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Bitcoin Price Smashes $7,500 With Spectacular Return of Bull Market

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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.

bitcoin charts 24hr volume, Bitcoin Price

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 of the mainstream.

The upward momentum of the crypto market in the past three days was likely caused by existing capital within the crypto market moving into major crypto assets, rather than new money flowing into the market.

In April, Three Arrows Capital CEO Su Zhu estimated the amount of fiat that exists within the crypto market ready to be allocated to crypto assets is hovering at around $6 billion.

Investors within the crypto market are likely to have triggered the recent run of bitcoin, which was further fuelled by the liquidation of shorts on major crypto exchanges that led to a proper short squeeze.

DOES THE MARKET HAVE FUEL LEFT?

Following a staggering $28 billion recovery and a 30 percent rally by bitcoin in a span of a week, some traders have expressed concerns over the lack of clear stimuli that could sustain the current bull run of crypto assets throughout the near-term.

Total Market Capitalization Crypto Market May 2019

The crypto market added $28 billion in the past 2 days as the bitcoin price surpassed $7,500

One cryptocurrency trader suggested that the CME bitcoin futures market, which closed at $6,290 on Friday, could further intensify the momentum of the market as it opens on Monday.

The trader said ;

CME BTC bitcoin futures closed at 6290 on Friday. Tomorrow (Sunday) at 18:00est is the market open, mark your calendar, it will be lit.

Just so you have an idea, on every tick ($5) move is $25 for every contract you are holding. If you had an outright (no hedge) short at the close and we open at the price above you are down $4,300 for every contract you are holding. Friday volume was about 6,500 contracts.

For context, although the bitcoin futures market has been largely dismissed in the past year due to the presence of fake volumes in the crypto market, in March, Bitwise Asset Management estimated the futures market to account for around 35 percent of bitcoin’s volume in early March.

 

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Bitcoin’s 3 Day Price Charts Point to an Impending ‘Golden Cross’

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A bitcoin price indicator is about to turn bullish for the first time since the early stages of the 2016-17 bull market.

The 50-candle moving average (MA) on bitcoin’s three-day chart is in a solid upward trajectory and looks set to cross above the 200-candle MA in the next few days.

That would be the first golden crossover on the three-day chart since early February 2016. CoinDesk reported on a golden cross for bitcoin’s daily chart back in April.

Seasoned traders often refer to that long-term bull market signal as a lagging indicator. After all, the MA studies are based on historical data and tend to lag prices, which also means they have limited predictive abilities at best.

While that is true for most crossovers, the one that is about to happen on the three-day chart has proved its mettle as a reliable bull market indicator in the past.

3 day chart (2016-2017)

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Bitcoin News News

Garrick Hileman Explains Why Bitcoin (BTC) is on The Rise This Year!

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Garrick Hileman, head of research at Blockchain, explains what’s behind the cryptocurrency’s near-200% year-to-date rally (watch the interview above)

 

Dr Garrick Hileman is head of research at Blockchain and research associate at the London School of Economics

Garrick is best known for his research on monetary and distributed systems innovation, particularly cryptocurrencies and blockchain technology.

Hileman Garrick was ranked as one of the 100 most influential economists in the UK & Ireland. He is regularly invited to speak and share his research and perspective with public sector institutions, including the CIA, US Army and Naval War Colleges, Federal Reserve, Bank of England, Bank of International Settlements, and the Financial Stability Board, as well as media, including the BBCCNBCFTWSJ, and NPR.

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Bitcoin News News

Bitcoin Price Passes $10,000 as Cryptocurrency’s Spectacular Recovery Continues

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The price of bitcoin has broken above $10,000 (£7,855) for the first time since March 2018, as the cryptocurrency’s remarkable surge in value continues.

Bitcoin passed the milestone after experiencing gains of more than 10 per cent over the last 24 hours.

The price jump saw the world’s largest cryptocurrency reach as high as $10,831, according to the CoinMarketCap price index, taking its overall market capitalisation close to $200 billion.

Bitcoin’s most recent run of good form began in early February, when it was trading at well below $4,000.

It had reached this price after more than a year of steady declines saw its price withdraw dramatically from its late 2017 peak of close to $20,000.

Bitcoin’s recent run has drawn comparisons from some with bitcoin’s run in 2017, with some hoping it can go beyond its previous record high.

“This really is amazing,” one crypto enthusiast wrote on Twitter. “It has 2017 written…

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Blockchain News Press Releases

Satoshi Studio Launches First Ever Blockchain-Certified Sneakers

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Paris, 30th of May 2019. French brand Satoshi Studio announces the launch of their first sneakers. The Satoshi_one is the first pair of shoes certified on the Ethereum blockchain. More high-end products will come from Satoshi Studio thanks to their innovative financing campaigns.

Satoshi Studio was founded in 2018. The Parisian brand is influenced by the Tech industry and Crypto culture. It aims to create a place for itself as a reasonably priced high-end brand. To reach that goal, it will not use traditional channels of communication, striving instead to connect directly with its young and tech-focused community.

To be able to regularly offer new products and avoid traditional seasonality, the brand will launch several crowdfunding campaigns per year. Satoshi Studio believes in responsible shopping habits: they will only produce the right amount, no more, no less. The sneakers will be offered at a reasonable price, without compromising on quality.

Authors Name
Lucas Goldlust
Company Name
Satoshi Studio
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Bitcoin News News

Why We Could See The Price of Bitcoin Quadruple Within Just a Few Months

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Bitcoin is ballooning to new highs… but can it last?

Compound interest might be the most powerful force in the universe, but FOMO can’t be far behind, especially as it relates to bitcoin.

We’ve seen the “fear of missing out” contribute to a nosebleed rise in the price of bitcoin BTCUSD, before, and Fundstrat’s Thomas Lee believes we’re about to see it play out again — but even more pronounced.

The outspoken bitcoin backer told clients this week the world’s top cryptocurrency could ride a wave of FOMO all the way up to $40,000 “within a few months,” thanks to better transparency and a breach of the psychological $10,000 barrier.

He pointed to Grayscale Bitcoin Trust GBTC, as a great way to partake in a rally that would be most welcomed by the crypto bulls who had to suffer through a 74% drop in the price of bitcoin last year.

“Bottom line: Crypto winter looks over,” Lee said….

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Bitcoin News News

Bitcoin (BTC) Price Eyes Chart Pattern That Kicked Off Bull Market in 2015

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  • Bitcoin’s 50- and 100-candle moving averages on the three-day chart look set to produce a bullish crossover – a sign of bull market momentum. Back in October 2015, the same cross marked the start of a long-term bull market.
  • This time, BTC has already rallied more than 180 percent ahead of the bull cross. As a result, we may not see a big move to the higher side immediately following the confirmation of the bull cross.
  • Prices could rise to $8,400 in the next 24 hours, having witnessed a bearish channel breakout on Wednesday. A break below key 4-hour chart support at $7,910 would weaken the case for a rise to $8,400.

A long-term bitcoin (BTC) price indicator is about to turn bullish for the first time in nearly four years.

The 50-candle moving average (MA) on the three-day chart is trending north and could soon cross above the 100-candle,…

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