The biggest and oldest cryptocurrency, Bitcoin, took a sudden swing above USD10000 on October 25th, dragging the rest of the market along for the ride and recording gains all across the board.
The number one cryptocurrency by market capitalization has been stuck in a downward trend ever since it failed to manage to achieve new heights back in August. We've seen Bitcoin struggle and fail at every support since, and in his latest downward movement it managed to fall under USD8000 in what some have commented might have been related to the arrest of Crypto Capital's CEO who was recently accused of money laundering and drug trafficking and is known to the crypto community as the main actor in the Bitfinex-Tether controversy with more than USD800M of user funds being misappropriated.
Even though it has retracted from breaking out above the USD10000 mark in two sudden upward movements from previous levels, BTC seems to have found a new strength - possibly in the statement made by the president of China on how blockchain technology should be at the core of its development. The biggest currency is currently trading at USD9330, holding an USD168bn market capitalization, down from its yesterday advance, but giving the change for the rest of the top currencies to catch up.
Over the past 24 hours $BTC records a 0,32% loss while its high market dominance fell to 66,8%, as the top currencies manage to catch up with the latest upward movement of Bitcoin, but also factoring in the sudden rise of Chinese cryptocurrency projects as the result of speculation on their future status in regards to the latest news out of China.
The worst performing coin over the last 24 hours was Stellar, $XLM, recording a 4,54% gain. The project announced they will burn USD4.7M worth of tokens, cutting its total supply in half, pushing the price upwards yesterday, so even with the correction it experienced today, its still in the green from where it started before the announcement was made. Some crypto commentators have already suggested the market reaction is underwhelming given the role scarcity of supply usually plays for cryptocurrencies. The best performing top crypto in the past 24 hours was Bitcoin Cash, $BCH, which managed to secure a 2,76% gain.
In the traditional markets, major stock indices opened the week in the green, and would seem to continue into the week with the Dow Jones Industrial Average up by 0,0081% on November 6th, while the FTSE 100 Index is recording a 0,12% gain. The S&P 500 index is up by a minimal 0,034% while the SSE Composite Index records a 0.43% loss, returning to its recent negative trend once again.
News picks for the day:
The legal chief of the major U.S. cryptocurrency exchange and custody service provider, Coinbase, stated he feels that the U.S. government should consider letting the private sector create the digital dollar.
Binance Chain, the native chain of the biggest cryptocurrency exchange Binance and their utility coin $BNB, will soon become Anti-Money Laundering (AML) compliant thanks to the tracking the U.S. blockchain security company CipherTrace will provide.
Recep Tayyip Erdogan, the president of Turkey, instructed the government that the testing of a "digital lira", the national central bank digital currency (CDBC), should be finished in 2020
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