It’s not been a pretty year for anyone who owns Bitcoin, but the last 24 hours has been a period to forget as the cryptocurrency dropped below $100 billion in market cap for the first time in more than a year.
You have to go back to the end of October (the 29th to be precise) for the last time that the total circulation of Bitcoin in the market dropped below $100 billion.
It looks like this will be the first 24-hour period to hold that rate — so much for the relative price stability that many in the industry had complained about, be careful what you wish for!
The dip follows a decline that took Bitcoin’s price below the mark $6,000 for the first time this year — it has since plunged below $5,600. That, in turn, caused havoc in the altcoin market with valuations plummeting double-digit percentages nearly across nearly all of the top 100 valued tokens. Of the top ten, Cardano is down 14 percent, Litecoin 13 percent and Ethereum and EOS 12 percent. The changing prices also saw Ripple’s XRP token rise above Ethereum to become the second most valued cryptocurrency behind only Bitcoin.
As ever, the source of the malaise is tough to diagnose. Bitcoin Cash, which is about to undergo a hard fork, looks to be the most likely cause.
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According to eToro senior market analyst Mati Greenspan, bitcoin is in amidst a parabolic bull cycle and is on track to sustain its strong momentum over the medium to long term.
Since January, within less than six months, the bitcoin price has increased by nearly 100 percent against the U.S. dollar.
With a 98% gain year-to-date, bitcoin has outperformed most assets in 2019
(source: coinmarketcap.com)
Still, despite its large short-term rally, Greenspan noted that the dominant cryptocurrency is only at the start of a bigger cycle that may lead to new highs for the asset.
WHY INDUSTRY EXECUTIVES ARE SO OPTIMISTIC IN BITCOIN
In December 2018, the bitcoin price dropped to its lowest yearly point at $3,150. At the time, even though the industry had demonstrated significant progress in improving the infrastructure supporting the asset class, the sentiment around…
World’s third largest cryptocurrency Ripple (XRP) has appreciated up to 31-percent against the US dollar in just two days.
The XRP-to-dollar exchange rate Tuesday established an intraday high towards $0.405, up 25.05% since the market open on Luxembourg-based Bitstamp exchange. The pair dropped as much as 5.05-percent ahead of the European session to neutralize its overbought sentiments, finding interim support at $0.384-level.
RIPPLE (XRP) SURGES 25% IN A DAY | SOURCE: TRADINGVIEW.COM, BITSTAMP
The sentiment was the same across the rest of the cryptocurrency index, with almost all the leading cryptocurrency posting surplus intraday gains. Bitcoin (BTC), for instance, extended its rally action to establish a new 2019 peak towards $8,836.19. Ethereum, EOS, and Bitcoin Cash too recorded double-digit percentage gains on a 24-hour adjusted timeframe.
The cryptocurrencies’ breakout action further came with a rise…
The crypto market has made a spectacular return as it added $28 billion in the past 48 hours. The bitcoin price surged past $7,400 and hit a new 2019 high, marking the start of a new bull market.
In many major markets, the volume of bitcoin has returned to the late 2017 level with the “real 10” daily spot volume of bitcoin surpassing $1.9 billion.
The bitcon price hit a new 2019 high after surging over $7,500
The “real 10” volume calculates the daily volume of BTC using ten exchanges that have more than $1 million in legitimate volume. In March, the “real 10” volume was estimated to be around $270 million.
WHY IS BITCOIN PRICE (BTC) RISING SO RAPIDLY?
Alex Krüger, a global markets analyst, said that the recent rally of BTC was initiated without the involvement…
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Calvin Ayre Interview : Courts Could Rule On “Consumer Fraud” Of Cryptos That Claim To Be Bitcoin..
In this video interview, CoinGeek owner Calvin Ayre talks with Charles Miller about the far-reaching implications of the pending court cases filed by nChain Chief Scientist Dr. Craig Wright on the cryptocurrency industry.
Share your thoughts and views on this interview by commenting below
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Facebook is Pro-Crypto: Social Media Giant Lifts Ban on Cryptocurrency and Blockchain Ads
Facebook, the largest social media giant, made news after it announced that it would launch its own cryptocurrency, Facebook Coin. It was also rumoured that Facebook was looking out for VC firms to invest in their cryptocurrency project, with the targeted sum being “as much as $1 billion.”
Now, according to an official announcement, Facebook is going to lift its ban on cryptocurrency and blockchain related ads on its platform.
The facebook statement read :
“Starting 5 June, we will update our Prohibited Financial Products and Services Policy to no longer allow ads promoting contracts for difference [CFDs], complex financial products that are often associated with predatory behaviour. These products, due to their complexity, often mislead people.”
Facebook had implemented the ban on cryptocurrency ads and promotional campaigns related to blockchains and ICOs back in January 2018. It was believed that the ban was to tackle concerns…
Craig Wright, a man who, as WIRED wrote about back in 2016, either created Bitcoin or very badly wants someone to believe he did.
Now rumours are swirling through the Bitcoin world that Wright himself is poised to publicly claim—and possibly offer some sort of proof—that he really is Satoshi Nakamoto, the mysterious inventor of Bitcoin. If he does, he’ll have to convince a highly skeptical cryptography community for whom “proof” is a serious word, and one that requires cryptographic levels of certainty.
The suggestion is that Wright, an Australian cryptographer and security professional, has arranged to perform a demonstration for media in London sometime in the next week that’s intended to convince the world he’s bitcoin’s creator.1 Luckily for any legitimate claimant to the Satoshi throne—and for bitcoiners tired of the long succession of unproven candidates and speculation—there are some clear, almost incontrovertible ways for Satoshi Nakamoto to prove himself. When…
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