Bitcoin Price Watch: Bitcoin Hits $7,000 Despite Binance Hack

2019-5-13 10:00

At press time, the father of cryptocurrency is trading for roughly $7,000. This is the first time in nearly a year that bitcoin has hit such a mark, and it is stellar news for most enthusiasts and crypto traders.

Negativity Can’t Stop the Price from Growing

Early on Sunday morning, the asset rose above $7,000 to incur a new nine-month high. This is miles above where it stood during our last price piece. We’re also witnessing a growing level of maturity for the currency, which has managed to incur further price hikes over the past few days considering its latest run in with negative waves.

Chart by snookerer

These waves come in the form of a hack that struck popular cryptocurrency exchange Binance. Recently, the company reported losing over $40 million in BTC funds, and the hackers remain at large. Binance says that the money was taken from its own wallet storage, and that user funds are largely unaffected. The company claims that while it has the money to replace the lost funds, the attack still “hurts.”

The currency’s price would have likely dropped or faltered during a time like this. In the past, bitcoin has proven vulnerable to outside market influence, so a hack or theft of this nature would have undoubtedly left the currency’s price trapped in the gutter. However, the asset has not only managed to maintain its position; its price momentum has picked up. Right now, it’s trading for several hundred dollars more than where it stood during our last price summary.

It’s quite possible, at this stage, that bitcoin is developing a “thicker skin,” and growing stronger against the very things that would have brought it down previously. This time, bitcoin hasn’t dropped. It’s grown in price.

Many analysts are weighing in on the asset and trying to decide where it will move next. The problem is that many of these analysts have never been able to agree on anything when it comes to bitcoin. There are always two sides of the “analyst equation.” On one hand, there are those that think bitcoin will continue to spike further, while others are still spouting the same words of “bitcoin demolition.”

Will Bitcoin Spike to $400K?

One analyst belonging in the former category is Morgan Creek Digital CEO Mark Yusko. In a recent interview, the financial executive claims that within ten years, one bitcoin unit could likely be worth $400,000 or $500,000, and that it will bear a market cap similar with gold.

In the long run, he claims bitcoin has many benefits that gold does not. It can be transferred easily, and it can be divided into smaller parts much faster than gold.

Bitcoin Charts by TradingView

Image(s): Shutterstock.com

The post Bitcoin Price Watch: Bitcoin Hits $7,000 Despite Binance Hack appeared first on NullTX.

origin »

Bitcoin (BTC) на Currencies.ru

$ 96308.28 (+0.57%)
Объем 24H $38.527b
Изменеия 24h: 0.64 %, 7d: 0.23 %
Cегодня L: $94117.42 - H: $96308.28
Капитализация $1909.444b Rank 1
Цена в час новости $ 7044.73 (1267.1%)

bitcoin price watch time despite hits binance

bitcoin price → Результатов: 126


The Fed is expected to cut interest rates twice in 2025, what might this mean for the Bitcoin price?

The cryptocurrency market has gone mainstream. It is no longer retail investors’ assets as institutions globally are investing in Bitcoin and other major cryptocurrencies.   As a risk-based asset, Bitcoin’s price is affected by central bank policies, especially those from the United States Federal Reserve.

2025-2-18 15:05


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30