Cryptocurrency Trading News: Market Rises from Bottom

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ForexMinute.com – The cryptocurrency market, after facing too much gravity lately, finally managed to recover in the last 24 hours, as Bitcoin, along with every top coin, rose exponentially. The maximum surge however was reserved for Darkcoin which was supposedly pumped after a crucial development update posted on July 30th.

Coming back to Bitcoin, the coin’s market received major relief upon the announcement of Global Advisors Bitcoin Investment (GABI) to present the world’s first regulated Bitcoin hedge fund. An investment close to $200 million is also expected to be injected in this venture, however in a year’s time. This, as per the community thinks, is a crucial step in expanding the Bitcoin economy. If sources are to be believed, the sudden recovery in Bitcoin price charts can also be credited to GABI. Another bubble in the making?

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This little phenomenon has further stopped the panic sales in other coins, mainly of Litecoin, which has also surged impressively in the last 24 hours. Other coins like Nxt, Peercoin, Dogecoin, etc. have also shown similar unexpected growths within the same span.

Here is the full report of a few meanwhile:

BTC/USD
The market opened when the BTC/USD was still at its month’s lowest $566. The pair however rose sharply in the next few hours, indicating that the selling pressure has been lifted. Thereupon, the investors expected prices to stay between $570 and $575. A little adventure, however, came when the BTC/USD once again rose sharply after the noon trading hours, taking the trading value to $586. It could be a pump, or the positive notions GABI created, but overall. It was great.

The market, as of today, is staying in its healthy shape. The BTC/USD has risen 3.01% in last 24 hours and is now being traded at $590.

LTC/BTC
The LTC/BTC also tailed Bitcoin’s surprising performance and rose sharply in the last 24 hours. It opened at around 0.01279670 BTC and risen calmly for the first few hours, definitely under the influence of Bitcoin’s sudden surge. At one point, the pair also started to trend downwards when Bitcoin shook a little ahead of noon. Upon finding the support at 0.01252780 BTC, the pair jumped surprisingly to unexpected figures and eventually closed at 0.01281770 BTC.

At press time, the pair has jumped 2.99% and is being traded at 0.01295540 BTC.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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