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Home / Business / Bitcoin accelerates over USD 11.5K, LTC ahead of halving (UPDATED)

Bitcoin accelerates over USD 11.5K, LTC ahead of halving (UPDATED)



  Bitcoin accelerates above USD 11.5K, LTC up front halving (UPDATED) 101
Source: iStock / Ledi Nuge

The price of the most popular cryptocurrency, bitcoin, is back above USD 11,500, or the level last seen in mid-July. The majority of other top 1

00 coins are also in green, but bitcoin dominance continues to increase. ( Updated 07:00 UTC: a new section – "China again" added).

At pixel time (04:56 UTC), bitcoin traded at. USD 11,572 and has increased by almost 9% over the past 24 hours and by 20% over the past week, erasing monthly losses.

Bitcoin price table:

  Bitcoin accelerates above USD 11.5K, LTC before halving (UPDATED) 102
Source: coinpaprika.com

Meanwhile, bitcoin dominance, or the percentage of the total market value, exceeded 67%. The total market value has increased by 7% over the past 24 hours and is USD 306.7 billion.

Other top 10 coins are also in green today, registering winnings of up to 5%. Litecoin, the fifth largest coin by market value, is up almost 4% ahead of halving, estimated to happen later today. Platinum and Ren are among the best performers today, increasing by more than 30%.

Bitcoin cash flow over the last 24 hours, USD:

Tether 2.95 billion
USD 532m
JPY 123m
CNY 117m
EUR 94m
GBP 53m
KRW 43m
Source: Coinlib.io, 05:06 UTC

Compared to last week, the electricity has increased, but it did not reach significantly higher levels seen during the June rally.

China again

In the meantime, many people are witnessing the upswing today to the fact that China on Monday let the yuan topple beyond the important level of $ 7 per dollar for the first time in more than a decade. It may be a sign that Beijing may be willing to tolerate further currency weakness in the face of an escalating trade boom with the United States.
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As reported, Arthur Hayes, co-founder and CEO of cryptocurrency trading platform BitMEX already in May warned that a sharp and sudden depreciation of the yuan, like 2015 could lead to the beginning of another "epic bull market."

"With the turmoil in the markets and the streets, digital gold suddenly doesn't seem like such a bad idea," Jehan Chu, managing partner at blockchain investment and consulting firm Kenetic Capital told Bloomberg. "Bitcoin is increasingly being viewed not just as a game of the future, but as a crisis center for the present."

Charles Yang, chief trader of Hong Kong-based digital real estate business Genesis Block estimates that bitcoin should test $ 12,000 "soon." "Of course, this is on the assumption that we believe macro problems actually drive Bitcoin," he told Bloomberg.

Read more: What a possible global recession could mean for crypto

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