Cryptocurrency Prices Today: Bitcoin Pops 15% After Bullish Goldman Sachs Note

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Cryptocurrency Prices Today: Bitcoin Pops 15% After Bullish Goldman Sachs Note

ByGarrett Baldwin,Behavioral Trading Specialist,Money MorningJuly 20, 2017

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The biggest story movingcryptocurrency pricestoday (Thursday) was the 15% jump in Bitcoin prices afterGoldman Sachs Group Inc.(NYSE:GS) issued a bullish note on the cryptocurrency.

Goldman said Bitcoin will test $3,000 again in the near future and projected it could push as high as $3,700 beyond that. Bitcoin also benefited after Poloniex temporarily halted Litecoin trading

Meanwhile, Ethereum prices were rebounding afterWednesdays rollercoaster ride. A hacking event saw another massive haul of Ethereum stolen.

Heres a quick breakdown of prices over the last 24 hours (all prices as of 3:20 p.m. EDT).

Now that we know all of todays price movements, heres what moved these cryptocurrencies today

Bitcoin prices are up more than 40% since last weekend on news that the so-called civil war over Bitcoins scaling methods appears to be ending. Bitcoin prices have surged from the July 17 lows of $1,852 to todays $2,638. According to reports, roughly 80% of Bitcoins miners have agreed to support a new proposal, Segwit2x, due Aug. 1. Supporters now include AntPool, BitClub, Bixin, , and BitFury.

Bitcoin has also enjoyed positive media attention over the last 24 hours on news that three prominent members of the financial community have bolstered their investments in the asset. FormerLegg Mason Inc.(NYSE:LM) money manager Bill Miller, Standpoint Research founder Ronnie Moas, andCNBCpersonality Josh Brown have issued bullish outlooks on Bitcoin.

Trending:How to Buy Bitcoins Your Guide to Digital Profits

Meanwhile, reports indicate a federal judge has blasted the IRS over a recent Bitcoin probe involving an anonymous Coinbase customer challenging the tax agencys request for records.

The judge allowed the customer to challenge the IRS in court without disclosing his identity as the agency attempts to obtain customer records for the purposes of tax enforcement.

The IRS has claimed just 802 people declared gains or losses from Bitcoin last year. The agency believes many people have been evading taxes during Bitcoins massive price gains over the last two years.

The federal judge says allowing the IRS to access Bitcoin user records would potentially unlock the agencys ability to obtain banking information on every single account from every single branch customer in the United States.

Ethereum pricesare recovering after the second notable heist of the cryptocurrency in a week. Two major hacks have compromised roughly $32 million in ethers, according to Etherscan.io. Prices have rebounded more than 50% from the lows seen on July 17 of $140.

Ripple prices ticked higher on news that the distributed ledger startup reported increased investor interest in its cryptocurrency.

According to a new report issued today, its subsidiary sold $31 million in XRP during the second quarter of this year. Thats more than three times the amount it sold in the first quarter. The firm also said it is increasing volume of fiat currency-for-XRP purchases, which the company believes is a sign Ripple is becoming a more mainstream asset.

Prices sat at $0.18 on Thursday afternoon. Thats still more than 50% down from its May 17 all-time high of $0.40.

Litecoin prices ticked higher thanks to a halo effect from Bitcoin prices, saysMoney MorningCryptocurrency Expert David Zeiler. The 6.4% uptick to $44.37 came despite news that there was a market freeze that temporarily halted Litecoin trading.

Dash prices have enjoyed a nice pop over the last 24 hours afterApple Inc.(Nasdaq:AAPL) reversed its ban on mobile applications that support the cryptocurrency.

In August 2016, Apple decided to ban Dash-based applications. This weeks reversal is seeing a moment of legitimization for Dash and puts it in the same league with the previously approved currencies Bitcoin, Ethereum, Ripple, and Litecoin.

Todays temporary halt of Litecoin trading on Poloniex also helped push prices higher.

Up Next:This Is Why Ethereum Could Roar to $500

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Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nations largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.

Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.

Hi, cryptocurrency look to be the future,where can they be purchsed? Hugh.

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