The bitcoin price has finally managed to bring about a powerful uptrend. BTC ends up smashing through the $6,000 level! This has made everyone excited about what BTC can achieve and the cryptocurrency industry.
In Binance hack, where hackers stole approx $41 million worth of bitcoin from its wallet, one of the largest cryptocurrency exchanges in the world has also failed to drop BTC/USD’s value. According to Binance, hackers obtained user API keys, two-factor authentication codes and more information to execute their plan and withdraw over 7,000 bitcoin in a single transaction. The price of Bitcoin at the time of writing is $6049 with a market cap of $107 billion. It’s now reclaimed its $100 million market cap. The currency has overtaken $6,000 for the first time in six months and has risen by 33% since April, and doubling since December which is a sign of bull run once again.
Bitcoin and cryptos, in general, have come across some bullish momentum as BTC is headed towards the halving event in 2020. Bitcoin is now standing at $6,050 at the moment after it rose by about $400 in the past two days.
Bitcoin was being watched over for some time now, with traders and reporters giving not so positive visions on its chances of crossing $6000 with such slick hands. With several bulls ready to step into the market, the price point’s decrease and increase were anticipated. Bitcoin has proved to surpass negative outcomes and here it is today at a high of $6,050, with only great chances of going higher.
TradeBlock’s director of digital currency John Todaro had to say that the market over the past 1-2 months has shown significant upward momentum and has brushed off numerous negative headlines within the cryptocurrency space. Further, Todaro expressed that if BTC break above the $6,000 level, it could continue to trade higher as momentum builds and negative news reports have a limited downward impact.
Mike Novogratz said positive words to support the BTC highs and in 18 months he expects BTC/USD to reach the highs of $20,000.
Cryptocurrency Market isn’t Affected by Binance Hack
Being the world’s largest cryptocurrency exchange, Binance’s recent hack made many certain about bitcoin’s downfall before a rise to $7000. As of now, there seems to be no effect on its price, and the market is dynamically growing. BTC may still be struggling to get back to it’s ATH level of $20,000 from December 2017, where it crashed to a lower level of nearly $3,100, a year later, in December 2018. Today, we can see that the currency has managed to reach greater highs.
Michael Novogratz, the billionaire co-founder, and chief executive officer of Galaxy Investment Partners LLC, is of the opinion that Bitcoin (BTC) will surely grow up to $20,000 within 18 months.
During an interview with Bloomberg Novogratz said:
“I feel better about Bitcoin today than I have at any time in my career.”