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Bitcoin price spike expected to reach $10000 as the crypto market catches steam - Global Coin Report
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Bitcoin price spike expected to reach $10000 as the crypto market catches steam

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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.

IOTA, Cardano, and EOS have also recorded significant 24-hour growth levels.

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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Binance Coin (BNB) Stops Following Bitcoin (BTC) — But is it Permanent?

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Binance Coin (BNB) is currently one of the most interesting coins in the vast crypto market. However, the thing that makes it interesting is seemingly unique to BNB at this time, which is the fact that it managed to decouple itself from Bitcoin (BTC).

As many are likely aware of, Bitcoin is the first and the largest cryptocurrency. It is also the most valuable one, in terms of its price. As such, Bitcoin has been dominating the market, as well as dictating the market’s behavior. Whenever Bitcoin’s price goes up or down, the rest of the market tends to follow, and each coin’s chart resembles that of BTC — not completely, but enough for everyone to notice.

Binance Coin, however, is the first coin to successfully say ‘no’ to this trend, and resist the largest cryptocurrency. Many have noticed this phenomenon and were wondering what had caused it. So far, the only explanation is a large number of use cases that BNB now has, thanks to various projects.

Binance Coin use cases

Binance Coin was created by the largest crypto exchange by trading volume, Binance. The exchange developed it to be a native coin in Binance ecosystem, and it is being used within the exchange itself. Many have started buying the coin, as using it within the exchange grants a significant discount on trading fees. The discount is…

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Bitcoin

Why Bitcoin Price Remains Stable Before the Expected Hike

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The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.

The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.

Why this week’s closing price matters

Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.

If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…

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Stanford Lecturer praises XRP over Bitcoin

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The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.

Does guest lecturer go anti-Bitcoin?

In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.

According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.

However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.

The claims caused Dr. Athey to respond publicly via Twitter, stating…

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