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Bitcoin’s [BTC] abrupt price rally with no specific reason could drive volatility higher, claims SFOX report




Bitcoin's [BTC] abrupt price rally with no specific reason could drive volatility higher, claims SFOX report
Source: Pixabay

SFOX Inc., which operates as a cryptocurrency prime dealer, released the Crypto Volatility Report for March 2019. The report predicted that BTC’s price uncertainty could drive volatility high. BTC’s price surged by 25% in just two days from $4,089 to $5,089 without a concrete explanation, the report claimed.

Taking into account the 2017 rally as a substantial indication, SFOX detailed that the sharp price movements of the largest crypto asset, not induced by specific reasons, could potentially generate higher uncertainty in the market, which in turn would push volatility upwards.

The report elaborated that the volatility movements exhibited by top altcoins like LTC, BCH, and ETH were not related to Bitcoin and stated,

“.. that the industry at large may be growing beyond BTC.”

Bitcoin Cash [BCH] rallied 18% in two days. Despite the reason speculated behind the spike being a certain announcement associated with the chain’s hard fork by the end of this year, the report cited that it did not seem to be an evident cause for the abrupt spike.

The report went on to say that the BCH rally in March was most likely one of those “spooky rallies” that could not be directed to any specific reason as the asset recorded a significant trading volume at LBank during the month. This was the same trading platform that came under scrutiny for “potentially faking a significant fraction of their alleged trade volume”.

Litecoin’s [LTC] rally and subsequent price doubling for 2019 was attributed to its adoption spree, lower fees, efficient transactions, an exploration of private transactions, and the approaching LTC halving, mentioned the report. According to the SFOX, LTC’s volatility decreased substantially with prices residing to the range of $55 – $61.

Ethereum Classic [ETC] became more volatile from the beginning of the month. The report cited,

“This may be a function of increasing uncertainty about the future of this particular blockchain: on the one hand, ETCLabs’ renewed focus on Dapp development [especially Dapps focused on the Internet of Things] has some believing that ETC may be a currently undervalued platform for powering the next evolution of internet technologies.”

The latest 51% attack on ETC, and Anthony Lusardi resigning from prominent ETC roles were also believed to be the cause of volatility.

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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.


John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more





John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!

4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!

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