Cryptocurrency market value jumps $35 billion in 24 hours led by a surge in bitcoin

Cryptocurrency market value jumps $35 billion in 24 hours led by a surge in bitcoin

Cryptocurrency prices surged on Thursday, led by a big jump in bitcoin. 

The entire market capitalization or value of cryptocurrencies jumped $35.3 billion in 24 hours as of 2.19 p.m. Singapore time, according to data from CoinMarketCap.com. 

Cryptocurrencies saw two major bouts of selling in March amid the broader plunge in equity markets. But they have now recovered that ground. 

Industry participants attribute this to two factors — central bank monetary policy as well as an upcoming event known as bitcoin halving. 

Major central banks around the world have unveiled huge stimulus packages to cushion the economic fallout from the coronavirus pandemic. They have also signaled their willingness to do more. This has been a factor behind the recent rise in stock markets in past few days, and has filtered through to bitcoin and other cryptocurrencies. 

“My sense is that overall markets are not reflecting reality on the ground though, but this is also the result of the Fed in the U.S. being extremely clear that they will do anything to make sure there is economic stability,” Vijay Ayyar, head of business development at cryptocurrency exchange Luno, told CNBC. He was referring to the U.S. central bank that pledged to keep its benchmark interest rate near zero until the economy recovers.

“We could be seeing a lot of money flowing into equities and crypto as well, as a result of the new money printing.”

An event known as bitcoin “halving” is happening in May and it’s to do with a pre-programmed change in part of bitcoin’s underlying technology known as blockchain.

The bitcoin world works with so-called “miners” with high-powered computers competing to solve complex math problems to validate bitcoin transactions. Whoever wins that race gets rewarded in bitcoin.

Currently, miners are rewarded 12.5 per block mined. The rewards are halved every few years to keep a lid on inflation. By May 2020, the reward per miner will be cut in half again, to 6.25 new bitcoin.

This essentially reduces the supply of bitcoin coming onto the market. Halving is an event that happens every four years. Previous halving events have preceded big price increases in bitcoin.

“While part of this rebound may be explained by a renewed ‘risk-on’ attitude of global investors, it is also clear that bulls have been triggered by the upcoming halving event and the anticipated appreciation in value in the wake of it,” said Matthew Dibb, co-founder of Stack, a bitcoin index fund provider.

“For those buying into bitcoin now, many see this as an opportunity to buy BTC at bargain basement rates before a price pop post halving.” 

Source: www.cnbc.com

Author: Arjun Kharpal


VIRUS / ROUNDUP: Football: The last installment of TV funds is still pending

VIRUS / ROUNDUP: Football: The last installment of TV funds is still pending

BERLIN (dpa-AFX) – The German football clubs are still waiting for the fourth and last installment of the TV money. This should have been received by the German Football League on April 10th. But according to a report by the "kicker", the rights holders have not yet transferred the total of 304 million euros. May 2 has now been agreed as the new payday for the 36 clubs.

"We are in constant communication with our long-term partner DFL, especially in view of the current situation in the Bundesliga and 2. Bundesliga. In this context, there are active discussions with the aim of finding constructive solutions with regard to license payments and their potential timing," said a Sky spokesman for the German Press Agency on Thursday.

Without payment to the DFL, 13 clubs, including four Bundesliga clubs, could face bankruptcy in May and June, according to "kicker" information, within the next two weeks. But the chances of a prompt settlement with the media partners and a payment in the coming days are good.

Game operations are currently suspended until at least April 30. In the coming week, on April 23, the football clubs want to determine how to proceed. Professional football still hopes to be able to end the season with the help of ghost games by June 30. At stake are around 750 million euros that would be missing if the season were canceled.

Source: www.ariva.de


VIRUS / ROUNDUP: Football: The last installment of TV funds is still pending

CryptoBuzz: Why Bitcoin, Ethereum & XRP Will Rally Despite Covid-19 Led Recession?

There is something special about Bitcoin and crypto. First off, it doesn’t require government intervention and Brrrr for the ship to steady. When the USD skyrocketed–wreaking emerging currencies and temporarily Bitcoin, it only took roughly 40 days for the world most valuable digital asset to reverse the single day loss of Mar 12. And it is now throbbing even higher.

Together with Ethereum (ETH) and Ripple (XRP), the top three digital assets are up roughly 15 percent in the last week, clearing major resistance hurdles and spurring FOMO.

It could be because of Bitcoin halving and the expected fireworks—which if history leads pours cold water on traders’ rationale, or the nearing ETH 2.0 mainnet launch that’s cementing ETH bulls, and the increasing partners of Ripple, but there is more than what meets the eye.

Behind Bitcoin’s resurgence and 15 percent gain in the last week is the expectation from the trading community. Bitcoin halving is huge and with an emission shock on the cards, the resulting supply decrease with constant demand will most likely drive prices higher.

But it is also about the intrinsic properties of Bitcoin that places it ahead of the fold. The world is increasingly uncertain and as central banks intervene, fiat capabilities are watered. The shift to crypto can be gauged by the flow of funds to stablecoins which in the last six months has doubled from $4.6 billion to $9 billion.

Institutional traders it seems are well positioned to catch the loose chippings and add to their longs. As stablecoins act as conduits to the crypto world, the accumulation reveals the confidence of the space, a factor that spur demands and hence Bitcoin bulls.

Just as STABLECOIN-INDEX now screams that smart money is better than ever positioned for catching all the loose chips aka. weak hands that would be selling BTC between here and $20k.

The market cap of all stablecoins literally doubled in the last 6 months, from $4.6B to $9B pic.twitter.com/OLfFUlSX1F

— BTC Time Traveler (@BTCTimeTraveler) April 28, 2020

On the other hand, Ethereum bulls are also vibrant. The correlation between BTC and ETH could explain the pump but there are other fundamental reasons.

What future awaits cryptocurrencies?
GOODBAD

The launch of ETH 2.0 mainnet following the validation of the genesis block on the Topaz TestNet is no doubt a source of confidence.

If Ethereum cracks this, it will tighten its grip around the crown as a leader in smart contracting. However, other details emerge that Ethereum is almost as decentralized as Bitcoin from the Proof-of-Work perspective.

8/109

Bitcoin’s Top 10k Holders: 10.54M BTC (57.44%)

Ethereum’s Top 10k Holders: 57.2M ETH (56.70%)

Based on individual holders, Ethereum is as equally distributed as Bitcoin. pic.twitter.com/sMv43fkNMg

— Adam Cochran (@AdamScochran) April 29, 2020

If the Topaz TestNet can be used as a basis, Ethereum will also be decentralized once Proof-of-Stake will be implemented as over 22,000 validators have subscribed.

#MondayNumber: 22,[email protected] 2.0 testnet was launched on April 16 and gathered more than 18,000 validators within four days. There are now, around 22,000 of them on the test network. Ethereum 2.0 is meant to upgrade Ethereum’s network, including a proof of stake protocol⚡️ pic.twitter.com/WV6WfxioH8

— Blockchain.io (@blockchainio) April 27, 2020

Meanwhile, XRP traders’ apathy seems to be over. In less than two months after hitting 2020 lows of 10 cents, prices have more than doubled to 21 cents. The spot rates. Technically, there is a case for more traders to pour in and buy the dips as losses of early March has also been reversed.

On the bright side, unconfirmed reports of Binance eventually using the XRPL ledger for transfers have resurfaced two years after it was first floated.

There is currently speculation that Binance will be running on the XRP Ledger (Katherine Coley hints)

I’m putting this out there so the community can investigate 💪🏼
Keep your eyes open

— The Bearable Bull (@thebearablebull) April 29, 2020

Besides, Binance through Binance KR has a presence in SE Asia, a focal point for Ripple. Notably, Ripple has also partnered with three South Korean remittance firms. Any form of coalition or XRP being listed at Binance KR may eventually build solid grounds for a partnership.

#Binance to Launch Korean #Crypto Exchange on Binance Cloud

Binance is entering the South Korean market, through the imminent launch of Binance KR, the first global use case of our Binance Cloud solution unveiled last month.https://t.co/ifHkFHxjls

— Binance (@binance) March 31, 2020

Summary

CryptoBuzz: Why Bitcoin, Ethereum & XRP Will Rally Despite Covid-19 Led Recession?

Article Name

CryptoBuzz: Why Bitcoin, Ethereum & XRP Will Rally Despite Covid-19 Led Recession?

Description

Bitcoin (ETH), Ripple (XRP), and Ethereum (ETH) are on the roll, adding roughly 15 percent in the last trading weeks thanks to supportive fundamentals.

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Publisher Name

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To get the daily price analysis, Follow us on TradingView

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich

Source: coingape.com


Bitcoin price moving above $8800

Bitcoin price moving above $8800

The Bitcoin price line showed a constant uptrend on the 29th of April as the cryptocurrency market goes green. The bullish momentum caused the coin to gain a grand in USD on its price over the course of 24 hours. Jay Shree is a TradingView analyst who is expecting a breakout by BTC from its ongoing parallel channel.

Bitcoin Price Chart by TradingView

Bitcoin price stood below the $7800 level before entering the trade for the 29th of April. The cryptocurrency was placed in its ongoing upward parallel channel. After 03:00 GMT, the cryptocurrency started climbing up on its daily chart, while it crossed the $8800 mark near 17:35 GMT and met a day’s high of $8870.88 US Dollars. BTC closed the day’s trade at $8772.61 US Dollars, while at the time of writing, it traded at $8852.32 US Dollars.

The crypto analyst highlighted three breakout patterns for BTC since September 2019. The analyst suggests that they expect another breakout out of the ongoing upward parallel channel for the cryptocurrency.

Bitcoin price chart by TradingView

The idea appears to be in play as the cryptocurrency made a sudden rise across the $8800 level on the 29th of April. Bitcoin appears to have met the upper boundary of the ascending parallel channel that it was situated in, since the 12th of March this year.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page. 

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

Source: www.cryptopolitan.com

Author: Taha Farooqui


Artist Vesa Kivinen: Crypto Art Has the Potential to Go Parabolic

Artist Vesa Kivinen: Crypto Art Has the Potential to Go Parabolic

The creator of Art For Crypto sells his pieces for only 1 BTC, but thinks crypto art is an investment with just as much potential as coins.

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Artist Vesa Kivinen: Crypto Art Has the Potential to Go Parabolic

Speaking at Virtual Blockchain Week in front of one of his colorful yet hypnotic canvas pieces, Vesa Kivinen, the creator of Art For Crypto, suggested crypto art could be just as much of an investment as any other digital asset.

Passionately extolling some of philosophical benefits of crypto art, Kivinen was just as eager to explain the business side of the coin:

“[Digital art] has many similarities to, let’s say, the very, very early Bitcoin. Those opportunities of holding on to the first 10x, and the 100x, and the 1000x … they’re now going on in crypto art in these unique limited edition assets.”

Crypto artist Vesa Kivinen. Screenshot from Virtual Blockchain Week

Kivinen creates three copies of individual canvas pieces, like the large hypnotic one that hung behind him during his Virtual Blockchain Week talk — called “Red Eye” and pictured above — in addition to high resolution digital artwork. However, while the price of Bitcoin (BTC) is on the way up, that won’t affect the price of Kivinen’s pieces in crypto, currently tied to 1 BTC — $8,762 at the time of press.

“No one likes to [part with their Bitcoin],” said Kivinen, but added that investing into something like crypto art gives you a product that “has the potential of going parabolic”: 

“You have to approach the thing from a holistic point of view so that it’s also an investment… No one is going to part with their piece for less than a Bitcoin [later on]. That would be insane. At best, you might get 10 BTC for your piece later, should you ever sell it.”

The anticipated halving-related BTC bull run would have the potential to bring more people into the crypto community and crypto art — ten times as many according to Kivinen. The artist already has about a dozen pieces in circulation that are owned by well known figures in the crypto community, including Litecoin creator Charlie Lee and Satoshi claimant Craig Wright.

Source: cointelegraph.com

Author: Turner Wright


Cryptocurrency market value jumps $35 billion in 24 hours led by a surge in bitcoin

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