The largest cryptocurrency is trading near $41,800 and managed to stop the downward momentum, near $39,500. Optimism is also evident in the listings of smaller cryptocurrencies, as well as crypto-related listed companies. Shares of Coinbase (COIN.US) are gaining nearly 3%, while Microstrategy (MSTR.US) is up nearly 9%.
- The rebound can be linked to the decreasing selling pressure from the Grayscale fund, as signaled yesterday by analysts at Bloomberg Intelligence, as well as J.P. Morgan.
- On the other hand, the news of the sell-off of $130 million worth of Bitcoin reserves seized by the U.S. government, following the Silk Road scandal, failed to negatively affect investor sentiment, signaling a potential advantage for buyers.
- The SEC dismissed BlackRock's application, in the first term, to create a spot Ethereum ETF, but this did not negatively affect the price of the cryptocurrency, which is gaining more than 2% on Bitcoin's rebound.
Bitcoin (D1 Interval)
Bitcoin is posting sizable gains today, which with its range broke through the barrier set by the 50-day exponential moving average (blue curve). Source: xStation5
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