{"id":259131,"date":"2018-07-18T07:04:00","date_gmt":"2018-07-18T05:04:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=259131"},"modified":"2018-07-18T07:04:00","modified_gmt":"2018-07-18T05:04:00","slug":"bitcoin-trades-back-above-7500","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/259131\/bitcoin-trades-back-above-7500\/","title":{"rendered":"Bitcoin trades back above $7,500"},"content":{"rendered":"
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Cryptocurrencies extended their rebound on Wednesday as Bitcoin traded above $7,500 for the first time in a month, shrugging off security and regulatory concerns that have plagued the digital currency for much of this year.<\/p>\n

Bitcoin climbed as much as 3.1% to $7,543, according to Bloomberg composite pricing. Rival cryptocurrencies including Ripple, Ether and Litecoin also advanced.<\/p>\n

Bitcoin remains more than 60% below its all-time high in December.<\/p>\n

The cryptocurrency last traded above $7,500 on June 8, before getting caught in a sector wide sell-off that erased about $42 billion of market value the following weekend.<\/p>\n

Some observers pinned that retreat on an exchange hack in South Korea, while others pointed to lingering concern over a clampdown on trading platforms in China.<\/p>\n

Cryptocurrency venues have come under growing scrutiny around the world in recent months amid a range of issues including thefts, market manipulation and money laundering.<\/p>\n

Advocates of the virtual currency did receive some good news this week, such as word that the CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its curriculum for the first time next year.<\/p>\n

A technical gauge followed by Bitcoin traders, the Directional Movement Index, also just crossed into its first positive divergence since April.<\/p>\n

The last time it flashed this signal, the cryptocurrency rallied about 20 percent over the next three weeks.<\/p>\n

Some Bitcoin bulls had also attributed recent gains to a report on Sunday that BlackRock Inc. formed a team to investigate ways of taking advantage of cryptocurrencies and blockchain, the computer code that underpins them.<\/p>\n

But Larry Fink, chief executive officer of the world\u2019s largest asset manager, threw some cold water on that speculation Monday.<\/p>\n

“I don\u2019t believe any client has sought out crypto exposure,” Fink said in an interview on Bloomberg Television.<\/p>\n

“I\u2019ve not heard from one client who says, \u2018I need to be in this.\u2019”<\/p>\n

\"\"<\/a><\/p>\n

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Read: How many South Africans still think Bitcoin is a bad idea \u2013 and those that wish they had invested<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrencies extended their rebound on Wednesday as Bitcoin traded above $7,500 for the first time in a month, shrugging off security and regulatory concerns that have plagued the digital currency for much of this year.<\/p>\n","protected":false},"author":59,"featured_media":219467,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[5537,26],"class_list":["post-259131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bitcoin","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/259131","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=259131"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/259131\/revisions"}],"predecessor-version":[{"id":259135,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/259131\/revisions\/259135"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/219467"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=259131"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=259131"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=259131"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}