Bitcoin Price Eyes $600 as Trader Optimism Returns

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The cost of bitcoin has begun to test $600 following a high-profile exchange penetrate that left a arise of doubt for traders final week.

Bitcoin prices reached a high of $598.64 this weekend, though given afterwards have mostly traded firmly in a $560 to $580 range, CoinDesk USD Bitcoin Price Index (BPI) total reveal.

These total were most softened over a low of $480 celebrated final week and come amid new clarity from Bitfinex, a uneasy sell that mislaid 120,000 BTC (worth some-more than $60m) in a burglary that has to date captivated ample mainstream media attention.

For traders, however, it’s a intensity liberation from a successive 20% decrease that is starting to turn a biggest subject of interest.

Analysts were discerning to review final week’s dump to one celebrated earlier this year when high-profile Bitcoin Core developer Mike Hearn exited a project, call pointy waste in a digital currency’s price.

Tim Enneking, authority of cryptocurrency investment manager EAM, was penetrating to prominence that a Bitfinex penetrate in and of itself did zero to change bitcoin’s viewed value among traders, even if ubiquitous open notice could be impacted.

Rather, he expects traders to see this as an opportunity.

Enneking told CoinDesk:


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