Bitcoin resumes gains near 13-month high above $9,000

Bitcoin rose in spot trading today to resume its gains, which were temporarily suspended yesterday on correction and profit taking, approaching the highest level in 13 months, to trade above the psychological barrier of $9,000, while prices are likely going to breach the important barrier of $10,000 amid the positive atmosphere that dominates the crypto market.

As of 08:55 GMT, at Bitstamp, Bitcoin is trading around $9,150, up by $74, or 0.8%, from the opening price of $9076, with the highest at $9211, and the lowest at $9036.

Yesterday, Bitcoin lost 2.75%, the first loss in seven days, due to correction and profit taking, after the leading cryptocurrency in the market recorded a 13-month high of $9,477 the previous day.

The market value of cryptocurrencies fell on Wednesday rose by about $6 billion to a total of $287 billion, with most of the major cryptocurrencies in the market rising led by Bitcoin.

The market value hit $291 billion earlier in Tuesday, with the highest level since late July 2018. With the rally resuming, the market value could easily exceed $300 billion.

The bullish market run that has dominated the world's largest cryptocurrency trading since early April, which made it reach a 125% gain so far, due to strong investment demand and increased interest from institutional investors.

Prices are currently holding higher above the psychological barrier of $9,000, in a positive sign of the resumption of the recent rally, as prices are still strongly expected to reach the important psychological barrier of $10,000 amid  the positive atmosphere that currently dominates the crypto market.

Especially after Facebook released earlier on Tuesday, the white paper for its long-awaited project of the encrypted financial infrastructure based on the technology of Blockchain.

Facebook launched the name Libra on its cryptocurrency, which is set to support a range of assets to give them intrinsic value to mitigate sharp price volatility, including a basket of bank deposits and short-term government securities.

Facebook has assembled the largest payment and technology companies, which wish to invest $10 million each in the Libra project, including Visa, MasterCard, PayPal and Uber.

On the other hand, "MoneyGram" revealed on Tuesday that it entered into a strategic partnership with Ripple for Blockchain-based payments.