Bitcoin Price Continues Climb From Last Week's Lows
The price of a single bitcoin continued its climb upwards after lows last week. On Saturday morning, it even surpassed the $9,000 mark before paring back its gains. At 14:19 UTC on Monday, bitcoin was trading at $8,689.80 per pop, up 7.8% from its price 24 hours ago. That figure also represents a climb of approximately 25% from its price a week ago.
But investors shouldn’t expect miracles immediately. According to Dan Morehead, Pantera Capital founder, bitcoin’s price was 52 days into a 71-day bear market last week. “So it seems like another couple of weeks….and it (bitcoin price) could start grinding back up,” he said. Morehead has invested in 43 cryptocurrency-related companies.
Among the top 10 most-traded cryptocurrencies, Ripple announced an agreement with UAE exchange, which claims to have a 6.75% share of the $575 billion global remittance market, to test its blockchain technology. It is not clear whether Ripple’s cryptocurrency XRP is part of the agreement. (See also: Why Some Claim Ripple Isn't A Real Cryptocurrency). News about the agreement was enough to propel Ripple past the $1 mark it had been struggling to reach since Feb 1. As of this writing, Ripple was trading at $1.06.
The overall market capitalization for cryptocurrencies was $421 billion. On Saturday morning, it had reached a high of $458 billion.
In the beginning, Satoshi Nakamoto created blockchain and bitcoin.
Investment bank JP Morgan released a Bitcoin Bible that is an introduction and take on cryptocurrencies on February 9. The release followed a similar report made public by the New York Federal Reserve the same day.
Both reports summarized and analyzed the effect of cryptocurrencies on the monetary system. The New York Fed stated that
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