Bitcoin climbs back above $38,000 on Basel news

Author: Justin Low | Category: Cryptocurrency

Bitcoin up nearly 5% on the day currently

Bitcoin D1 10-06
Buyers aren't giving up just yet as the bounce off the swing region around $32,000 starts to look for more upside, helped by the Basel news earlier here.

While cryptocurrencies may face the toughest form of capital rules/requirements, the news also lays out acceptance within the banking industry towards the asset class in general.

That may be what buyers are banking on to try and turn things around after a bit of an ugly past few weeks. That said, there is some trendline resistance near $38,200 so that might limit gains before getting to the pivotal $40,000 level for Bitcoin.

Ethereum is also up close to $2,600 again after having traded lower towards $2,500 earlier in the day.

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Update: There's also this story from the WSJ on Coinbase teaming up with ForUsAllInc, a 401k provider, that will allow workers to invest up to 5% of their 401k contributions in cryptocurrencies - so that might be a reason for the jump as well.

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