Bulls and Bears: The Bitcoin Week in Review

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At press time, bitcoin is trading for just over $9,100. Bitcoin Has Had a Strange Week To say it’s been a wacky week for the world’s leading cryptocurrency would be something of an understatement. The currency has pulled in both bearish and bullish behavior from all angles, jumping beyond the $10,000-mark last weekend after a nasty period of trading in the mid-$7,000 range, to suddenly settling nearly $1,000 below its weekend high. The currency has incurred other little surges here and there since falling back down to a “normal” or lesser level. For example, following its jump to $10,000 the currency initially fell back down to $9,000 about 24 hours later. It then jumped back up to $9,700 but later fell by another $300 and began trading in the $9,400 position. The surge in bitcoin ultimately came by way of Chinese president Xi Jinping, who is widely “blamed” for praising…

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