The cost of Bitcoin (BTC) broke above $9,000 on a bullish run at 9:00 UTC. The globe’s leading digital currency Bitcoin by market capitalization is up 4 percent in the previous 24 hours, with a high coming to $9,150 on trades including Coinbase.
The last instance when Bitcoin was above $9,000 was on February 26.
An uptrend started taking shape at 0:00 UTC Thursday as prices broke out of a steady $8,600 to $8,800 range. Bitcoin immediately surpassed its 50-day moving average at that time on higher purchasing volume than the same period yesterday.
Supreme court lifts up ban
The confidence came when the positive news regarding cryptocurrency from India’s Supreme Court was announced. The supreme court’s decision to allow banks to work with cryptocurrency firms. As the court lifted the ban on providing cryptocurrency services to the country of over one billion people.
Coinbase CEO Brian Armstrong wrote in a recent tweet reckless ban on Indian banks operating with cryptocurrency firms a few years ago was a big difficulty for Indian startups short term and the Indian economy long term.
Since February 26 Bitcoin was below $9,000 price range in Us trade market. Year to date, bitcoin is up 26 percent, beating the S&P 500’s 5 percent decline since Jan. 1.
Today many other cryptocurrencies are up especially bitcoin forks, with bitcoin gold (BTG) up by 15 percent, bitcoin SV (BSV) in the green 9 percent and bitcoin cash (BCH) forward 7 percent.
For more Blockchain News, Subscribe our newsletter for the latest news and update.