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Bitcoin, Ripple, EOS & others bounce back – 10% jump in under an hour for many

Laira Rebecca



Bitcoin and other cryptos jump by >10% in under an hour
Source: Public Domain Pictures

Critics and skeptics were calling Bitcoin a big “bubble” earlier today when Bitcoin broke to its lowest point in 2018. At 15:59 UTC, Bitcoin was trading at $5755 and within 47 minutes there was a $500 jump and BTC went back to trading at $6225 [BITFINEX:BTCUSD]

Bitcoin bounces back

Bitcoin bounces back

Along with Bitcoin, there was a major spike all across the board with the biggest gainers being Bitcoin Cash [BCH] and EOS which gained a monumental 10% in under an hour. Like Benji Nathan, a chart analyst calls it, “cryptos will rise the way it falls”.

Ontology and Bytecoin saw a 14% and 13% growth in the one-hour percentage respectively. Ripple [XRP] also jumped from trading at 44 cents to 47 cents within the hour. Although this jump still does not pull Bitcoin “out of the puddle” it has given the investors back a sense of excitement and anticipation.

Cody Fonner, a Bitcoin investor who invested when Bitcoin was at $17k spoke to AMBCrypto and says,

“People call me a fool and I did get the bitter end of the deal but I consider myself stuck. I would rather not sell, ever, than sell it for a dime lesser than I bought it for. This one hour jump makes me believe that a bounce back is possible. The market just needs to believe, optimism needs to build.”

A look at the top 10 cryptos' one-hour gain just before press time

A look at the top 10 cryptos’ one-hour gain just before press time

Many from the industry call the current clampdown on prices as a barrier to adoption. AMBCrypto had spoken to the lead tech of an upcoming ICO in the AI vertical about the current drop in prices and the technological revolution. He, Adam Glück says,

“Despite what everyone says, 2018 has been the biggest and most progressive year in terms of technological developments and adoption. Although prices don’t reflect it, I believe we are poised for a big boom. It has to happen. There are millions invested in this industry, tons of people working day in and day out to revolutionize this industry. I for one have no doubt that we will be heading upwards. Be it next month or next year, it will happen”

Ethereum's one hour bounce in a One-Minute chart. Other altcoins like BCH, XRP and EOS experienced a similar bounce

Ethereum’s one hour bounce in a One-Minute chart. Other altcoins like BCH, XRP and EOS experienced a similar bounce

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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

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HitBTC responds to allegations of insolvency, refutes claims made by Redditors




HitBTC responds to allegations of insolvency
Source: Unsplash

HitBTC, a Hong Kong-based exchange has been the center of accusations among users on Reddit, Twitter, and other forums. HitBTC users started complaining about issues regarding withdrawal and extensive procedures after one particular user @ProofofReserach put out a thread alleging insolvency of HitBTC.

To put an end to all the accusations, HitBTC has broken its silence with a blog post explaining their side of the story. According to HitBTC, their systems performed well during the winter of 2017-18, however, HitBTC mentioned that due to overwhelming demand for the services, they experienced bottlenecks at an operational level.

Referring to the BitcoinExchangeGuide article, HitBTC responded:

“A widely quoted article, in its entirety, is based on only 2 AML cases. One of them was initiated as part of the investigation into the December, 2018 BTCP security breach, at the request of the coin’s core team. Unfortunately, there is no clear indication of the nature of the second case that can be discerned from the article. The author of the article failed to track the deposit/withdrawal dynamics that did not uncover any irregularities. A simple block explorer or our public System Monitor would suffice for these purposes”

Additionally, referring to the altcoins being added and removed from the platform, the exchange said that they were honored to work with a diverse range of projects, however, since the crypto sphere was still nascent, there were lapses in their judgment in assessing the integration partners. With the above-mentioned prominent cases, HitBTC also addressed other topics.

@ProofofResearch replied to HitBTC’s blog:

“Is there a reason why you’re unable to tell people us where your Bitcoin storage is at? If what I published is as untrue as you claim it is, then providing a wallet address where your Bitcoin funds are stored will go a long way in *proving that*.”

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