Bitcoin hits fresh 2019 high, nears $6000 level; here’s why

By: |
Published: May 7, 2019 5:54:12 PM

Clawing its way back from last year’s lows, Bitcoin hit a fresh 2019 high, nearing psychological $6,000-level for the first time since November.

Bitcoin, what is Bitcoin, Cryptocurrency, Cryptocurrency Bitcoin, Cryptocurrency traders, The biggest virtual currency, Bloomberg composite pricing, Bitcoin Cash, Ether, Bloomberg Galaxy Crypto Index, बिटकॉइन, बिटक्वाइन, बिटक्वॉइन, क्रिप्टोकरंसी, इथरThe prices of Bitcoin had surged by over 11 per cent in the past week, helping the crypto market to add billion to the market capitalisation.

Clawing its way back from last year’s lows, Bitcoin hit a fresh 2019 high, nearing psychological $6,000-level for the first time since November. The popular cryptocurrency climbed nearly 5 per cent to $5,910.32 in the early trade today, according to cryptocurrency exchange Coinbase. The virtual currency was trading at $5,722 on the exchange at the time of reporting.

The prices of Bitcoin had surged by over 11 per cent in the past week, helping the crypto market to add $20 billion to the market capitalisation.

Also read: Bond yields drop after report says RBI may infuse more liquidity after elections

Bitcoin had plunged 74 per cent in the later part of the last year after following below $4,000. Other than the world’s most followed virtual currency Bitcoin, most of the other cryptocurrencies lagged the former.

From the beginning of April from nearly $3,500 to over $5,000, has been on a steady rise  for the past few weeks. Bitcoin has surged almost 5 per cent over the last 24 hour trading period to highs of $5,970, according to the exchange.

Since the overall institutional involvement is turning more strong, Bitcoin is testing fresh near-term highs, Bloomberg reported citing Jehan Chu, managing partner at Kenetic Capital. More and more institutions are lining up to thesis of the currency, he added.

Meanwhile, the Reserve Bank of India (RBI) last year had virtually banned cryptocurrencies such as Bitcoin as it barred the regulated entities from offering services to any individual or business dealing in them. The decision had come after three prior warnings to the public to remain beware of any dealings in the cryptocurrencies. Three months were given by the central bank to the regulated entities to close down their positions with the entities related to the digital currencies.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Not just for auspicious reason, betting big on gold is good for your portfolio this year
2Bharti Airtel’s share price hits 7-month high after Q4 results; all you need to know
3Top jewelers line up Akshaya Tritiya discounts; 50% off on making charges, free gold coins and more