Bitcoin Price Back Above $8K as Pound Sterling Rises on Brexit Deal

Bitcoin Price Back Above $8K as Pound Sterling Rises on Brexit Deal

Bitcoin swiftly broke out of the $7,000 territory on Thursday as news the U.K. was leaving the European Union with a deal boosted markets.

Thursday, Oct. 17 — Bitcoin (BTC) climbed back above $8,000 as news that the United Kingdom had agreed on a Brexit deal with the European Union ricocheted through markets.

Cryptocurrency market daily overview

Cryptocurrency market daily overview. Source: Coin360

Bitcoin price reclaims $8,000

Data from Coin360 showed Bitcoin behaving more like pound sterling (GBP) on Thursday, gaining 1.3% against the dollar to trade at about $8,100.

Previously, its trading range had remained under the $8,000 boundary since arriving there on Wednesday amid heavy selling pressure

As has become characteristic of Bitcoin in recent months, sudden moves up or down continue to produce local volatility, with BTC/USD retaining its new support for only hours so far. 

Bitcoin seven-day price chart

Bitcoin seven-day price chart. Source: Coin360

As Cointelegraph reported, political upheaval, including Brexit, has swayed Bitcoin momentum this year. Now, traders are beginning to appear more buoyant about the future.

Bollinger band inventor John Bollinger said he was eyeing the potential for Bitcoin to present a mid-term head fake — where the cryptocurrency moves in one direction and suddenly reverses. 

“Wait for it,” Bollinger wrote in a Twitter post on Thursday. 

Others also entertained the idea of a U-turn. Regular Cointelegraph contributor Michaël van der Poppe said it would be a personal point of amusement for him if traders waiting to buy in at lower levels were left hanging by a reversal before $7,400. 

“Interesting market dynamics,” he told Twitter followers on Thursday amid rumors that buyers were waiting for Bitcoin to dip below $6,000. 

Altcoins repair bear damage

Altcoins meanwhile also slowly began reversing their fortunes after a day of heavier losses. At publishing time, performance was mixed, with tokens either gaining or losing minor amounts. 

Ether (ETH), the largest altcoin by market cap, was still 1.4% down over the past 24 hours at $176.

Ether seven-day price chart

Ether seven-day price chart. Source: Coin360

XRP conversely gained 2.3%, while Binance Coin (BNB) was up 0.6%.

The overall cryptocurrency market cap improved to reclaim $220 billion, having fallen to just $216 billion. Bitcoin’s share dropped slightly, however, to 66.2%.

Keep track of top crypto markets in real time here

Leave a Reply

Your email address will not be published. Required fields are marked *