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9 May

By Ahmed Mamdouh

Category: Cryptocurrencies

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Bitcoin finds relief near $9,000, what’s next?

Bitcoin, the world’s no.1 cryptocurrency, rebounded to $9,210 after it found support after it fell to a low of $8980.10, the lowest in seven days, amid uncertainty about the digital currency’s next path.

The Bitcoin has plunged after climbing near the $10,000 mark on May 5 due to some negative remarks from billionaires Bill Gates and Warren Buffett.

Intercontinental Exchange, the company that owns the New York Stock Exchange, is said to be considering a development of Bitcoin trading platform to give more access to mainstream investors.

Some analysts that the ICE’s attempt to give access to wider range of large investors would make the Bitcoin more abundant, which could eventually lead to a fall in its price.  

The Bitcoin has seen the end of its astonishing 2017 rally after the launch of bitcoin futures, Researchers from the San Francisco Federal Reserve Bank said.

Remaining above $9,000 is very critical to Bitcoin, as a fall from the current levels could send prices down to $8,000.

At the meantime, there is uncertainty whether the Bitcoin would continue its recovery or the rebound is over and prices would soon fall again.

Ethereum extended its drop on Wednesday to $740.98, yet it also found support after touching a bottom of $710.06.

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.