Bitcoin approaches $2,600 on renewed optimism

Markets 6/19/2017, 7:37 PM
Bitcoin approaches $2,600 on renewed optimism

Bitcoin traded in the green on Monday, steadily approaching the $2,600-mark, after recent media coverage and opinion pieces dismissed the digital currency's dips in June as bouts of correction.

According to some experts on the market, bitcoin's recent lows represent nothing more but a return to more sustainable price levels following extremely rapid growth. In other words, investors have nothing to worry about as the currency's high volatility implies it will likely undershoot before it comes back to the longer-term trendline.

In other developments, media reports from India stated that the country will soon take a call on whether to legalize and regulate the cryptocurrency market. A committee comprising officials from India's finance ministry, the ministry of information technology and the Reserve Bank of India, among others, is giving final touches to a report on the issue due for submission by the end of July.

Bitcoin jumped 3.34% to $2,574.4 and climbed 2.77% against the euro to sell for 2,287.549. The digital currency advanced 0.43% compared to the Chinese yuan to go for 18,920 at the same time.

TeleTrader Newsroom / IB



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