Bitcoin Bulls Stampede Past $3,700 & Wider Crypto Market Rallies with Them

Everyone knew a breakout was coming. A tight trading pattern lasted for weeks, which is almost always a precursor to big activity, one way or the other. In the case of Bitcoin and most everything else in the crypto market over the past 24-hours, things went very positive.

Bears lost their stranglehold on the market and plenty of short positions were likely vaporized. Traders in recent weeks had become accustomed to movements of sometimes less than $100 in a whole day. Like as not, plenty of positions were primed for movements of that size. But virtually every market saw Bitcoin go over $3,700 in the past 24 hours, and the rest of the market is lifted as a result.

The increased valuation of Bitcoin had a side effect of bringing Ripple (XRP) back over $0.30. Ethereum’s rise to just under $120 wasn’t enough to launch it into the second spot in the market cap rankings, where Ripple currently sits. This reporter still feels bearish about XRP, at least for the interim. Mass adoption is an important vector in considering the prospects of cryptocurrencies.

Flippening Lite

Litecoin price
Source: Shutterstock

The other notable happening on the markets was the reshuffling of the top 5 by market capitalization. Litecoin displaced EOS for the fourth spot in the rankings.

Litecoin grew more on its own merit than it did by virtue of the overall market capitalization increase, which was significant. Yesterday, as this capture shows, the overall market cap of the top 10 cryptos was around $95 billion. Today it’s more like over $103 billion.

Judging by the green percentages all the way down the top 100 cryptocurrencies, the money wasn’t coming from other crypto markets. It’s new money. The only big question is: will it stay or run? If we’re in a true bull run, anything is possible. Let’s keep in mind that sharp pops in either direction can often precede massive breaks in the opposite direction.

Bitcoin Price Stampedes Past $3,700

After some faltering in the $3,800 range on Bitfinex, Bitcoin is still shuffling up 8%. This is hundreds of dollars per share, in old world terms, which is a significant change that any user will feel. The purchasing power of BTC has increased overnight.

Bitfinex traders used levers to propel the price consistently higher than other markets.

As we said before, the money doesn’t appear to be entering from other wings of the crypto market. Instead, it’s new money. Bitcoin wasn’t the biggest gainer today. Litecoin holds that mantle. But Bitcoin’s gains are serious.

Where will we be Monday? Hardened crypto traders will tell you that’s a long time away. There are plenty of people who bought the extended dip, after all, and could dump on the renewed strong market.

Ethereum Gets Some Breathing Room

Ethereum has officially shoved off the $100 mark, to the relief of everyone. Ether needs to retain a strong market capitalization to float the thousands of tokens it supports.

Goodbye, $100! Cheap Ether might be on the way out.

Versus Bitcoin, Ether pulled out all the stops at Coinbase. If this is an indication as to how trading will go for Bitcoin in the coming days, prepare for a wild ride.

As we can see, most of the price shifts took place this morning. Could there be a psychological aspect to this? Everyone’s been expecting a big movement. At the same time, a comfortable majority of investors believe in the strength of crypto assets. Perhaps a few small changes catalyzed the bigger movements. Deeper data would need to be made public by Coinbase.

Perhaps in the future when decentralized exchanges are the rule of the day, we’ll be better able to analyze the size of the trades that actually precipitate these types of changes.

Litecoin is Absolutely Killing It

Litecoin’s been playing possum, it seems. Hovering around $30 over the past several weeks, with an occasional dip to $28 or on some markets worse, we were curious what would happen if Bitcoin’s price continued its downward trend but Litecoin’s didn’t.

Litecoin’s volume was double the norm. It also sustained double the gains of Bitcoin percentage-wise. The exercise shows Litecoin is no longer as reliant on Bitcoin as it was.

What we saw today was a similar story, however. Litecoin gained a lot more than any other top 10 crypto. By and large, on a day like this, you can attribute rises to the rise of Bitcoin itself. But Litecoin added half a billion. Charlie Lee reportedly increased confidence in Litecoin with his note that confidential transactions – the type available on Monero or Zcash (or even MimbleWimble) – are coming to LTC.

Litecoin’s future seems bright. It’s managing to maintain its price targets over massive trading volumes. The 24-hour volume for Litecoin was double the usual, at $1.5 billion. If this becomes the new norm, the next move for Litecoin could be back to the #2 market cap spot it hasn’t held for years.


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Author: P.H. Madore 
Image Credit: Featured Image from Shutterstock. Price Charts from TradingView.

Next Bitcoin Bull Run Will See Crypto Market Rise ‘10x’: Pantera CIO

The co-chief investment officer of one the cryptocurrency industry’s largest investment firms said that he expects the next bitcoin bull run to carry the cryptocurrency market cap 1,000 percent above its current valuation.

Pantera Capital’s Joey Krug made this prediction during an interview with Bloomberg, forecasting that the next upswing could propel the cryptocurrency market cap to more than $2 trillion.

“If you look at that next bull run, I think the crypto space overall could hit 10x from here.”

Noting that in previous market cycles the news that major financial industry players like Fidelity Investments and Intercontinental Exchange (ICE) were entering the cryptocurrency space would have sparked a surge in speculative investments, Krug said that he believes the market is currently waiting on concrete adoption to catalyze a bull run.

BTC/USD | Coinbase

For this to happen, he continued, cryptocurrency networks will need to achieve increased scalability, as the current state of cryptocurrency blockchain development is akin to the internet before dial-up.

He commented:

“If you look at the internet, it’s easy to say, ‘Well, you just create an app, get some users, and then you solve the scalability problems.’ But these are all markets, and so if you don’t have scalability, you don’t have market makers, and so you don’t have liquidity.”

As CCN has reported, two of those innovations for Bitcoin, in particular, include the Lightning and Liquid networks. The Lightning Network (LN), which is currently in beta, is a second-layer protocol that operates on top of Bitcoin. Using the network’s built-in scripting language, users can move funds “off-chain” into LN payment channels, where transactions do not require miner validation and can consequently be processed instantly at virtually no cost.

The Liquid Network, on the other hand, is a federated Bitcoin sidechain developed by blockchain startup Blockstream and targeted at cryptocurrency exchanges, financial institutions, and other bitcoin power users who desire to move large amounts of bitcoin more quickly and privately than they can across the main blockchain.

These technologies — as well as ones on other blockchains — are not yet ready for primetime, but Krug said that he expects some cryptocurrency networks to achieve Visa/Mastercard scale within the next couple of years, though that does not necessarily mean the bear market will endure for that long.

In the meantime, he said that he believes the cryptocurrency market has hit a bottom and will remain range-bound until the next catalyst arrives.

Featured Image from Blockchain at Berkeley/YouTube. Charts from TradingView.


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Author: Jasiah Wilmoth
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Bitcoin Gradually Increased in Price in September, Case for a Bull Run in 2018

Since early September, the price of Bitcoin has gradually increased from $6,100 to $6,550, testing the $6,800 resistance level on two occasions.

Bitcoin experienced four dips in its price in the past 30 days and every consecutive drop in the price of the asset stabilized in a higher region than its previous decline in value.

On Sept. 9, the price of Bitcoin dropped to around $6,100 during its first fall in the month. On Sept. 16, a week after the initial drop followed by a corrective rally, the price of Bitcoin dropped to $6,250, at a higher point than its previous drop at $6,100.

Bitcoin price chart in September: data provided by Coinbase

On Sept. 26, around 10 days after the second dip, the price of BTC dropped to $6,400, $150 higher than the region BTC fell to on Sept. 16. On Oct. 4, it’s latest minor drop in price, Bitcoin dropped to the higher region of $6,400.

Is Bitcoin Undergoing a Gradual Recovery?

Given that Bitcoin has seen the $6,000 support level strengthen and the momentum of the asset at the $6,550 mark intensify, it is entirely likely that the asset will continue to engage in a gradual recovery throughout October.

A rapid increase in price from $6,000 to a higher region like $7,000 and $8,000 in the short-term, similar to its movement from $6,800 to $8,000 earlier this year, is not likely due to the decline in its volume.

On October 6, CCN reported that the volume of Bitcoin fell from $4 billion to $3.2 billion on Coinmarketcap and from $2.6 billion to $2 billion on ShapeShift’s CoinCap.io, suggesting that an exponential increase in price of Bitcoin is not in play in the short-term.

If Bitcoin continues to sustain its momentum it has demonstrated throughout September, it is possible that it can break out of the $6,800 resistance level and potentially eye an entrance into the $7,000 mark.

But, in consideration of the positive regulation-related developments in Japan, South Korea and the US, many analysts expected BTC to surpass major resistance levels at $8,000 and $9,000.

Masayuki Tashiro, a prominent Japanese market analyst, said in August:

“Personally I am bullish, and by the time the outline of the regulations will come together in October, those investors who will feel safer will come back. I hope things won’t get as overheated as last year, but I believe BTC can win back the value of 1 million yen (9,020$) in range.”

Gradual Recovery More Likely Than Explosive Growth

Bitcoin and the rest of the crypto market has dropped 69 to 80 percent of the valuation in the past nine months, recording some of the steepest falls in value in recent years.

A short-term bubble is often followed with a gradual recovery in value, volume, and market demand. Although the market has started to demonstrate sellar fatigue and clear signs of a bottom in the low range of $200 billion, a gradual recovery could be more beneficial for BTC in the long run.


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Author: Joseph Young 
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Bitcoin will reach $8500 by end of year, says Trefis

Trefis Team, a firm offering software that predicts market movements, recently offered their opinion on the price of Bitcoin [BTC]. While the cryptocurrency market has been seeing bullish news lately, the price continues to exhibit sluggish movement.

Bitcoin, the top cryptocurrency, is currently trading at the $6500 mark after a series of sharp drops last week. Goldman Sachs stated that they would delay the plans of its cryptocurrency trading desk, leading to a widespread selloff due to FUD.

However, Trefis claims to have predicted the price of Bitcoin by the end of 2018, putting it around $8500 around the timeframe. Their predictions are based on the overall transaction volume for Bitcoin and the total number of users on the blockchain. Moreover, their predictions, when backtested, are reportedly 94% accurate as stated on their website.
They utilize the principles of supply and demand to fundamentally determine the price of Bitcoin. The cryptocurrency, with its capped supply and deflationary system of bringing new coins into existence, has a supply system that would help the case of its price rising. The two variables that Trefis has considered to calculate the demand is the number of active users and the amount they transact.

According to these calculations, they expect the price of Bitcoin to undergo a 30% increase over the year, quoting reasons such as the general sentiment dictated by the news. This, according to them, was the reason for the price to go up to $20,000 late last year. They also stated that the price has moved in tandem with news, with dips being observed when exchanges were hacked and when the United States Securities and Exchanges Commission [SEC] denied applications for an exchange-traded fund [ETF].

According to Trefis, the creation and general lobbying of the Blockchain Association will also create a more positive view for regulators. They stated that the approval of the ETF by the SEC is one of the biggest catalysts for the growth of Bitcoin. It represents a “huge potential upside” to the price of Bitcoin.

Iarius Germund, a market analyst, stated:
“While the market still responds sluggishly to a lot of the news coming out right now, the base is gradually being built. At the same time last year, the cryptocurrency market did not have many of the things it required for mainstream adoption as an asset class. We have made considerable progress on that end, but the price is only likely to move when actual changes occur in the market with respect to adoption.”


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Author:  Anirudh VK
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Monero (XMR) Poised For A Big Run Up By End Of The Year

Monero (XMR) was once one of the few cryptocurrencies in existence but with the inception of lucrative altcoins, Monero (XMR) quickly became a forgotten coin to many. That is not to say that Monero (XMR) lost its purpose but other shinier projects like Verge (XVG) pulled in privacy enthusiasts from Monero (XMR)’s league. The chart above for XMR/USD shows that Monero (XMR) has performed well against USD for the most part, even after the correction.

LIONBIT

The reason for that is, that unlike coins like Ripple (XRP) or Cardano (ADA), people don’t buy Monero (XMR) just to make a quick buck.

Monero (XMR) has served an important function as a premier privacy coin and continues to attract privacy enthusiasts as being one of the best privacy projects out there. This is also why Monero (XMR) has performed in a very stable pattern over the past year and a half.

Currently, Monero (XMR) has reached oversold levels on RSI whereas MACD conditions show that Monero (XMR) is unlikely to go down for long. Technical conditions for Monero (XMR) indicate that the price is likely to reverse in the month of August. It is also expected that the reversal will be an aggressive one and there is a high probability that Monero (XMR) will mark a new high for the year. RSI conditions for Monero (XMR) show that the price has reached a critical point where it is expected to do one of two things: it must either break below the RSI triangle and enter into a long term bear market, or break above the triangle and begin a rally towards new highs.

AVINOC

Monero (XMR) has also reached the end of its correction against Bitcoin (BTC) as can be seen on the XMR/BTC chart above. RSI and MACD condition for the chart above point to a rally by mid August. That rally will reverse this trend and begin a new cycle, as Monero (XMR) continues to trend in an ascending channel against Bitcoin (BTC). The future prospects of Monero (XMR) seem brighter than ever as people across the globe seem to be more concerned about the privacy of their financial transactions than before. People are starting to realize that they now have options to protect their identity and privacy whenever they want to.

If someone does not want their credit card company knowing about their visits to a doctor or what they are buying online, they can use Monero (XMR) to protect their privacy and identity. Monero (XMR) has been criticized in the past for being the gateway cryptocurrency that people use to buy drugs and other illegal items on the dark web. However, most of those dark web sites have now been taken down by law enforcement agencies. Monero (XMR) will continue to have its significance as long as it is the only secure and trusted privacy coin in the market as most large corporations would not be comfortable with having their transactional data printed on a blockchain that everyone can see.


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Why August Could Start With A Bull Run

With the current market cap at around $300 billion many experts are predicting the August will begin with a bull run.

LIONBIT

The last time we were at $300 billion was in early June (June 10th specifically) when the market was in a bear grip. Now it seems that the market is on the rise and, slowly but surely, it seems to be getting ready for a bull run.

With a huge influx of cash coming into the market, earlier this week, Bitcoin hit $8200 which is a good sign and is making it some good steps up in the market. Despite seeing these great gains for Bitcoin, other altcoins don’t seem to be massively affected by them. Over the last week, most of altcoins have stayed the same throughout the whole experience however, some of them have even lost. With some coins being in the green and some being in the red, Bitcoin hasn’t been greater.

Some analysts are starting to believe that this could be the beginning of the end for altcoins. To put these opinions in perspective, at this time of writing, Bitcoin dominates 46.9% of all the money currently in the market however, since 2013 Bitcoin dominated the market by around 75-90% up until, this year where Bitcoin dropped into the low 30s where it’s dominance over the market was at the lowest it had ever sunk.

AVINOC

Historically speaking, the end or beginning of the year is where the market sees its spikes. When you look back at past January’s, there has been spikes in the market just a little after that month. In July last year Bitcoin lost a lot of dominance and the market cap was estimated to be around 40% however, at the same time altcoins surged upwards. Now, at the end of July 2018, we’re seeing Bitcoin nearly at 47% and altcoins taking a dip so could altcoins be on their way out?

Many analysts have different opinions on whether the market could be hitting a bull run in early August. Some say that the bull run is nearly here whereas others believe that these little signs are giving false signs of hope to investors.


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Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Adrian Barkley
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Bitcoin and Ether Surge 6% as Crypto Market Adds $15 Billion in 2 Hours

In the past 2 hours, bitcoin and ether, the native cryptocurrency of Ethereum, recorded a 5 percent increase in value supported by a sudden spike in volume.

Within merely hours, the volume of bitcoin surged by over $1 billion while the volume of ether increased by nearly 20 percent.



Volume is Coming Back

Earlier today, CCN reported that the next 24 hours would be crucial to the crypto market and will define the trend of major digital assets including bitcoin and ether throughout this week.

“The volume of bitcoin has recovered to $4.6 billion and the volume of Ether has risen to $1.5 billion, from $3 billion and $1 billion respectively. The recovery of the daily trading volumes of major cryptocurrencies signify an increase in stability in the crypto market. The next 24 hours will likely dictate the short-term price trend of bitcoin throughout the week,” a CCN report read.

Over the last several hours, the volume of both bitcoin and ether rose by $1.5 billion, while the volume of Tether achieved $4.2 billion. The movement of the volume of Tether (USDT) and BTC / ETH to the upside signify that investors are reallocating their funds stored in USDT, whose value is hedged to the value of the US dollar, to digital assets.

Already, as a result of the short-term bounce of bitcoin, tokens including Aelf (ELF), ICON (ICX), Zilliqa (ZIL), WanChain (WAN), and 0x (ZRX) increased by the range of 6 percent to 21 percent, with ZRX recording a 21.5 percent gain against bitcoin and a 27 percent gain against the US dollar.

The rise in the price of bitcoin from $6,300 to $6,600 in the past two hours demonstrates more significance than a mere 5 percent increase for the digital asset; it could lead the price of bitcoin to potentially break the $7,000 mark throughout this week with strong momentum and volume.

Funds are Still Bullish

Ryan Rabaglia, a partner at Octagon Strategy, said that despite major corrections, the cryptocurrency market has always managed to come out of bear cycles with hundred percent gains and big rallies. He stated that the market will see its previous numbers by the end of 2018 and funds are still bullish and optimistic regarding the mid-term growth of the industry.

“Year over year, the cryptocurrency market is up well over a hundred percent still, the markets are still in the growth phase and it is still a nascent industry. The regulatory stance of the industry is a double edged source. The uncertainty that is driven around this regulation is what gives pressure to this market and drives this market further down” Rabaglia said, emphasizing that the establishment of regulation will lead the market to surge in the long run.

The cryptocurrency community has been extremely optimistic in regards to the corrective rally of bitcoin and ether over the past two hours. While analysts could downplay the corrective rally given that it really was only a 6 percent increase in value, the rally was a symbolic movement with a large spike in volume that may dictate the trend of the cryptocurrency market in July.



Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author Joseph Young
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Bitcoin is Bottoming and May Break Out, Experts Say

Robert Sluymer of Fundstrat Global Advisors spoke for CNBC’s Fast Money on Thursday, saying that he believes Bitcoin is bottoming out at USD 7,000 and that it could start rising again as soon as within the next few days. Bitcoin has previously indeed started rising after hitting the USD 7,000 mark, and Sluymer believes this to be the first step in price recovery.


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“Bitcoin is stuck in purgatory,” Melissa Lee of CNBC begins, while Bob Pisani of the New York Stock Exchange says that the current narrow range of around USD 600 is unusual for Bitcoin’s price fluctuations. Bitcoin futures trading volume fell since May, with Asian markets less intimidated than the US ones. The US Securities and Exchange Commission regulatory issues are also considered one of the constraints for cryptocurrency prices recently.

Growing numbers of trading desks for cryptocurrencies are also a surprising turn of events, as this may be the only area where those are rising. Guy Adami, an American trader, TV personality, and professional investor, considers this healthy, as it speaks of the marketplace maturing.

Sluymer, meanwhile, points out that the long-term trend is still technically up when considering the graph of price fluctuation since 2016. All lows were a series of high lows compared to the previous ones. In his opinion, Bitcoin is currently in the bottoming phase, and now it’s at the point where it’s challenging its downtrend, but that it needs to get through USD 7,800 to prove its trend reversal.

As previously reported, according to a popular crypto analyst, Willy Woo, the USD 8,000 support was bound to give up. He thinks that the next support sits near USD 7,000, which may perhaps break if sellers remain in control. Finally, there may possibly be a correction going into the July-September period, followed by an accumulation phase.
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Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Huge Institutional Investment Will Cause A Bull Run, Here’s Where It Might Come From

When & where can we expect the next bull run to come from ?

Some universities on the east coast of the US have begun making small investments into cryptocurrency hedge funds, according to a lawyer in the industry.


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Investors and experts alike are becoming more and more fascinated by the idea that the next big crypto-boom will be caused by major institutional investment. Among other factors, one of the major influences of the cryptocurrency boom seen at the end of 2017 and the start of 2018 came from increased popularity which saw crypto shift from the underground, to the preliminary mainstream in which it exists today. Many now believe that the next step will come from large scale institutional investment which will see new levels of money pumped into the markets. This in turn will cause values to shoot and moreover, the next phase towards mainstream adoption will be met. After the large institutions are on board, the next step will be smaller businesses and then finally, lay-customers.

According to a report from Business Insider Deutschland (Germany), prolific industry lawyer John Lore believes that now, Universities are starting to invest in cryptocurrencies at an alarming rate. Could this be the start of the major institutional investment triggered bull run?

According to Business Insider, Lore says:

“We’re seeing some academic institutions getting involved on a limited basis for strategic reasons. I can’t say the names of [the academic institutions] because that’s attorney-client but we have people mostly on the East Coast that have begun doing investments in this space on a fairly modest basis.”

Moreover:

“There are investors but at this point, investors are putting in very small percentages of their net worth as we would expect and as I believe is appropriate. We see academia as a tie between these somewhat young and enthusiastic fund managers and capital raising.”

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What does this mean?

Well, Lore has evidence that such institutions are investing in cryptocurrencies as some of his clients are directly working with him as a part of these investments. In turn, this proves that at least some mainstream institutions within academia are showing an interest in crypto-investment. If these small investments prove to be of worth, we can expect bigger investments to follow. As these spread, more academic institutions will get on board.

Simply put then, should these investments go well, other industries may start to gather a more prolific interest in cryptocurrency investment. In turn and all things considered, these small investments by some Universities now, could start a chain reaction of big institutional investment, should this small, frankly experimental phase prove to be worthwhile.

Tie this in with the theories that state the next bull run will be driven by institutional investment, and you’ve got yourself a perfect climate within which, cryptocurrencies will indeed rise and moreover, mainstream adoption becomes somewhat more achievable.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author Nathan Bentley 
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Crypto Week in Review: Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin Experience Solid Price Bursts

To say it was a rough first half of the week for cryptocurrencies would be an understatement. Several major assets including Bitcoin, Ethereum, Bitcoin Cash, Ripple, and Litecoin spent the first half of the week lingering in the red, with Bitcoin falling to $6,700 after a $7,000 weekend “high.”

Ethereum and Bitcoin Cash had seemingly fallen by three percent each, while Litecoin experienced little to no action, hovering between $114 and $117 over a period of several days.

Slow but Steady Changes Occur

The market took a relatively positive turn after figures like George Soros – a long-time opponent of Bitcoin – announced that his company Soros Fund Management had received the go-ahead to begin trading cryptocurrencies within the next few months.

Also, the famed Rockefeller family stated that the capital investment firm of The Rockefeller Centre, Venrock, was teaming up with blockchain and cryptocurrency advisory firm Coinfund.

One Less Barricade to Worry About

The news likely had a positive effect on cryptocurrencies, as several entities began experiencing small, yet noticeable rises. This was followed by further news stemming from India, where it was noted that the country wasn’t banning cryptocurrencies after all.

It had been previously reported that the Reserve Bank of India would no longer support cryptocurrency-related ventures and that it was advising all banks to follow suit.

While businesses that dealt in virtual assets would have to find alternate routes of finalizing transactions, it appears RBI’s lack of legislative status prevents it from enforcing a full-on ban of crypto-trading.

It’s true, trades are likely to be harder, but for such a ban to occur, India’s state or central government would have to execute such an order. RBI does not fall into such a category, and thus cryptocurrency advocates can breathe a sigh of relief.

To some, Bitcoin appeared to be taking on behavioural patterns similar to those of 2015, notably when the currency fell by over 50 percent. Things did not improve until November of that year when the currency ultimately began ascending to the $300 and $400 ranges respectively.

It was suggested that Bitcoin would follow a similar path in 2018, but that no longer seems plausible given its sudden spike to $8,100 in less than 48 hours. Maybe the bulls are entering the arena early.

Bitcoin Enjoys a Large and Sudden Price Hike

The rise comes after it was announced that Yahoo Japan would be investing a 40 percent stake in the popular cryptocurrency exchange BitARG. Both institutions had remained relatively silent over the last month regarding their partnership, with executives at BitARG saying they were merely exploring “various possibilities” when it came to potential investments, but now it appears Yahoo is the “man behind the curtain.” The investment is equal to about two or three billion yen – roughly $18 to $27 million in USD.

As the country’s primary online auction site, Yahoo Japan becomes the latest large financial enterprise in Japan to shrug off security concerns and enter the cryptocurrency market.

Also, several analysts remain bullish about Bitcoin’s future, with Fundstrat’s Tom Lee explaining that he still believes Bitcoin will strike the $25,000 mark by the end of 2018.

At press time, Bitcoin is trading for nearly $1,200 above where it stood on Wednesday.

Ethereum has jumped to $512 before dipping to the $480-range, while Ripple has garnered a near 10 percent spike in value, and is now trading for approximately $0.62. Bitcoin Cash has risen to $735, and Litecoin stands at $125.


 

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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