Bitcoin in the last 24hours has seen a surge in its price which has been on a low for a couple of months this year. There have been rumours that Bitcoin and other cryptocurrencies might crash and never pick up again. However, the current trend is suggesting otherwise as Bitcoin is fighting its way back.
The price rose by almost $1,100 within a space of 1hour and the number of transactions increased. Some reports suggest that bitcoin had processed the most amount of trades within a one-hour period on April 12 than any other in its 10-year history. Although this data is speculative as it is difficult to ascertain the exact amount of all cryptocurrency that went into trade yesterday. Bitcoin has rarely seen a sudden 16 percent increase in its price, primarily because of its large market valuation and high daily trading volume.
The price determinant of bitcoin and other cryptocurrencies can be attributed to a large inflow of cash by investors or customers. Bitcoin which has a daily trade of about $9 billion would have to see billions of dollars worth of new capital flow into the cryptocurrency market for the price to spike. Although the price surge on the 12th of April was not as a result of investors cashing out but from the valuation of the cryptocurrency market.
It’s highly possible for Bitcoin and other cryptocurrencies to maintain an increase in price over the next couple of weeks and months. Owing to the fact that it is virtually impossible to identify the reason for the market dominance of any cryptocurrency. In this case, the question of whether the price of bitcoin increased due to the entrance of institutional investors or retail traders is of less importance. The crucial takeaway is that bitcoin has achieved the $7,500 support level which it had eyed throughout April, and the recent price increase could allow bitcoin to rebound to the $8,000 region with strong momentum.
According to a report on CCN, Pantera Capital, one of the longest lasting cryptocurrency-focused hedge funds in the global market, has called for a bottom for bitcoin and predicted the market to rebound soon to reasonable levels.
“For those who are new to Pantera who might think a fund manager like Pantera would always be saying ‘Today’s a great day to get long. I rarely have such strong conviction on timing. A wall of institutional money will drive the markets much higher,” wrote Pantera Capital CEO Dan Morehead and Augur founder Joey Krug, who also works as an executive at the hedge fund.
Investors are overwhelmed by the fact institutional investors such as George Soros, the Rockefeller family, and the Rothschild. entrance into the market space could affect the long-term price growth of bitcoin and other cryptocurrencies. The market demand for institutional investment has bee non-existent. It is believed that institutional investors would be on the increase due to the mere fact that the cryptocurrency market cannot be controlled.
Featured image from Hacked.com
Market Retraces its Steps after Opening the Week with Green across the Market.
The first day of the week just three days ago opened the week to a wide spread gains across the cryptocurrency market with Tron reporting the highest gains of over 9%. Today opens with significant losses that have wiped out the gains made in opening day of the week. Bitcoin is currently trading at a loss of 11.01% as at press time standing at $11,503. Total market capitalization sits at a $313 billion. Opening day of the week, it was at $327 billion
The second largest cryptocurrency by market capitalization Ethereum is trading at $271 which is over $30 lower than its week opening price. It is currently reporting 11.94% loss. XRP of Ripple is trading at a negative of 15.79% as Litecoin is also a little below standing at loss of 14.59%. The price of XRP stands at $0.33 while Litecoin is just over $100.
Tron which recorded the highest gains in the opening day of the week is reporting an astonishing 16.56% loss with Bitcoin SV, the embattled Bitcoin fork showing 18.56% in red. Top loser on today is EOS which is trading at $4.66 with a market capitilization of $3.9 billion but suffering a loss of 20.13%. Bitcoin cash is at 18.48% red trading at $339.29.
Tether the stablecoin positioned at number 8 by marketcap is stable at $1 but reports a 0.06% red which should be normal as it is of course a stable coin.
The industry continues at grow and thrive with the reported achievements of Blockstack to conduct a SEC compliant token sales, the market normally responds favorably to such news. While its is normal for the market to step back a bit after an upward surge, could this be the result of the 7300s BTC dumped on Binance?
Someone on Binance is in a hurry to sell ~7.5k+ bitcoins ($100 million). It's a limit order, but it's aggressively adjusting it's price to be on top of the orderbook. Pushed down price from $12.6k to $12.1k. 5k btc left pic.twitter.com/f6jwAyDDc0
— Madoff wasn't on the blockchain (@bccponzi) July 9, 2019
We can only look at the charts and open our ears to hear positive news. And by the way, Bitcoin has increased in dominance to 65.4% as against its week opening dominance of 62.1%.
Second Week of July opens with Green across CryptoMarket, Nigeria’s Crypto Trend for the First week of July, 2019
Its 9am WAT, the first day of the second week of July, 2019. Cryptocurrency market stands at a salutary market capitalization of 327 billion dollars with Bitcoin dominating at 62.1%.
The new week opens with cryptocurrency at an eye grabbing and mouth watering market capitalization with Bitcoin as usual taking the lead at 4.1 million naira ($11429) at market capitalization of 73 Trillion naira ($203 billion). At its dominance, Bitcoin is over x6 of Ethereum marketcap standing at $32 billion. Ethereum is reporting an increase of 6.34% as against Bitcoin which stands at a 1.93% on 24hour changes.
Ethereum is currently trading at over $300 which was unlike this time the previous week where it was below the $300 mark. XRP currently reports a 0.01% Red indicative of a minor loss the third largest cryptocurrency by market capitalization. Litecoin shows less that 1% gain as against bitcoin cash which reports 1.36%.
Least of the top ten cryptocurrency reporting gains is the embattled BitcoinSV with a 0.25%. Binance Coin, EOS shows over 2% increase while top gainer on this opening day is Tron wit a 9.26% rise.
With Cryptocurrency sweeping across the world, Africa is trying to move with the flow though efforts has been somewhat not meeting expectations of enthusiast. Nigeria being the populous black nation on the planet and the Giant of Africa, host a thriving population which owing to the losing faith in the Naira and the desire to exploit every avenue of self betterment, the drive into cryptocurrency has since been seeing great thrust.
According to Google Trends over the month of July 2019, the search for Bitcoin has seen a spread across the state especially the south of nigeria known to be rich in natural resources. Ekiti State of the Yoruba people tops the chart as top searches of the keyword BITCOIN.
Next is Delta State which is an oil filled state. Osun state takes the third position with Ondo being the fourth while Bayelsa neighbouring to Delta state the fifth position. Enugu, Edo, Ogun, Ebonyi, Anambra follows after.
The desire to know about cryptocurrency and blockchain is reflected on the rising search topics on Google with “Public-Key cryptography” talking lead. Play and earn is not left out of the mix as free bitcoin for video game stands at +70% as a rising search topic. “Key” as a topic is posiitoned at +60% and rising.
As cryptocurrency and blockchain continue to create avenues of making life easier via adoption, the most populous black nation on earth though its government has not expressed open interest in the technology, the citizenry are not stepping into the shadows. They are taking on the initiative in driving the growth of the technology and adoption and innovation.
The numbers of Shows, Conferences, Seminars, Tour etc going on in the country is testament to this fact. We can only hope the interest continues climbing till it gets to those in authority to bring full legitimacy to the operations of cryptocurrency in the Country. Our eyes will always be on the chat. Happy New Week, there is green everywhere.
Trouble Looming for Bitcoin with Stocks Plunge?
Could bitcoin and other “risk-on” assets be open to a possible plunge alongside the traditional stock market?
With what is happening in the stock market, inferences could easily be drawn that social media (tweets particularly), not only affect the traditional markets but also has real-time effects on digital assets. With a recent revelation from the United States president-Donald Trump, where he makes plans to increase the tariffs on Chinese-made commodities from 10% to 25% in a few days time, global assets like stocks and bitcoin BTC, recorded a minus in the market.
For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars….
— Donald J. Trump (@realDonaldTrump) May 5, 2019
Bitcoin Records Slight Dip with Trumps Chinese Tariff Statements.
While many will argue that President Trump’s intentions had a good possible economic result, the stock market took the news quite badly. As at 1 pm today, Futures for the S&p 500 were 1.75% down and this would invariably mean an open red. More so, as of the time of compiling this article, there exists a whopping drop for the SSE Composite Index of about 5.35%, which means the loss of billions of dollars in less than 24 hours.
Just as we mentioned earlier, bitcoin also recorded some losses alongside its counterparts in the traditional exchanges. this was pointed out by a crypto trader who saw this trend as the Monday Asian market opened. In this trading path, BTC fell in indicating a negative reaction to the tariff threat of the U.S. President.
If we argue that BTC price loss could be coincidental, we might also need to take a look at a similar situation where BTC lost almost the same value to the Hang Sang withing the same time frame. This is yet another proof to show that though BTC is sadly still vulnerable, it also now responds to market forces.
Market participants continue to view Bitcoin as a risk-on asset.
Sunday evening's sell-off occurred simultaneously with the Hang Seng's precipitous 3.4% drop at the open following Trump's new tariff salvo. pic.twitter.com/Oa9RiVXuRg
— Light (@LightCrypto) May 6, 2019
More insights show that cryptocurrencies are risk-on and this means that investors in these areas are particularly interested in markets trending higher.
Crypto is a risk asset. Global capital flows matter. pic.twitter.com/giZ186F4kc
— Travis Kling (@Travis_Kling) April 30, 2019
Bitcoin To Become Safe Heaven As Digital Gold
From all the information provided above, it is clear that bitcoin maybe conforming to traditional markets’ risk-on assets after all.
Many might not have heard already, but bitcoin, alongside all other cryptocurrencies, have been disregarded an in fact touted as an uncorrelated asset. Check this out in the CNBC interview a few months ago where Anthony Pompliano of Morgan Creek mentioned that the correlation between BTC and the S&P (SPX) was practically non-existent. A confirmation was put forth by Three Arrows Capital’s Su Zhu, showing that given “high prices and low prices, high volatility and low volatility, the correlation between the aforementioned assets is still near-zero.
All of the correlations confirmed this Monday, have gone to validate the John Normand theory that gold remains a better safe haven or hedge against downturns than Bitcoin. John is the Head of JP Morgans’s cross-asset management arm.
According to optimists, Max Keiser’s explanation of a possible break-even for the digital asset class is a thread strong enough to hold onto. Max is of the opinion that BTC will eventually become a “risk-off” asset, hinting at a few characteristics that make it a form tradeable money.
Amongst many reasons for his belief are that BTC is a non-sovereign, decentralized, censorship-resistant and easily- transferable asset that is deliberately scarce and is not controlled by the whims of central banks and the various existing financial institutions.
The market and consumers alike may need a bit of a nudge in the right direction to truly comprehend this fact, and this is predicted to come from the impending financial crisis which experts say is much around the corner.
Have your say in our comments section below.
Fructus Integrating Bancor Protocol to Provide Continuous Token Liquidity
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The way we solve these problems is by making the supply chain for fruit and vegetables transparent.
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Together we can make a difference, so join the Fructus Community and support Fructus.
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Bancor is the world’s largest decentralized liquidity network. Bancor functions similar to a decentralized exchange, with a key difference: orders are processed against automated smart contracts on the blockchain, instead of matching two parties in a trade. Any project can easily integrate their token by creating a Relay on the Bancor Network to automate fair and efficient token conversions for users, directly from their wallets. Tokens on Bancor are instantly convertible for one another, with 8000+ trading pairs across ETH, EOS, DAI, BNB & more.
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