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Monday, 24 February 18:52 (GMT -05:00)



Foreign exchange market

Bitcoin Reaches 5-Month High


The cryptocurrency has been maintaining a stable bullish trend. over the last few days, the market cap has exceeded 185 billion dollars. According to CoinMarketCap, the market cap used to be 179 billion dollars on Tuesday. Over the last few days, the cost of all the cryptocurrencies circulating in the global market has grow considerably. 

 
The analytic department of FortFS reports that on Tuesday, Chile was the biggest news maker for the global crypto market. To be more specific, the local government initiated a draft bill for the local legislators to consider the opportunity to regulate the crypto market. For now, the details are missing.
 
On top fo that, international investors are focused on the news coming from Japan. The thing is, a major Japanese crypto-exchange named Zaif has recently resumed its work. Around 7 months ago, the exchange was hacked. The damage was estimated at 60 million dollars. So, the exchange had to suspend its work until the security mechanisms are improved. 
 
In the meantime, Bitcoin, which is the world's first and most popular cryptocurrency, keeps on gaining value and setting new highs in 2019. On Tuesday, Bitcoin managed to overcome the threshold of $5500 per coin. The weekly gains exceeded 10%. The domino effect pushed other cryptocurrencies higher as well. By the way, Tuesday's BTC performance was the strongest one among TOP10 cryptocurrencies. 
 
However, FortFS experts say that Tuesday's performance of Binance Coin was strange. It lost around 4% of its value on that day despite the positive news background. Binance was reported to launch a decentralized platform called Binance DEX. Still, the experts assume that the token will recover and continue its way to new highs in the near future. Over the past 7 days, the coin has gained over 24%.

 

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