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18 April

By Ahmed Mamdouh

Category: Cryptocurrencies

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Bitcoin holds above $8,000 as investors examine cryptocurrencies

Bitcoin prices held above $8,000 on Wednesday, as investors continued to ponder whether cryptocurrencies have bottomed out after the recent tremendous fall.

According to Bitfinex, Bitcoin slipped 0.18 percent to $8,091.9, as of 10:40 GMT, yet it remained firm on the daily basis.

Holding above $8000 could uplift the Bitcoin further to the next resistance depicted at $8,500.

While there is still a strong crackdown on cryptocurrencies and ICOs from governments, it seems that the digital currencies have benefited from some positive news.

Meanwhile, some investors are contemplating the cryptocurrencies market is moving into a new phase characterized by maturity and stability.

With exchanges looking for becoming regulated, bans on some scam ICOs, taxes on cryptocurrencies’ holdings, ongoing development of speedy and clean blockchain channels and encouragement from some officials to the cryptocurrencies, digital currency prices have found some relief.

International Monetary Fund Head Christine Lagarde stressed on Tuesday on the merits of cryptocurrencies, citing some advantages such as speed, low cost and safety.

It seems that signs of regulation on cryptocurrencies along with the low prices have started to attract main-stream investors to enter the crypto market.  

The total market capitalization of cryptocurrencies currently stands at $334,493,166,293, according to CoinMarketCap, recovering from record lows hit recently.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.