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BTC/USD price: Bitcoin breaks through the $4000 mark, here is why

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Tuesday, February 19, Bitcoin broke above $4,000 mark as the world’s most valuable cryptocurrency continued its march higher.

At the time of reporting, Bitcoin is trading slightly above $4,036 price point, on Bitfinex cryptocurrency exchange.

Why Bitcoin’s price is going up?

1.The Bitcoin Liquid Index (BLX)

Effective Monday, February 25, 2019, Nasdaq, through its data dissemination relationship with Brave New Coin, will send real-time Bitcoin (BTC) and Ethereum (ETH) index level information on the Nasdaq Global Index Data ServiceSM (GIDS).

The Bitcoin Liquid Index (BLX) and the Ethereum Liquid Index (ELX) are each designed to provide a real-time spot or reference rate for the price of 1 BTC and 1 ETH respectively, quoted in USD, and based on the most liquid ends of their markets. Both indices are calculated using a methodology that has been independently audited against key IOSCO principles. The BLX is one of the most widely-referenced BTC indices among crypto traders and has been calculated back to 2010. Likewise, the ELX has been calculated back to 2014.

2. Samsung Galaxy S10 to support built-in cryptocurrency digital wallet

Samsung will unveil Galaxy S10 series in San Francisco during its Galaxy UNPACKED 2019 event, on February 20, 2019. One of the largest smartphone manufacturers in the world, Samsung, should announce the introduction of blockchain functionality including a cryptocurrency digital wallet and support for dApp services. According to AP news, COSMEE, a blockchain-based beauty content platform, has been selected as one of the first dApps supported by Samsung’s Galaxy S10. However, the Galaxy S10’s natively built-in cryptocurrency wallet is and will play a significant role in an overall cryptocurrency market growth.

Traders remain cautious

Despite the positive trend, not all cryptocurrency traders are entirely convinced that we are witnessing market reversal.

According to the most followed crypto trader on Tradingview platform, Excavo, Bitcoin’s price could face a slighlt dip before the next move towards $4,400-$4,500 price point.

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“The last two days we can see an increase in trading volume on the market to 35 billion. Bitcoin touched the psychological price of 4000 and was not fixed at this price. Now we are moving in a triangle. Each line of resistance is a point for taking profits or opening a short for big players. The news background is good now, but there are no news for a trend reversal. I still do not believe that this is a reversal. So be careful dear traders,” the trader warned.

About Mantas Malukas

Mantas is the founder of Dapp Life, crypto investor and an online entrepreneur who has professionally immersed in digital publishing and development for over a decade.

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