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Overstock pledges its allegiance to cryptocurrencies as CEO Patrick Byrne departs

Bitcoin

For now, Bitcoin is being influenced by bulls. In fact, it surged in a matter of minutes more than 3 hours back today.

Overstock, a renowned firm, will stand by virtual currencies after Patrick Byrne’s departure. Byrne backed blockchain technology and Bitcoin since time immemorial. 4 days ago, Patrick had announced his resignation. This was due to rumors leveled against him of being romantically involved with a Russian operative. FBI is currently looking into him as a Person of Interest.

Jonathan Johnson, who will henceforth be the CEO of Overstock, spoke to Yahoo Finance about this incident. Jonathan referred to “Medici Ventures” being progressive in their approach towards blockchain technology. During this quarter, Overstock had experienced a reduction in terms of revenue [by north of 20%].

Bitcoin is ranked at #1 above Ethereum and XRP in the market. The trading volume recorded is $17.350 billion, whereas the supply has 17,897,362 BTC coins in play. At present, the total market cap of Bitcoin is $186.120 billion. As of this moment, BTC is priced at $10,399.35. A jump rate of 2.76% was noted.

Bitcoin may soon test the $11,000 level if the bullish momentum builds with the passage of time. Although, the possibility of achieving a new all-time-high seems highly unlikely for this week. Warren Buffett may have to change his mind about Gold as well as king coin by the end of this year.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.