Within the last couple of days, the number one virtual currency, Bitcoin, appreciated from $6,367 US dollars to $7,420, marking an incredible stride after continuous dips. But many might be thinking if the current BTC bull run is going to continue or end even quicker than it started? We have reasons to believe it will carry on, at least for a while. Let’s discover why.
The force behind Bitcoin’s latest price rise
The proclamation caused Bitcoin’s most recent and most substantial price surge in weeks that the most significant asset management company in the world, BlackRock, was looking into ways to invest in cryptocurrency and blockchain technology.
According to information gathered from Financial News, BlackRock has instigated a working group that has been tasked to focus on ways the company can take advantage of virtual currencies, and whether Bitcoin is a viable investment option, it can look at in future.
Two sources that sought anonymity disclosed to the media that a team has already been assembled from different departments of the business to examine the structure of virtual currency, Bitcoin, and the workings of blockchain technology. Part of their mandate is to monitor BlackRock’s competitors and their dealings with cryptocurrency.
The news that BlackRock Inc. is probing the crypto sector is causing excitement on the virtual currency sphere, which in turn is leading to sharp gains for most of the leading virtual currencies in the market. Bitcoin, ranked number one, is particularly experiencing sharp price appreciations since the late morning session, that saw it break through the 6,500 US dollar barrier for the first time since June.
The Monday morning price surge was followed by an afternoon steady price advancement session that pushed the value of Bitcoin to surpass the 6,700 US dollar mark. The virtual currency finished the day at a high of 6,741 US dollar, up from its previous level of 6,357 US dollar. Bitcoins market cap currently stands at around $127 billion.
Is Bitcoin a Bubble?
In today’s world, even those who have not invested in cryptocurrency are starting to keep tabs on the market’s progress. This is because currencies such as Bitcoin have been recording price increments that have left many Bitcoin holders and investors excited about the possibilities of how much its value might climb.
The cryptocurrency market is now getting interests from complete armatures who believe now is the time to invest in the digital asset following the Bitcoin upward surge. However, some analysts are a skeptic of the progress and wonder when the Bitcoin bubble burst.
On whether Bitcoin is a bubble, it is hard to determine if it is considering Bitcoin is an entire industry, this is according to Derek Thompson, a senior economics editor for The Atlantic. However, Derek believes that Bitcoin’s latest patterns are similar to other famous bubbles such as the dotcom bubble that did burst.
The number one ranked virtual currency is an asset that is on everyone’s mouth and thoughts. Investors are making huge life investment decisions based on the value of Bitcoin; they often make remarkable predictions on the future of the digital coin.
The volatility of virtual currencies meets all the requirements to make the whole crypto market to be a bubble. On when it is going to burst remains a mystery, but as things look at the moment, Bitcoin is having a strong breakout that more likely is going to continue for a good period now (at least).
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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…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
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.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
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.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
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.
NFTs are already being actively traded in markets globally. For…