Cryptocurrency “bull run” ahead

Cryptocurrency “bull run” ahead
Bitcoin prices have stabilized around $ 6,400 since October 2018 where equity markets have been tumbling, this may be a sign of relief to all the cryptocurrency investors and traders. Since June 2018, bitcoin is trading above $ 6,000 per unit after the world's most popular cryptocurrency fell from its respective all-time peak of $ 20,000. In the current year so far, bitcoin prices have touched a low of around $ 5,900 in June, according to the data available at coinbase.com. (Related | Surprise, surprise! Bitcoin defies stock market crash; Sensex, DJIA tank 3% in 1 week)

According to a Forbes report, bitcoin and other cryptocurrencies are likely to see a bull run again. Changpeng Zhao, CEO, Binance, a cryptocurrency exchange, expects another bitcoin "bull run" to happen sooner or later, Forbes reported. "Even if I do not know what will catalyze a bitcoin bull run, I am certain it will happen ... Sooner or later, something will trigger it," Changpeng Zhao was quoted in the Forbes report.

Bitcoin is trading at $ 6,369.30 while ethereum and litecoin are hovering around $ 210.1 and $ 50.8, respectively, according to the latest data on coinbase.com.

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Bitcoin prices saw a massive spurt in the last quarter of 2016, the time when a unit of cryptocurrency was available for $ 600- $ 900 each. In 2018 itself, bitcoin prices breached the psychological mark of $ 20,000 but since then it has been on a downward trend. All the cryptocurrency investors might be anticipating for the next upward trigger.

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As far as the trading in India is concerned, the businesses of crypto exchanges have taken a hit after the warnings and increased watch by the Finance Ministry and the Reserve Bank of India. Recently last month, Unocoin Technologies, a Bengaluru-based blockchain solutions provider, became the victim of wrong marketing after they installed a cryptocurrency machine and named it as bitcoin ATM.