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Bitcoin Shows Positive Signs, Nears $58K

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Despite the lower trading volume, Bitcoin is nearing $58K, reversing two-day losses. The gains came as new evidence of bitcoin and other cryptocurrencies becoming more widely accepted. Following two days of losses, bitcoin ended Thursday with a gain after US markets closed.

 

Bitcoin (BTC) trading around $57,876 up 1.85% as of 0310 p.m IST. Climbing 2.86% over the previous 24 hours.

After BTC bounced off the lower Trendline, the price of bitcoin appears to be gaining bullish momentum. The volume on top spot exchanges increased 5.9% from February levels to $2.5 trillion in March, according to CryptoCompare's monthly report.

Bitcoin Shows Positive Signs, Nears $58K

However, spot trading volume has not been able to keep pace with rising prices, and it continued to fall on CoinDesk's eight U.S.-focused crypto exchanges on Thursday...While ether has been mostly trading above $2,000 since peaking above $2,100 in early April, an analyst claims that ether's recent bull run has been fueled by a lack of buyer demand compared to bitcoin.

Victims of phishing scams On April 6, California attorneys John Chu and Edward Baton filed a lawsuit against the crypto wallet provider and its e-commerce partner Shopify.

 

A fraudulent appeal for, and misappropriation of, investor funds as well as registration infringements were brought against the Circle Society and David Gilbert Saffron, operator.

Saffron offered binary options through his company on both Forex and Cryptocurrency pairs and allegedly had $11 million of fleeced investors, and Bitcoin since 2017.

On the hourly chart, BTC is trading above its 10-hour and 50-hour averages, which is a bullish signal for market analysts.

Story first published: Friday, April 9, 2021, 16:11 [IST]
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