Bitcoin bounces back towards $ 14k, Bitcoin cash drops 5%

Dhwani Mehta FXStreet

Bitcoin, the most dominantly traded digital currency, is seen reversing yesterday’s temporary drop and resumes its rebound from eleven-day lows of 12,639 to now trade at 13,792 levels, up +2.13% on the day. The renewed bounce seen in the digital currency is mainly driven by the latest headlines, citing that the S. Korea government will decide on virtual currency exchange shutdown after sufficient consultation.

Moreover, the US dollar rout continues to extend, boosting the demand for the USD-denominated Bitcoin. The greenback slumps to more-than three-year troughs against its major peers and attacks 90.00 – the key levels.

However, it remains to be seen whether the spot can sustain the recovery mode, as the latest warning issued by the Chinese industry body over the risks associated with the cryptocurrencies will undermine the sentiment around the Bitcoin.

Meanwhile, most of its widely traded rivals are seen in the red zone, with Ethereum down -1.07% near $ 1330 levels and Bitcoin cash -4.75% weaker near $ 2460. Ripple also follows suit, down -3.50% to test the $ 1.80 mark.

According to Coinmarketcap, the cryptocurrency market cap decreased to $703.82 billion, with Bitcoin’s share also easing to 33% of global cryptocurrency trading.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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