Bitcoin breaks $7,500, hits two-month high

July 23, 2018 BitcoinTalkRadio 0 Comments

Story by: AARON HANKIN

Coming off its best week since early April, the worlds biggest digital currency continues to climb higher, opening Monday in the green.

After adding 16.5% last week, a single bitcoin BTCUSD, +2.75% last changed hands at $7,696.18, up 2.4% from the Sunday 5 p.m. level on the Kraken crypto exchange. Earlier in the session, it had reached an intraday high of $7,770.58, the highest level since May 23.

The technical outlook for bitcoin continues to show bullish signals as it broke the 100-day moving average, a momentum indicator that is closely observed by traders.

Read: Barry Silbert says bitcoin put in its 2018 low, but 99% of cryptos are worthless

G20: Countries must remain vigilant when overseeing crypto market

Finance officials from the Group of 20 leading nations continued their cautiously optimistic stance at a summit in Argentina, emphasizing that cryptocurrencies do not pose a significant risk to the financial system but saying countries must remain vigilant.

The statement added that the related technology could have a meaningful impact on the global economy. “Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy,” the G20 said.

While the G20 offered no significant changes to previous remarks, the lack of regulatory pushback continues to be a theme of the turnaround in digital currency prices. Charles Hayter, co-founder of CryptoCompare, reiterated these sentiments, telling MarketWatch that policy rhetoric, and in some cases, the lack thereof, is part of the resurgence in the worlds biggest cryptocurrency.

Read: Bullion bulls: This app turns gold into a digital currency

Decoupling continues

The divergence of bitcoin from altcoins, coins alternative to bitcoin, has continued Monday with most altcoins underperforming.

Ether ETHUSD, -2.67% is down 0.7% in early trading at $461.00, Bitcoin CashBCHUSD, -2.33% has gained 0.1%, trading at $807.70, Litecoin LTCUSD, -1.24%is unchanged at $83.71 and Ripple’s XRP coin XRPUSD, -3.36% is the worst performing of the major altcoins, trading down 1.8% at 45 cents.

Futures markets have opened higher Monday. The Cboe Global Markets Inc. for August XBTQ8, +5.45% is up 4.9% at $7,705 and the CME Inc. July contractBTCN8, +5.31% has added 4.6% at $7,675.

Original story: https://www.marketwatch.com/story/bitcoin-breaks-7500-hits-two-month-high-2018-07-23