After Sunday’s rally towards $10,000 for Bitcoin, the following week has been one of correction as the digital currency has lost close to $800 in its drop towards $9,000. A big test of its support sits at that mark, and it remains to be seen if it can stay above it in this the third day of drops across the market.
On the other end of the market, some coins are experiencing good gains thanks to a bout of good news. Pundi X tops today’s charts in terms of 24-hour growth, expanding up 25 percent on the news that Qtum has made a point-of-sale deal with Pundi X, as well as the fact they have hired former Microsoft and Ethereum veteran, David Ben Kay.
Shedding the gains
Bitcoin has experienced a slow and steady rise over the last few weeks, bringing its price up from the lows of $6,200 back towards $10,000. But, since that rally towards $10,000, which saw it stop short on $9,900, it has retracted back towards the $9,000 mark with the next step being to see if it breaks lower or bounces back.
Bitcoin is currently sitting just above $9,100, having last gone below that mark on May 1. The spark that reignited the bull run for Bitcoin came on April 12, when it spiked almost $1,000 in less than an hour.
Booming on good news
Pundi X is breaking the trend of a majority red market with a big bump of 25 percent over the last 24 hours. Its rise has to do with some good news associated with the startup company.
There was news that Qtum would be appearing on the first 4,000 point-of-sale devices that are about to be shipped across the world by Pundi X – a cryptocurrency solutions provider for retail stores.
Additionally, with their growth path seemingly headed upwards, they have made a good procurement of talent, bringing former Microsoft and Ethereum veteran, David Ben Kay on as their Chief Legal Council.
Alex Dovbnya
Vladislav Sopov
Dan Burgin