Bitcoin: down at $40,000; more losses ahead?
The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin edges up
On Friday, Bitcoin managed to rally, finding itself on track to report a second winning week in a row.
As a matter of fact, the currency pair BTC/USD demonstrated a reading of $3,851.58, soaring by up to 0.4% since yesterday on the Kraken exchange. The number one digital coin has yet to log back-to-back fruitful weeks this year.
The ethereum network finished its latest software upgrade, dubbed Constantinople on Thursday. The upgrade is expected to accelerate processing times to address scalability issues. It will result in the capability of a blockchain to have transactions processed faster and more effectively.
Experts at a digital asset advisory company, BitOoda attributed the recent leap in Ethereum above $160 to the soaring optimism around the upgrade, although they warned traders that the euphoric ascend might have come to an end.
The given event that powered trade is already over, and it’s quite difficult to come up with any plausible thesis to have conviction for Ethereum to trade lower of higher, as some financial analysts pointed out.
The New York Times informed that Facebook Inc. FB as well as other internet companies are on the verge of launching their own crypto asset in 2020.
Meanwhile, altcoins generally rallied on Friday. Eventually, the currency pair ETH/USD managed to ascend by 0.2% being worth $135.48. As for LTC/USD, this currency pair tacked on by up to 3.9% ending up with $47.59. The currency pair BCH/USD ascended by about 1.2% showing $131.10. Besides this, XRPXRP/USD rallied by about 2.4% being worth 32 cents.
On Friday, Bitcoin futures demonstrated minor profits. March delivery Cboe Global Markets futures XBTJ9 soared by 0.2% hitting $3,810, while March delivery CME Group March futures BTCH9 ascended by 0.3% showing $3,800.
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