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Cryptocurrency Market Update: Bitcoin, BCH, ETH, EOS, XLM all in green

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The total cryptocurrency market capitalization has seen a tremendous increase in the last two days. Bitcoin price showed a bullish rally rising over 13%.

The total cryptocurrency market capitalization has seen a tremendous increase in the last two days currently lying above $121 billion which was around $103 billion on Monday, at the verge to go down beneath $100 billion line.

Bitcoin price showed a bullish rally rising over 13% from around $3250 to above $3700. Bitcoin is facing hurdles while trying to recover back above $4000 but has managed to gather a lot of support areas in the path which are helping in the recovery. At the time of writing, Bitcoin is currently trading around $3753 according to CoinGecko chart.


 

Ethereum price has also shown a tremendous increase over 10%, now trading around $102. XRP has been a great gainer in the last two day with over 20% increase. The XRP price increase has also led XRP to pass over Ethereum in terms of market capitalization yet again.

EOS has gained over 8% in the last 24 hours. EOS is currently trading around $2.58. The following price rise was because of its recent workshops and hackathons in India and South Africa. Stellar or XLM is also on a 14% rise from Monday.

BCH is the winner of the day rising over 31% in the last 24 hours. Its biggest competitor BSV (Bitcoin Satoshi Vision) however has not shown many gains in comparison to BCH. BSV has gained around 9% in the last 24 hours and currently trades around $85 whereas BCH is currently trading around $117.

Just a few days back the cryptocurrency market was at high risk of falling below the $100 billion marks in terms of market capitalization but the recovery in the price of major cryptocurrencies especially bitcoin has led to a massive increase in the total market capitalization of the crypto market as a whole.

 

2019 Bullish Predictions for Bitcoin

With the upcoming Bakkt exchange launch in January 2019 which was earlier to be launched in November this year and the upcoming Nasdaq bitcoin futures launching in March 2019, the institutional adoption of bitcoin is predicted to grow massively in the next year. The growth based on the demand from institutional investors shall be massive and more stable in comparison to last years boom.

In the last couple of weeks, the stock market was also falling along with the cryptocurrency market but the sudden recovery of the crypto market has not affected the crashing stock market which is still quite bearish.

Cryptocurrency market analysts are predicting that Bitcoin will reach around $4400 this week and will soon reach above $6000 before the end of the year.

 

The following article is not financial advice. Readers are advised to do their own research and analysis before making any investment decisions in the cryptocurrency market. This article only presents the viewpoints of the writer and not Coinnounce.

#Bitcoin

Bitmain IPO: Not a reality anymore

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The Initial Public Offering application of Bitmain is set to expire today i.e. 26th March 2019, which explains that the company is no longer going public.

The Initial Public Offering application of Bitmain is set to expire today i.e. 26th March 2019, which explains that the company is no longer going public. However, this does not mean that the company might never go public as they claim that they will work on the application of Initial Public Offering at the right time.

 

Bitmain IPO: Not happening anymore

The rumors were all around the cryptocurrency space that Bitmain is going to go public by holding an initial public offering on the Hong Kong stock exchange soon. But it seems that the dreams have just been broken as the mining giant is no longer holding an IPO as reported by the South China Morning Post. The large monetary losses that the company has been facing and the firing of employees might be the reason for making a U-turn.

 

IPO Plans:

The initial public offering was announced by Bitmain last year. Jihan Wu, one of the youngest billionaires in the world and the CEO of Bitmain had earlier stated that they were open to list on the Hong Kong Stock Exchange or an overseas exchange. Soon after this, Bitmain has acquired 16-floor official premises in the Silicon Valley from where the rumors started to spread that the company is going to launch an Initial Public Offering in the United States. During this period, Bitmain was leading the bitcoin mining industry by controlling more than 80% of the market. It was being predicted that the value of the company would rise to $40 billion after the Initial Public Offering is held.

 

The rumors started to cool down as reports were out stating that the company was facing financial losses due to the falling prices and the market capitalization of cryptocurrencies. In just Q3 last year, Bitmain had lost over $500 million which is a piece of terrible news for a brand that is going to launch an Initial Public Offering soon. It got worse for the company when the head Jihan Wu left the company for starting his own project.

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Premier of Bermuda: QuadrigaCX would not loose its keys if it was registered in Bermuda and not Canada

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According to E. David Burt, the premier of Bermuda, QuadrigaCX would not have lost its keys if the company was registered in Bermuda rather than Canada.

According to E. David Burt, the premier of Bermuda since 2017, QuadrigaCX would not have lost its master keys if the company had been registered in Bermuda rather than Canada. He gave his statements during an interview with the Fortune on ‘Balancing the Ledger’. He mentioned that a case like QuadrigaCX is not possible in Bermuda because of the cryptocurrency regulations in the country.

 

The sudden death of the founder of QuadrigaCX exchange in December last year has led to a bunch of issues for the investors and traders who had kept their holdings on the exchange. QuadrigaCX is not being able to gain access to the cold storage wallets where the funds of the users were stored. According to the company, the founder was the only person who had the keys to the wallet.

 

As stated by the premier of Bermuda, if QuadrigaCX was registered under the Bermuda Monetary Authority and not in Canada, the current situation would not have happened because according to the regulation for the custody of the master keys, the keys shall never be held by any single individual.

 

The premier also stated that Bermuda’s Digital Asset Business Act which was incorporated in 2018 has set a frontier for the companies that deal with blockchain technology and cryptocurrencies and makes sure that the rights of the clients always stay protected. The Act explains about the master keys, the handling of things, to make sure they are not lost, and even if they are lost, there should always be a method of recovery.

 

Blockchain and Cryptocurrency in Bermuda:

Bermuda is well known for being a crypto and blockchain friendly nation. The Bermuda government also made an announcement last year of its plans for amending the current Banking Act for establishing the latest class of banking system for rendering services to the blockchain and fintech businesses in the country.

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Bitcoin will surely reach $10,000 this year: CEO of Bitmex

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Arthur Hayes, the CEO of Bitmex announced his bitcoin prediction for the year and according to him, BTC will surely test the $10,000 range by this year-end.

Cryptocurrency bulls have already started to make their bitcoin price predictions for the year as they now believe that bitcoin has already bottomed to the lowest level for the year.

Recently, the CEO of Bitmex, the most famous cryptocurrency margin trading platform, Arthur Hayes announced his bitcoin prediction for the year and according to him, BTC will surely test the $10,000 range by this year-end.

 

Bitcoin to $10,000?

Arthur Hayes’s bitcoin prediction was published in the Bitmex newsletter which said that bitcoin will correct upwards slowly and reach up to $10,000 by the end of 2019. He said that the current year’s chop shall be severe however, the bitcoin market will reach $10,000. He also mentioned that the real recovery price is $20,000.

 

According to his analysis, the first few months of the year have experienced low trade volumes as a lot of volatility in price, however, bitcoin did not the 2018’s lows of $3200.

 

Arthur also mentioned that the cryptocurrency market will not climb back really quick as a lot of investors have lost a lot of their money and thus they will not re-enter the markets that quick.

 

Bitmex CEO also mentioned that the cryptocurrency investors are still investing in ‘shitcoins’ such as TRON, Ripple and Binance coin.

 

What Arthur really trusts is that the majority of people will start investing large amounts of money into bitcoin and other cryptocurrencies by the end of the year i.e. Q4 of 2019.

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