10/23/2017, 10:51 PM (Source: TeleTrader)
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Bitcoin reclaims $6,000 on rebound in demand

In the runup to a hard fork which will result in the establishment of another spinoff digital currency, the Bitcoin brushed off the forecast of a demise by a Saudi Arabian prince on Monday and charged higher. Alwaleed bin Talal has told CNBC the first cryptocurrency is set to "implode," helping a selling wave, but the price swiftly reversed to reclaim the $6,000 psychological milestone. Besides, last week the Saudi Arabian Monetary Agency (SAMA) signaled it has no intention to regulate the Bitcoin.

The cashing in on recent strong gains, also spurred by short-term technical indicators, was replaced by an also strong surge from investors betting on bigger advances. The trade has been dominated by the yen, taking up more than 60% of the market, while dollar transactions have a share of just under one quarter. Of note, financially troubled Zimbabwe and Venezuela have seen a rapid increase in demand for the most widely watched cybercurrency. In the south African country, exchange rates of above $10,000 have been registered.

The Bitcoin was just 0.52% below the neutral line at 10:49 pm CET, buying $5,950, after reaching $6,055 earlier in the session. Compared to the yuan, it lost 3.67% to 34,965.29, and shed 1.07% to trade at €5,048.99. The Bitcoin Cash was 2.66% down at $314.49.

Baha Breaking News (BBN) / IT