Bitcoin holds above $9,000

Leading crypto sank to month-long lows over the weekend

By late-afternoon Monday trading, Bitcoin had managed to hold above $9,000, having briefly dipped below the threshold over the weekend.

Indeed, between Tuesday and Saturday last week, the leading crypto experienced its longest daily losing run since December 2019. On Saturday evening Bitcoin stood below $8,850.

The exact cause for the dip is not clear, but with the expiry of around 70 per cent of open Bitcoin futures on Friday June 26 an uptick in price volatility was expected.

Reports that PayPal plans to launch direct cryptocurrency sales on its platform and on its mobile payments service Vennmo were not able to hold back the downward tide.

The move would see the group compete with its rival Square’s Cash App, which already offers crypto transactions, and constitute a reversal in attitude after PayPal withdrew from the Facebook-led Libra Association.

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Bitcoin’s poor run ended on Sunday, with it trading up 1.2 per cent.

Bitcoin stood down 0.75 per cent by late-afternoon Monday at $9,127. It threatened to dip below $9,000 again at 13:30 but quickly recovered. The avoidance of this key benchmark will no doubt give succour to the more bullish of traders.

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