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Bitcoin And Ethereum With Minimal Gains After Yesterday’s Slump

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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.”

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Bitcoin News

Bitcoin Hash Rate Reaches New High As Price Reclaims $9,000

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Bitcoin hash rate reached e new all-time high as the price of the major cryptocurrency tapped the $9,000 level again. Let’s look into the analysis in the coming altcoin news below. The data that we acquired shows that the BTC hash rate which is the computing power required for securing the network reached 62 quintillion hashes per second or 62 million tera hashes per second on Friday. This level is the highest ever hash rate level that bitcoin ever reached and the one that was ever recorded on the network with the previous one being 61.9 million in 2018 in August. The more mining nodes remain active on the network they will create bigger security by reducing the possibility of malicious attacks on the blockchain. Reaching the new hash rate ATH also represents a final blow to anyone who talks about mining capitulation that could emerge if the hash rate is to fall again as it did by more than 45 percent in December. The network hash rate is one of the most important elements that are currently enjoying positive growth trends. The active addresses for Bitcoin are also back above $1 million. The increase of the active bitcoin addresses does not really have a material impact on transactions fees as the main transaction charge is somewhere about $1.30. By using wallets with the robust fee calculation figures they could provide for much lower fees. While the network hash rate was setting a new all-time record, the current price for Bitcoin went on another upward ride to the $9,000 price level. The number one cryptocurrency even surpassed this level and tapped the $9,300 price range setting a new 1-year-high for the number one cryptocurrency as noted in the latest cryptocurrency news. As pointed out by the Senior Market Analyst at eToro Mati Greenspan, the network fundamentals are the best indicators for the bitcoin price movements. The latest price surge also happened during the network activity and the BTC hash rate reached a new all-time high. Bitcoin is currently up by more than 150 percent since the start of 2019 and managed to add double the market price since the start of April alone
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Bitcoin News

Bitcoin Just Surpassed 1 Million Daily Active Addresses

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A new milestone is here and featured in our latest cryptocurrency news, where Bitcoin is seen surpassing the one million mark of daily active addresses. Now that Bitcoin just surpassed this crucial level, it also recorded a 13-month high and a growth that was quite parabolic this year. According to one analyst named Kevin Rooke and his tweet:
"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.
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Bitcoin News

Bitcoin Above $9.3k: BTC Price Records A 13-Month High

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Bitcoin is all over the latest cryptocurrency news today for recording another surge which put it at a 13-month high. The Bitcoin above $9.3k situation was present for a couple of hours before the most dominant cryptocurrency corrected. At press time, Bitcoin is trading at $9,113 with a $161 billion market cap and a dominance of 57.2%. It all started when the leading cryptocurrency by market capitalization rose to $9,381 at 05:55 UTC which is the highest price we have seen since May 10 last year (2018) as the Bitcoin Price Index shows. In fact, the Bitcoin above $9.3k situation has not been seen for some time now as BTC was trading in the $8,000 zone most of this week. As soon as BTC changed hands with the $9,400 mark, it corrected to $9,250 and then to the current price of above $9,100. As many best cryptocurrency news sites note, more than $19 billion worth of Bitcoin has been traded across crypto exchanges in the last 24 hours, Messari data shows. Meanwhile, some of the major exchanges included in the calculation of Bitwise's "real" BTC trading volume are reporting the 24-hour volume figure to be at $867,697,751. With this price rise, Bitcoin's dominance rate (or share of the total cryptocurrency market) has also surged. The Bitcoin above $9.3k is a price level which is great for the most dominant cryptocurrency - and boding well for the market in general. In the coming altcoin news, we can see that Bitcoin has initiated a positive trend. Right now, Litecoin (LTC) is up by 2.3% as well as Ether, XRP and Bitcoin Cash which were all up 4% according to data from CoinMarketCap. Meanwhile, EOS remains the best performing top 10 altcoin in the past 24 hours. It managed to add 7.4% gains overnight. Still, on a seven day basis, Litecoin is leading with its surge of 18.29%, closely followed by BTC which recorded a 17.20% growth on a weekly basis. Looking forward, the Bitcoin above $9.3k is a scenario that could finally lead the cryptocurrency to the $10,000 resistance level. A lot of technical studies back this possibility and the 50 and 100 candle moving averages also look set to produce a bullish crossover. With a 13-month high, Bitcoin has managed to retrace by around 38.2% from the December 2017 sell off.
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Altcoin News

Coinbase Custody Has $1.3bn In Assets Under Custody

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Many best cryptocurrency news sites came with shocking reports about Coinbase Custody - showing that the company holds around $1.3 billion in assets under custody (AUC). Moreover, the firm expects to hit $2 billion AUC very soon, as a Twitter thread published a few days ago noted. The series of tweets from the official Coinbase Custody Twitter account reported that the company's CEO, Sam McIngvale, along with the chief information security officer, Philip Martin, both visited the United Kingdom. The purpose of the visit, as the altcoin news show, was reportedly “a discussion on the institutional cryptoeconomy with a range of prospects and clients.” During the meeting, the representatives from Coinbase Custody argued that while many believe that there are no institutional grade offerings in the cryptocurrency space, Coinbase Custody is in face one of those offerings. The firm's representatives said that the company is insured, regulated and a secure custodian.
“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 CEO and Coinbase CISO visited the UK to discuss the institutional cryptoeconomy with a range of prospects and clients."
A 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.
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