Bitcoin News Flash – Updates for October 9

Bitcoin Trading
  • Will Bitcoin ever recover?
  • Altcoins Posting More Gains Than Bitcoin
  • Bitcoin Records More Trading Volume despite Current Poor Performance

Bitcoin News Today – Bitcoin (BTC) has not experienced any major upward movement over the past few weeks. The price of Bitcoin (BTC) has been heading south, and a bear market is expected to return. Bitcoin has been struggling around the $8k level. Some crypto optimists believe that the upward and downward movements are good for the market.

Altcoins Posting More Gains Than Bitcoin

Other digital currencies in the market seem to be doing better than Bitcoin (BTC). For instance, Chainlink has seen a significant price surge over the past two days. The price of the digital currency is up by about 30 percent. XRP also surged enormously. XRP to USD price is up by seven percent. Nevertheless, many altcoins moved towards bottoming.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,175.33
-1.96%

This year has not really been favorable to the altcoin market. However, the story of Bitcoin (BTC) is not far from that of altcoins. Bitcoin (BTC) has been having a pretty tough year also. However, the soon to be launched digital currency of Telegram might increase the hype in the crypto space. This might have a tremendous impact on the price of Bitcoin and other digital currencies.

Fundraising in digital currencies is even expected to surge significantly as a new model, as Decentralized Finance (Defi) is gaining more attention. The past couple of weeks have not been the best for digital currencies. However, they may draw a new picture by the end of this year.

Bitcoin Records More Trading Volume despite Current Poor Performance

The trading of Bitcoin has increased significantly in Hong Kong. Despite the current performance of the digital currency in the region, the trading volume just tested a new all-time high. This means that is an influx of investors into the crypto space. Many investors are increasing their holdings, while others are just coming into the market.

There is an ongoing protest in Hong Kong. The protests have resulted in the demolition of 300 Automated Teller Machines (ATMs) in the region. The destruction of these machines has led to a tremendous increase in Bitcoin (BTC) trading volumes. Many people in the region are now running to Bitcoin (BTC) as a safe haven.

Recently, the US Securities and Exchange Commission fined Block.one with $24 million. This is because the firm violated security offering regulations. The firm was able to raise $4 billion during the Initial Coin Offerings. The fine is just a fraction of what the firm made during the ICO sales.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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