The price of Bitcoin surged by 5% overnight in a new rise which saw it climbing it above the $7,700 level. After a relatively quiet Sunday trading where Bitcoin stayed between $7,400 and $7,500 – the new boost proved many that the past few weeks have been bullish for the largest flagship cryptocurrency.
When it comes to the actual reason about the boost, many analysts say that it is because of the investors taking their money out of other cryptocurrencies and sliding them into Bitcoin.
Other coins were still relatively low regarding their surge. Ethereum is right now trading at around $465 which is a mere 1% increase. Ripple and Litecoin remain relatively stable in the $0.46 and $86 levels respectively.
Some analysts predict a bullish forecast over the next couple of days and weeks for Bitcoin. However, a major sell-off of the largest cryptocurrency by market cap could indicate an opposite direction – despite the potential increase in volume.
Meanwhile, there could be another potential bullish setup that may see the Bitcoin rising to the next psychological target of $8,000. If that target is breached, analysts predict a quicker movement to the $10,000 level than expected. With this, Bitcoin may also drag other coins with it in a new surge.
Other altcoins which saw consistent gains over the past week also performed well over the weekend and on Monday.
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“We make money just as Robinhood, Northern Trust and other traditional custodians do. The costs of custody are offset by other services," Purcell explained.This is definitely something that stirred up the market from a positive viewpoint, allowing traders to speculate on the potential novelties that the partnership could bring.
Coinbase Expands Its Crypto Offering To 11 More Countries
“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”Meanwhile, the news that Coinbase expands allow customers in the aforementioned countries to store, trade, send and receive cryptocurrencies. As the latest cryptocurrency news show, the exchange also suggested that cryptocurrencies are moving from the current "investment phase" into the "utility phase" following a number of new use cases. Recently, the company introduced a lot of new developments, one of which was featured in the altcoin news section. It was the added support for EOS (EOS), Maker (MKR) and Augur (REP) which went viral and expanded into cross-border payments. The latter development reportedly enables users to send as well as receive money instantly and convert them into local currency. As part of the news that Coinbase expands, the report concluded:
"Realizing our mission of creating an open financial system for the world starts with making it as easy as possible to access crypto. With today’s announcement, we’re happy to take an important step in that direction."Earlier in April this year, Coinbase also launched the Coinbase Card in a partnership with Visa, enabling its United Kingdom-based customers to pay in-store and online using cryptocurrencies. As a result, the new service will allow Coinbase to instantly convert the customers' cryptocurrency funds into fiat currency in order to complete each purchase. This is definitely a lot of news coverage showing that Coinbase expands in different directions and is on a mission to offer various trading options globally.
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