatility wanes for now

With volatility across nearly all markets appearing to have diminished today, cryptocurrencies began to recover a bit from their own week long decline.  And led by Bitcoin, which has rebounded to back above $8000 per coin one day after breaking below the $6000 handle, cryptocurrencies as a whole have gained more than $100 billion in market cap in the past 24 hours.

Top global cryptocurrencies surged by between 19 and 50 percent on Wednesday following the massive sell-off that erased half a trillion dollars from the market. 
Bitcoin bounced back over 30 percent to $8,500 after falling below $6,000. It is still 60 percent off the $20,000 peak seen on December 17. Bitcoin's jump has positively affected other cryptos, as the overall market cap rebounded by nearly $100 billion in 10 hours. All 100 top currencies from Coinmarketcap were trading higher Wednesday, after nearly a month of declines. Ethereum added 30 percent to $824, ripple rose to wave of 20 percent to $0.78. – Russia Today
Cryptocurrency traders still have to remain cautious despite today's strong move as trends over the past month have been primarily downward, and where we will also have to see if February's expiration of the CME's Bitcoin futures contract has the same effect on the cryptocurrency that it did back in January.

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