BITCOIN prices inched closer to $8,100 today as confidence in the cryptocurrency floods back into the market. Bitcoin has now been forecast by a panel of experts to rise 18 percent by August 1 – here is the latest news and live updates.
Bitcoin starts the day in the red, with prices hanging around $7,837.76, losing 3.71 percent on the day.
Ethereum has also lost slightly, dropping 5.57 percent to trade at $435.10, while Ripple falls 3.5 percent on the day to trade for $0.432959.
The rest of the market is seeing small drops in price as momentum slows to a crawl despite the rising confidence
Earlier this month, price comparison site Finder.com, revealed its July Cryptocurrency Predictions Survey, which suggested a steady increase in crypto prices throughout the end of July.
Finder.com predicted bitcoin (BTC) would hit US$7,247 by 1 August 2018, an 18 percent price rise, which has now been blown out of the water by the current BTC price.
After beginning to recover from a months-long slide, bitcoin prices once again showed signs of weakness on Monday after Goldman Sachs warned in a research note that the recent turnaround in prices will be short-lived, according to reports.
Sharmin Mossavar-Rahmani, chief investment officer of the bank’s Private Wealth Management (PWM) Group, wrote that bitcoin does not fulfill any of the traditional roles of currency.
The price of bitcoin, after briefly slipping below $8,000, was down 0.8 percent at $8,130.07. In addition, a new survey reported that 72 percent of respondents, questioned by Gallup, said they have no intention of buying the cryptocurrency