Crypto Today: Bitcoin rebounds 16%, Bitcoin Cash & Ripple follow suit
|Bitcoin (BTC/USD), the world’s most known cryptocurrency, got off to a weaker start to the New Year but eventually recovered ground, having booked a 10% gain on Tuesday. As for today’s trading, the spot regains poise to now climb back above the $ 15000 mark, up nearly 16% on the day.
The latest WSJ report that cited Peter Thiel's (a PayPal co-founder and early Facebook investor) Founders Fund has brought millions of dollars in bitcoin, fuelled the rebound in Bitcoin. The move reversed more-than-half the decline seen last week.
According to WSJ, the venture capital firm bought about $15 million to $20 million of bitcoin and told investors that after Bitcoin’s surge in the last year, those holdings are worth hundreds of millions of dollars, CNBC reports.
Meanwhile, Bitcoin also received a fresh lift from the latest note published by Nomura’s analysts, estimating that the wealth effect of bitcoin could boost consumer spending in Japan to as much as 96 billion yen ($855.4 million).
Dennis Gartman, The Gartman Letter editor and publisher, noted: “Regarding Bitcoin, it is starting the year defensively, having sold off late last week, having bounced a bit over the holiday trading and now weakening once again. We'll simply note that there has been supporting for Bitcoin at or near $12,000; any movement through there to the downside would put the market very much at risk.”
Most dominantly traded cryptocurrencies are seen higher on Wednesday, according to the latest data by data CoinMarketCap, with Bitcoin’s rivals Bitcoin Cash and Ripple rallying higher by 16.12% and 16.63% respectively. Ethereum, on the other hand, traded with moderate gains around $ 893 levels. Meanwhile, the total market capitalization of all cryptocurrencies increased to set a new all-time high of $667 billion, suggesting that the entire cryptocurrency market has recovered from a 30% correction witnessed on Dec. 22.
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