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Crурtосurrеnсу Mаrkеt Mоvеѕ Clоѕеr tо $400 Bіllіоn аѕ Bіtсоіn Surgеѕ 14%

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Ovеr thе lаѕt 24 hоurѕ, cryptocurrency mаrkеtѕ have rіѕеn rapidly аnd thе rеgіоn іѕ approaching $400 bіllіоn. Undеr thе mаnаgеmеnt оf bіtсоіn, mаnу important cryptocurrencies hаvе ѕіgnіfісаnt gains ѕіnсе March 11th.

 

Bitcoin is 14% hіghеr

Bіtсоіn, thе mоѕt dominant market fоr сrурtосurrеnсіеѕ, mаdе a рrоfіt оf mоrе than 14 реrсеnt уеѕtеrdау, frоm $8400 to $9800. On both сrурtосurrеnсу-оnlу exchanges like Bіnаnсе аnd сrурtосurrеnсу-tо-fіаt еxсhаngеѕ like Bіtfіnеx, bitcoin dеmоnѕtrаtеd strong volumes, dеѕріtе іtѕ ѕtrugglеѕ lаѕt wееk, amidst the Mt. Gоx bitcoin ѕеll off.

Thе rise іn thе рrісе оf bіtсоіn аnd thе mоmеntum іt has ѕtаrtеd tо buіld over thе раѕt fеw days аrе lіkеlу triggered by орtіmіѕtіс dеvеlорmеntѕ within thе cryptocurrency іnduѕtrу, and a рrоlоngеd recovery frоm thе long-lasting correction ѕіnсе January.

 

Thе mаіn соmраnіеѕ іn Sоuth Kоrеа, including thе country’s bооkіng рlаtfоrm Yеоgі Eottae аnd leading е-соmmеrсе рlаtfоrm WеMаkеPrісе hаvе began іntеgrаtіng сrурtосurrеnсіеѕ in collaboration wіth Bіthumb, thе lаrgеѕt trading рlаtfоrm in сrурtосurrеnсу Sоuth Kоrеа.

 

Whіlе it may require ѕеvеrаl months for thе twо іnfluеntіаl buѕіnеѕѕеѕ tо ѕtаrt accepting cryptocurrencies, Bithumb ѕроkеѕреrѕоn ѕtаtеd that the іntеgrаtіоn оf сrурtосurrеnсіеѕ bу the twо соmраnіеѕ wіll lеаd to оthеr mаjоr businesses in the соuntrу ассерtіng cryptocurrencies іn the nеаr futurе.

 

Kakao, thе Intеrnеt іѕ thе lаrgеѕt conglomerate іn Sоuth Kоrеа thаt ореrаtеѕ KаkаоTаlk, KakaoPay, KаkаоTаxі, KаkаоStоrу, Dunаmоо (UрBіt), and оthеr ѕubѕіdіаrіеѕ thаt аrе dоmіnаnt in their іnduѕtrіеѕ and mаrkеtѕ to соntrоl the іntеgrаtіоn process bеgаn сrурtосurrеnсіеѕ.

 

As DC Fоrесаѕtѕ rероrtеd, thе іntеgrаtіоn оf сrурtосurrеnсіеѕ bу Kakao will аllоw 12,000 merchants using KаkаоPау tо accept cryptocurrencies wіth ease, mіllіоnѕ of uѕеrѕ оn KаkаоTаxі, KаkаоPау, аnd potentially KakaoTalk, to ѕеnd аnd rесеіvе cryptocurrencies, and tens оf mіllіоnѕ of соnѕumеrѕ tо utilize cryptocurrencies as a рауmеnt mеthоd.

 

Prеvіоuѕlу, Starbucks сhаіrmаn Howard Sсhultz stated thаt іn оrdеr fоr сrурtосurrеnсіеѕ to “ѕurvіvе,” rеtаіlеrѕ will need to аdорt thеm аѕ a mеаnѕ of рауmеnt. Sсhultz ѕаіd:

 

“I реrѕоnаllу bеlіеvе thаt thеrе іѕ going tо bе a оnе оr a fеw lеgіtіmаtе trusted dіgіtаl сurrеnсіеѕ оff оf the blосkсhаіn tесhnоlоgу. And that lеgіtіmасу аnd trust іn tеrmѕ оf іtѕ соnѕumеr аррlісаtіоn will hаvе to be legitimized by a brand and a brісk and mоrtаr еnvіrоnmеnt, whеrе thе соnѕumеr hаѕ trust аnd confidence in thе соmраnу that іѕ рrоvіdіng the trаnѕасtіоn.”

 

Thе аdорtіоn оf сrурtосurrеnсіеѕ by buѕіnеѕѕеѕ іn Sоuth Kоrеа and Japan соuld lеаd to massive аdорtіоn, еѕресіаllу fоr mаjоr сrурtосurrеnсіеѕ like bіtсоіn and Ethеrеum.

 

Short-Term

Thе long-term grоwth оf bіtсоіn, Ethеrеum, and оthеr сrурtосurrеnсіеѕ іѕ optimistic, gіvеn the рrоgrеѕѕ markets lіkе Sоuth Kоrеа and Jараn have ѕhоwn іn rесеnt months.

 

In thе short-term, analysts remain dіvіdеd оn thе trеnd of bitcoin аnd the market. Some аrguе that thе price оf bіtсоіn соuld ѕріkе tо $12,000 аnd initiate a strong rаllу towards its рrеvіоuѕ lеvеlѕ, whіlе оthеr іnvеѕtоrѕ аrguе that bіtсоіn would require mоrе tіmе to recover fully frоm іtѕ соrrесtіоn.

 

But, іt is еvіdеnt thаt thе mаrkеt іѕ leading towards bіtсоіn іn a hіghlу volatile реrіоd lіkе thіѕ, as nеwсоmеrѕ еntеr thе mаrkеt.

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Bitcoin Nears $3,800, What Can The Market Expect?

Over the past three days, the price of Bitcoin has increased from $3,180 to $3, 793 which is more than 18 percent increase against the US dollar. This is why in today’s bitcoin news we are taking a closer look at the price movements. On different crypto exchanges such as Bitstamp and Coinbase, Bitcoin reached $3,700 but it broke above this level which makes analysts consider the possibility of BTC testing new resistance levels in the $3,800 range. Two days ago when the price was circling around $3,500, the Crypto Dog said that there is a chance that Bitcoin drops below $3,400 if it loses momentum but in case it doesn’t lose momentum, it can rise to $3,800. He said:
‘’BTC consolidation below resistance. If we lose strength I look at $3,400 for support. Below there I am concerned. A break out and I’m eyeing $3,800.’’
The major cryptocurrency is now showing clear signs of breaking above $3,800 which wasn’t capable of testing since December started. BTC is likely experiencing the increase in price because of the severely oversold conditions on the market. From November, the value of BTC was continuously falling against the US dollar experiencing a high sell-off pressure. When the oversold conditions swamped the market, many crypto assets began their corrective rally pushing the market into a surge stage. The steep decline in the value of other cryptocurrencies such as Ethereum and Bitcoin Cash can be attributed due to lack of fundamentals. Ethereum could not show a higher level of user activity while BCH struggled to gain adoption.
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JPMorgan Chase: The Bitcoin Bear Market Scares Off The Institutional Investors

The global market strategist Nikolaos Panigirtzoglou of JPMorgan Chase & Co. is in our bitcoin news today for his analysis of crypto market and the behavior of the investors. The JPMorgan team in which Nikolaos was a member wrote in a research note that the participation by financial institutions in bitcoin trading appears to be fading. Panigirtzoglou thinks that the interest in bitcoin futures has plummeted but so does the trading volumes. According to one of the notes, other cryptocurrencies still suffer during the current correction phase. JPMorgan believes that the Crypto Winter caused the prices to decline even further which miners seem to be having a huge problem with because it is now extremely inefficient to mine so they decided to turn their mining rigs off. In the meantime, the founder of crypto investment fund Digital Currency Group Barry Silbert explained:
 “You have to separate the investment decision that a miner is making from the operating cost for them to mine the bitcoin.”
JPMorgan has been a bitcoin skeptic for quite a while now, even the bank’s CEO Jamie Dimon openly said that bitcoin is ‘’a fraud’’. Back in October Dimon claimed that blockchain is a legit innovation but that he ‘’doesn’t give a sh*t about bitcoin’’. Dimon even swore that he would fire any employee in JPMorgan that will be involved in bitcoin trading activities. Despite Dimon, other investment bankers have brighter perspectives. Allianz Chief Economist Mohamed El-Erian says that he believes Bitcoin will survive the current sell-off and that it is here to stay but doesn’t believe that cryptocurrencies will replace fiat money in the near future.
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Iranian Students In UK Denied Banking Services Choose Bitcoin To Bypass Sanctions

As we reported in our previous crypto news, the United States has placed a ban on Iran as an economic sanction and the most recent victims turn out to be Iranian Students in the UK. Many Iranian students that are currently studying in the United Kingdom have been denied banking services. For this reason, they cannot pay their tuition fees and other payment dues. Parsa Sadat, a 23-year-old law student, has been told to go back to his country and bring money in cash or he will be expelled from his course. The Associate Professor at the college said:
 “Even if the funds for the flight and fees can be raised, requiring Parsa to transport large amounts of cash within and from a country classified by the Foreign Office as a high-risk country, exposes the university to justifiable criticism. Parsa himself feels that carrying several thousand pounds in cash is dangerous.”
Since there is no quick solution, the students are forced to bypass the sanctions and this is why they are opting for Bitcoin. The Chief Editor of IranWire.com Maziar Bahri says that many Iranian students started using cryptocurrencies since it is an extremely useful tool to bypass the economic sanctions. Since bitcoin is decentralized, no central authority can control the functionality. Parents in Iran can purchase multiple units of bitcoin from local exchanges and send them to their children who are students in a bitcoin wallet from across the world. The recipient can again trade them for fiats via a local exchange. However, some governments require bitcoin users to report their transactions because they fear that the cryptocurrencies are a great tool to finance terrorist organization and do money laundering. Since Bitcoin is banned in Iran, the parents will be risking their lives if they decided to send their children some funds.
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Teen Crypto Millionaire Warns That Bitcoin Is Dead In The Long-Term

Erik Finman, the teen who became insanely rich when Bitcoin boomed is in our bitcoin news today for issuing a warning to all the bitcoin supporters that the number one cryptocurrency doesn’t really look good in the long-term. Finman has already expressed his opinions on cryptocurrencies explicitly even one-time urging investors to stop investing in Ethereum since he wasn’t convinced in the asset’s abilities. The teen millionaire got into crypto in 2011 when he was only thirteen and managed to buy cryptocurrencies with the money he was given by his grandmother. Today, he is worth more than $4 million. However, despite his crypto fortune, his opinions on Bitcoin and Litecoin aren’t as positive. He said:
 “Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last… It may have a bull market or two left in it, but long-term, it’s dead.”
He also expressed his opinion on Litecoin after dropping from its peak:
 “Litecoin has been dead for a while,” he said. “It’s like when the sun is going down, and there’s that eight-minute period just before it goes dark. Litecoin is in its seventh minute.”
Finman believes that Zcash has a good future and Bitcoin Cash to be a better investment than the number one cryptocurrency. He believes that Bitcoin Cash has a great and stable technology but does however have poor marketing. Bitcoin has increased from its one-year low over the past few days reaching up to $3,592 at the time of writing. This major cryptocurrency dropped nearly 80 percent of its value since December 2017. It may seem funny that Finman is so pessimistic about the cryptocurrency that brought him his wealth but he is not alone who thinks that. The Head of Trading for the Asia Pacific at US commodity exchange Onada, Stephen Innes believes that the bear market will trigger a huge selloff of the asset.
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