Bitcoin poised to end higher for 7th straight week
BTC/USD or Bitcoin currently trades at $2425 and looks set to end higher for the 7th straight week.
The virtual currency clocked a high of 2806 on May 25 before retreating to 1913.19 on May 27. The subsequent rebound to 2425 levels has left another higher bottom on the technical chart.
The market cap for Bitcoin has swelled to more than $40 billion.
Reuters reported yesterday that “Major Chinese Bitcoin exchanges have started to resume allowing withdrawals of the crypto currency after nearly a four-month freeze that followed increased scrutiny from the central bank.”
Meanwhile, Bloomberg report says, another crypto currency could topple Bitcoin’s status as the top virtual currency. Speculation is rife that the value of ‘Ether’ - A digital currency linked to the Ethereum Blockchain, could surpass that of Bitcoin by the end of 2018.