Bitcoin price LIVE: Bitcoin facing bullish trend – BTC to reach $40,000 by end of 2018?

Bitcoin price LIVE: Bitcoin facing bullish trend – BTC to reach $40,000 by end of 2018?

- in Forex Trading

Bitcoin has faced a tumultuous year so far, beginning 2018 on a high trading at $14,112 (£10,745) in January before plummeting to around $6,000 (£4560.99) in August. 

This means the cryptocurrency has lost over half of its value since the beginning of 2018.

The currency has risen back up from its lows, and is remaining somewhat steady around $6,400 (£4,862.88).

Below are live updates of pricing and latest industry opinions, all times in BST.

9.09pm: Bitcoin added to words accepted on Scrabble 

Bitcoin has been added to the accepted words that can be used in the popular board game Scrabble.

According to the New York Times, dictionary standard setter Merriam-Webster has added more than 300 new word to a list which can be used on Scrabble.

The word Bitcoin joins commonly-used pop culture terminology bestie, ew, arancini, twerk and more than 295 others.

Emily Brewster, associate editor and Lexicographer at Merriam-Webster said Bitcoin and the other new words will be “especially exciting to people to play regularly” and make the game feel “anew.”

The cryptocurrency was added to the Merriam-Webster dictionary in 2016.

7.53pm update: Bitcoin latest price update

At 7.53pm Bitcoin was trading at $6352.64 (£4,818.96).

This is a decline from today’s high of $6,581.51 (£4,991.42) by more than 3.5 percent.

7.24pm update: A blockchain payment trial by JP Morgan has attracted 75 banks

A blockchain payment trial pioneered by JP Morgan in collaboration with Australia’s ANZ and the Royal Bank of Canada has attracted 75 banks to the testing phase according to the Financial Times.

The payments platform Interbank Information Network (IIN) has been in the testing phase for 11 months.

The banks that have signed up for IIN include Societe Generale and Santander among others.

Jason Goldberg, banks analyst at JP Morgan said, “Blockchain is a way to keep more of that [business] in-house.”

6.57pm update: Latest price check on the largest cryptocurrencies

Bitcoin – $6,380.12 (£4847.10)

Ethereum – $210.45 (£159.88)

Bitcoin Cash – $431.67 (£327.95)

Litecoin – $55.88 (£42.45)

XRP – £0.4544 (£0.35)

6.34pm update: Google to resume cryptocurrency advertising in October

The search engine have agreed to allow cryptocurrencies to once more advertise on Google.

Starting next month, regulated crypto exchanges will be allowed to purchase ads in the US and Japan. 

The ban on advertising crypto came in March during a spate of high-profile initial coin offerings alongside other cryptocurrency activity which caused issues in identifying between fraudulent or legitimate ventures. 

6.09pm update: Bitcoin heads towards mainstream acceptance 

Bitcoin has been added to the Merriam-Webster Scrabble dictionary, many people’s go-to source for Scrabble word approval. 

Public awareness of the cryptocurrency has added to the soaring prices we have seen at the beginning of this year.

5.32pm update: Could Bitcoin reach $40,000 by the end of 2018? These industry experts think so

Chris Kline, the Chief Operations Officer of BitcoinIRA believes alongside billionaire investor Marc Lasry that BTC prices will continue to climb and could reach $40,000 (£30,379.60) by the end of 2018.

One reason for such an increase would be down to the Bitcoin ETF proposal.

Bitcoin ETFs can open the Bitcoin market wider making it more accessible to investors

Mr Kline told Forbes, “Launching a bitcoin ETF would, to me, be a crucial advancement in the cryptocurrency sector, as it will make digital currencies more accessible to a wide range of people who might currently deem them too volatile or high-risk.”

Hand holding bitcoin

Bitcoin is beginning to go mainstream – but will confidence in the crypto increase? (Image: GETTY)

5.05pm update: Current price of Bitcoin

At 5.05pm BST Bitcoin was trading at $6,408.00 (£4,868.96).

This is a lower than today’s high which was $6,581.51 (£5,000.80) by 2.63 percent.

4.36pm update: Industry experts believe the currency is on the way up

Erica Stanford, co-founder of CryptoCurrencySimplified told, “It’s unlikely to drop any further.

“Bitcoin has been going down since January. Many individuals have already sold out.

“Institutions have had every chance to drop the price down further had they wanted to crash Bitcoin even more.

“There has been strong support at around $5800 – every time Bitcoin has gone below $6000, it has been bought straight back up.

“The volume of Bitcoin trading is still huge. There is so much buying volume on exchanges and especially OTC that it seems the value should hold around $6000 and hopefully go up with some good news releases later this year.”

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