Bitcoin Reaches 1-Month High As Crypto Markets Rally

Story by: Charles Bovaird

Bitcoin prices have been rising lately, hitting their highest in roughly one month earlier today.

The cryptocurrency reached this level as the broader digital currency markets enjoyed gains.

The price of Bitcoin rose to $7,389.26 at 12:00 UTC (8:00 a.m. EST), according to the CoinDesk Bitcoin Price Index (BPI).

At this point, the digital currency had risen 2.2% in the space of 24 hours and attained its highest price since roughly the same time on August 4, additional BPI figures show.

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Right around the time that Bitcoin hit its highest in approximately one month, the broader digital currency market attained a total value of $240 billion, up 1.4% in the last 24 hours, CoinMarketCap figures show.

‘Mixed Signals’

While analyst Charles Hayter welcomed the recent gains, describing them as “good news” and stating that they offered “some relief,” he claimed the market is providing “mixed signals” as to what it will do next.

The BTC/USD pair has built up a high level of short interest on certain exchanges, noted Hayter, co founder and CEO of digital currency data platform CryptoCompare.

Original story: https://tinyurl.com/y8b3qlsa

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