On June 21, the price of bitcoin core (BTC) crossed the $10,000 mark for the first time since March 08, 2018. At the moment BTC has a $180 billion dollar market capitalization as the cryptocurrency gathered more than 166% over the last six months.
BTC Surpasses $10K
Digital asset fans celebrated once again as the price of BTC crossed the $10K zone on Friday, June 21. All week long cryptocurrency enthusiasts watched charts in anticipation and there were a few close calls in the last 48 hours. At press time there’s roughly $20 billion in global BTC trade volume and the digital asset is the top traded crypto coin today besides tether. The top ten exchanges swapping the most BTC include Coinbase, Bitfinex, Bitstamp, Kraken, Gemini, Bitflyer, Bitforex, Coinbene, Binance, and Bitz. The currency pair traded the most with BTC is tether (USDT) capturing 59% of all trades. This is followed by USD (20%), EUR (4%), JPY (4%), and KRW (2.2%). 2019 has been a good year for BTC prices and charts also resemble the patterns of late 2017.
The Fed’s Impending Interest Rate Cut and Facebook Coin
Lots of traders have different opinions to why things have been so bullish for digital currency markets. Some have assumed it has to do with tether, while others believe it may have to do with specific factors like Facebook’s Libra announcement. As soon as BTC neared the $10K zone, mainstream media started reporting on the event. CNN assumes the bullish prices is due to the “Federal Reserve and Facebook.” According to the columnist Paul La Monica the probability of an interest rate cut in July has been costly to the USD.