Many best cryptocurrency news sites today report the surge which shows that Bitcoin is up, growing beyond $8,000 for the first time since July last year. While major stocks and oil report losses, the cryptocurrency market is in green – following the solid break above $7,400 which occurred yesterday.
The altcoin news also show that altcoins are rising. The fact that Bitcoin is up and trading above $8,000 has pushed the positive sentiment all around the market. While BTC’s weekly gains are now just shy of 40%, the most dominant cryptocurrency is trading at around $8,029 with a market cap of $142.12 billion and a growing daily volume.
When it comes to the total numbers, right now there are 2173 cryptocurrencies with a total market cap of $237 billion. While Bitcoin is up, its dominance is also increasing and right now is at 59.8% and prepared to breach the 60% level. The coming altcoin news show that Ethereum, XRP, Bitcoin Cash, EOS and Monero are among the biggest gainers in the list.
The actual factors and trends that made Bitcoin go up and get closer to a 60% dominance are still not entirely known. However, the FOMO has returned to the crypto markets and the bullish run has extended – despite many analysts and their beliefs that the market could correct and Bitcoin could reverse in the $5,000 to $6,000 levels.
As the clear leader, BTC inserted a lot of hope in the optimists who think that it may rise even more. The Asian trading has seen a slight pullback over the past 24 hours but now that Bitcoin is up and above $8,000 – it will definitely keep the buyers in.
On the day, Bitcoin is rising by more than 15%. During the past weekend, it pumped from $6,300 to $7,500 and it seems like the trend will easily continue. As Fundstrat’s co-founder Tom Lee told Bloomberg, “Bitcoin is acting differently since moving above its 200-day moving average.”
In the latest cryptocurrency news, we can see that the institutions are also keen to cover their bases as Bitcoin is up. According to the DVAN Buying Selling Pressure Gauge, Bitcoin is seeing the highest buying pressure since late 2017 and the surge which propelled it to the heights of $20,000. On top of all of this, institutions such as Microsoft, Amazon, Starbucks, Facebook, eBay and Whole Foods are all entering the market and getting in crypto payments and blockchain platforms.
Ghana’s Government Wipes Out Billions-Bitcoin Is The Solution
‘’It’s cutting across all the finance houses and when it happens like that the government needs to step in to build confidence again. There’s nothing we can do apart from making sure that we create that necessary environment to regain investors’ confidence again.’’Ghana’s government bailed out on the investors and the central bank targeted the savings companies that serviced them and many are already blaming that the government is at fault for not having adequate provisions to prevent such problems from happening. The financial crime and governance and regulatory expert Kwadwa Kusi Frimpong wrote:
‘’The issue Ghana faces is more about having adequate system and controls in place to ensure that there is no room for such things to happen.’’As noted in the latest cryptocurrency news, financial management should not be conducted through middlemen and bitcoin because the savings of hundreds of people could be wiped out in a matter of moments.
Overnight Pump Leads Bitcoin To Gains: Will They Sustain?
“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI.”https://twitter.com/TheCryptomist/status/1163386603538173953 DonAlt also voiced his opinion in the latest cryptocurrency news and spoke about the overnight pump. As he said, he believes the current price region marks a "do or die" level for BTC which could set the tone for which direction it trends in the coming days and weeks.
“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the charts below.https://twitter.com/CryptoDonAlt/status/1163417215435235328
Crypto Custodian BitGo Hires Xapo Vice President As New CRO
“Pete has a deep understanding of capital markets and an exceptional breadth of experience in financial services. This makes him a perfect partner for institutional investors who are entering the cryptocurrency market. We’re building the financial infrastructure of the future and Pete’s experience in both traditional financial markets and cryptocurrency will be critical.”The crypto custodian BitGo is one of the more stable companies out there - and Najarian's knowledge and skill set will definitely help the company. According to his LinkedIn profile, we can see that Pete Najarian has previously served as the global head of emerging markets sales at the Royal Bank of Scotland and has also been head of institutional client coverage - APAC at the financial services firm UBS (as well as other positions). Before this, the latest cryptocurrency news also showed that the crypto custodian BitGo has been expanding its presence to Japan this month - and is planning to substantially grow its Japan-based team. The expansion follows hiring a sales director for the Tokyo office of the firm. In May this year, the crypto custodian BitGo appointed a veteran Wall Street trader named Nick Carmi as its head of financial services - a hire which ostensibly intends to forge stronger connections between digital assets as well as the traditional financial sphere. Meanwhile, the latest Bitcoin and coming altcoin news show that there is a mix of greens and reds in the market, with the reds being more dominant as the crypto market suffered from another dump this Tuesday.
Bitcoin Skeptic Claims BTC Is “Not A Hedge For Anything”
“Bitcoin is literally the riskiest tradeable asset right now, and I wouldn’t even call it an asset. It is literally backed by nothing and based entirely on speculation. That’s why it is so volatile. It's a sucker's bet, not a hedge.”Butowsky also pointed out that no other chart could correlate (positively or negatively) to any other asset. Any expert who says otherwise, is "dead wrong" the Bitcoin skeptic claims. He even went on to point a video of an analyst saying that Bitcoin can be a good hedge, which can be seen on this YouTube link. And for those of you who think that Bitcoin is a perfect non-correlated asset to the stock market, the idea of the hedge is to offset risk. Bitcoin, with its current performance, only increases the overall risk in a portfolio.
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