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 USD9215, holding an USD166bn market capitalization, remaining in the same price range ever since the recovery move.
Over the past 24 hours $BTC records a 1,16% loss while its high market dominance rose to 66,9%, 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 Ripple, $XRP, recording a 5,11% even though the project was rumored being close to disclosing important news - it would seem it didn't manage to live up to the expectations in the face of revived BTC uncertainty. Even thought the downward BTC movemenet turned the entire top ten market red, the best performing coin over the past 24 housr was Stellar, $XLM, which managed to redord a minimal 0,64% loss, most likely riding the news that the project management decided to burn half of the project's total supply, worth more than USD4.7bn at the time.
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 0,66% on November 7th, while the FTSE 100 Index is recording a 0,13% gain. The S&P 500 index is up by 0,27% while the SSE Composite Index records a 0.3% loss, returning to its recent negative trend once again.
News picks for the day:
Oxfam International, the U.K. charity utilizing blockchain technology for relief funds delivery in several pilots across the globe has managed to deliver micro-insurance to paddy field farmers in Sri Lanka using their platform.
Major cryptocurrency exchange Bitfinex, has decided to cancel the initial coin offering it was supposed to hold for K.im, Kim Dotcom’s content sharing service.
United Nations Security Council's Sanctions Committee has accused the North Korean dictatorship of using a blockchain company based out of Hong Kong as a money laundering front
x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x
The personal views and opinions expressed in this article are not investment advice. The author is not a financial adviser and you alone assume the sole responsibility of evaluating the merits and risks associated with the use of any and all information or views expressed in the article above.