Bitcoin Sees First Sharp Rise in Months: Possible End to Five-Month Losing Streak

Written by:
Aaron Goldstein
Published on:

Following a sharp decline in its price from over $6000 to around $3500 these last five months, Bitcoin was at a one-month high Monday, up nearly 7% on the day to just over $3800.  Forbes reports that the trend is likely to end five straight months of losses.

Bitcoin is widely used in the online gambling sector, accounting for upwards of 70% of all transactions at some North American facing betting sites.  The rally to one-month highs is backed by strong volumes and a rise in long positions, according to CoinDesk.  The price rise also comes at a time when positive news has emerged within the cryptocurrency community with Chinese mining giant and ASIC hardware producer Bitmain announcing its next generation 7nm (nanometer) ASIC mining chip that reduces power costs.  Additionally, the average daily transaction count on Bitcoin is nearing December 2017’s all-time highs.

- Aaron Goldstein,

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