In today’s digital currency news, we have Bitcoin and Ethereum as the only top 5 coins that are in the green. After yesterday’s slump, ETH and BTC rose by less than 1% and are currently trading a bit below their stable levels.
Bitcoin is now valued at $6,336 while Ethereum is sitting at $197.
The most dominant cryptocurrency is right now up by 0.07% which is a minimal gain – however one that may lead the price to a new milestone of $6,400. The daily volume of Bitcoin is standard, hovering between the $3 and $4 billion marks, while Ethereum has a daily volume that is nearly 1.5$ billion.
What’s most crucial at this point for Ethereum is the fact that the second largest cryptocurrency must retain its $200 margin and not fall below the $190 gap, which analysts see as a downward trend. Recently, news outlets reported that the Ethereum Enterprise Alliance (EEA) released new standard specifications for developers using the Ethereum blockchain.
After dropping to as low as $201 billion yesterday, the total market cap is $203 billion and most of the assets are trading sideways after the recent drop that took place this Monday, October 29th.
According to analysts, the recent drop-off in crypto markets is in line with a number of the industry-related events that took place this Monday, specifically the 2018 Canada FinTech forum during which a former US Federal Reserve chairman argued that Bitcoin is “anything but a useful store of value” and that the low volumes of transactions and slow capacity in “handling payments” are caused by Bitcoin’s “very decentralized nature.”
Bitcoin Hash Rate Reaches New High As Price Reclaims $9,000
Bitcoin Just Surpassed 1 Million Daily Active Addresses
"When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23. Yesterday 1 BTC was $8,230 and the median tx fee was $1.33."Even though the DAA does not man much in practice, the fact that Bitcoin just surpassed 1 million daily active addresses is an important metric on many altcoin news sites - mostly because it shows actual and unique transfers which are separate from the direct ones to and from bigger exchanges. The fact that there are more than million unique addresses transacting on the blockchain is good for Bitcoin. https://twitter.com/kerooke/status/1139919876838047744 In order to put this number in perspective, however, we can link to Uber and its estimated 14 million rides per day or estimated 798,877 iPhones a day which Apple sold in 2017. While these are comparisons like Apples to oranges, it is definitely interesting to note that Bitcoin is doing the transaction volume of some of the biggest brands in the world. The news that Bitcoin just surpassed an interesting milestone are re-shared on many best cryptocurrency news sites. Curiously, shortly after reaching this milestone, Bitcoin's price started rising going from $8,450 to a $9,300 high. At press time, the Bitcoin price seems to have corrected and is trading a little over $9,100. One of the factors behind the flagship cryptocurrency and its price rise could be Facebook's foray in the crypto space. Still, Bitcoin just surpassed 1 million daily active users and there could be a real possibility that BTC is heading for the $10,000 mark by June 21 because of it. Right now, there are no coming altcoin news or altcoins showing a similar level - or active addresses which surpassed one million. The Bitcoin traders should be proud of that - and proud of a retracement for the Bitcoin blockchain which has not been since two years ago - in November 2017.
Bitcoin Above $9.3k: BTC Price Records A 13-Month High
Coinbase Custody Has $1.3bn In Assets Under Custody
“We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there. [...] Coinbase Custody services over 90 clients. Of those, approximately 40% are outside of the US.”The tweet also claims that - as cryptocurrencies mature and become an even more popular and dominant asset class- financial hubs such as the city of London are becoming centers for crypto innovation. Another tweet notes:
"1/ Last week Coinbase Custody CEOA month ago, during one on-stage discussion at Consensus, the CEO of Coinbase Brian Armstrong said that its custody service had already raked $1 billion in assets under management (AUM). Having that in mind and the latest cryptocurrency news showing that this number went to $1.3 billion - it is certain that the custodial branch of the exchange is soon going to hit the $2 billion mark. Meanwhile, as we reported in March this year, the US Securities and Exchange Commission (SEC) is soliciting industry input as it potentially reconsiders the existing custody rules in specific cases of digital asset trading as well as settlement. Aside from Coinbase Custody and its London presence, the Hong Kong-based trading and asset management firm BC Group also announced that it is launching an insured custody service for cryptocurrencies.
@sammcingvale and Coinbase CISO @SecurityGuyPhil visited the UK to discuss the institutional cryptoeconomy with a range of prospects and clients."
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