Bitcoin Prices Today Climb Back Above $4,000, but China Woes Linger

This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.

Bitcoin prices today shook off last week’s sharp downturn, and prices have rallied more than $1,000 since hitting a near-term low fueled by concerns over China’s latest regulatory decisions.

Bitcoin prices todayHowever, some investors are still worried about a major crackdown on Bitcoin. It’s getting so bad that the Blockchain Global Summit, an event hosted by trading firm BitKan, has been relocated from Beijing to Hong Kong.

Below is a recap of the top cryptocurrency prices at 10:30 a.m. EDT.

  • Bitcoin: $4,017.81, +12.55%
  • Ethereum: $289.19, +16.69%
  • Ripple: $0.18, +5.56%
  • Bitcoin Cash: $469.14, +12.11%
  • Litecoin: $53.67, +10.54%

Now that we know all of today’s price movements, here’s what has been moving these cryptocurrencies…

Cryptocurrency Markets Today

On Monday, the total market capitalization of the entire cryptocurrency sector fell to $138.9 billion. Today’s total market capitalization is up more than $20 billion from Thursday’s figure.

Top performers from the largest 50 cryptocurrencies by market capitalization included SingularDTV (up 28.4%), DigiByte (up 25.9%), IOTA (up 23.7%), Stellar Lumens (up 23.3%), and Civic (up 22.3%).

Only two of the top 100 cryptocurrencies by market capitalization were in the red. Edgeless was off 13.3%, while OKCash fell more than 4%.

According to a report from NewsBTC, Edgeless investors have been susceptible to a scam involving workplace platform Slack. One investor lost 200 ethereum tokens as a result of the scam. This is one of the latest examples of the risks that investors take when investing in initial coin offerings.

Bitcoin Prices Surge 13% in a Day

The Bitcoin price rallied from $3,600 to $4,040 over the last 24 hours. Major buying markets – including Japan, China, the United States, and South Korea – all showed increased demand.

Must See: The South China Sea is about to get violent. But thanks to a small $6 U.S. defense firm with a top-secret new technology, China is about to be taken to the woodshed. Read more

According to reports, traders have been purchasing cryptocurrencies at higher premiums and bolstered demand and prices in the Chinese market.

Ethereum Prices Today Climb Closer to $300

The Ethereum price was pushing back toward the $300 level thanks to a sharp uptick in demand from South Korea.

Many new investors saw the dip last week as a good opportunity to pour some money into the market. Volatility has been the hallmark of cryptocurrencies since their inception, and China remains a bearish factor across the board.

However, we anticipate that many Ethereum bulls will offer statements this week on the limited impact that China will play on the global market moving forward.

Litecoin Begins Its Recovery

The price of Litecoin was back above $50 after a massive sell-off saw the price fall from a record $92 down to around $46 in less than two weeks.

The price is still trading below moving averages and has failed to benefit from recent sharp downturns in both Bitcoin and Bitcoin Cash.

Digital Currency Regulatory Update

China has dominated the headlines over the month of September after it initiated a series of restrictions on Bitcoin and the rest of the cryptocurrency markets.

Now, the Russian Central Bank is starting to take a restrictive tone with the cryptocurrency market. According to reports, Bank of Russia Governor Elvira Nabiullina spoke out against a new rule that would classify cryptocurrencies as a traditional financial instrument.

Nabiullina said that Russia’s views on cryptocurrencies and initial coin offerings (ICOs) were in line with what China has said over the last month. “In our view, it’s a sort of a financial pyramid that may collapse at any moment,” she said.


To get full access to all Money Morning content, click here

About Money Morning: Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and visitors become smarter, more confident investors.

Disclaimer: © 2017 Money Morning and Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201.

The post Bitcoin Prices Today Climb Back Above $4,000, but China Woes Linger appeared first on Money Morning – We Make Investing Profitable.

Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I am a contractor for Money Map Press, publisher of Money Morning, Sure Money, and other information products. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. In some cases I receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.