According to a prominent asset management firm, BlackRock Inc. a company that was seriously looking into investing in cryptocurrency, virtual currency prices have improved significantly. All top ten virtual coins apart from Tether, have experienced positive improvements today with Bitcoin Cash leading the pack with a more than ten percent growth.
However, Larry Fink, the CEO of BlackRock Inc, seems to be taking things in a new direction with his reports that he denies any plans by the company to invest in cryptocurrency. Prices are yet to respond to the news, but if previous trends are anything to consider, then the current bull run might not last for long.
Virtual Currency Market in the Green
It seems that all the top ten cryptocurrencies except Tether are performing well recording positive growth statistics since the news emerged that BlackRock Inc. was looking into investing in the crypto market.
In the process, Bitcoin has reportedly gained almost 5% in value, crossing the $6,600 price level. The number one ranked virtual currency has increased by approximately 300 US dollars in a single day recording the highest 24-hour growth in the last one month.
Much of the current bull run being experienced is being attributed to rumors that BlackRock was preparing itself to invest in the various virtual currencies. According to unnamed inside sources, BlackRock Inc., the world largest ETF provider is gearing up a team to evaluate virtual currency and blockchain technology investments.
After a few days of stability in the $250 billion level, the cryptocurrency space has started to show robust growth, potentially eyeing a value flight to the $300 billion region thanks to the rally initiated by Bitcoin Cash and Bitcoin.
On 16th July, the prices of Ether, Ripple, EOS, Bitcoin Cash, and Bitcoin appreciated by 3 to 8 percent, with EOS taking the number one slot of the digital currency that recorded the most significant gain amongst all the other leading digital currencies.
BTC volume, which usually is a key pointer for short-term growth, rebounded to $4.5 billion while Ether’s volume, the default digital currency for Ethereum, increased to about $2.2 billion.
On the world’s largest virtual currency exchange, Binance, Bitcoin’s volume against Tether’s (USDT), spiked from $130 million to about $170 million within 12 hours, recording a significant growth of about 31%.
The recent price surge Bitcoin gathered in its corrective rally from 6,250 US dollars to 6,550 US dollars could ultimately send Bitcoin to the 6,800 US dollar price level, which if attained, opens the prospect for an upward climb up to 10,000 US dollars.
For Bitcoin to move beyond the 7,000 US dollar price mark, it will require to be supported by a $5 billion bitcoin volume that will, in turn, allow digital assets and small tokens to record significant upward movements.
Over the past three months, Bitcoin has consistently been recording weekly losses with a steady downward trend. If the number one digital coin manages to maintain stability throughout the week over the 6,500 US dollar level, it is possible for Bitcoin to eye a mid-term rally that will take it to $10,000 mark, with even a low at 7,000 US dollar.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
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The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
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NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
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