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Bitcoin’s [BTC] surge above $5,000 fuels bullish movement in crypto-linked stocks

Namrata Shukla

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Bitcoin's [BTC] surge above $5,000 fuels bullish movement in crypto-linked stocks
Source: Pixabay

Bitcoin, the largest cryptocurrency in the crypto world, saw a new bullish trend earlier this week which led the price of the coin to pump above the $5,000 resistance, along with other cryptocurrencies. BTC surged as high as $5,316 in late US trading before it dipped by Asia hours, cited Bloomberg.

The publication’s Galaxy Crypto Index tracked the rally of Bitcoin this week to be 38%, which might result in Bitcoin gaining for the fifth straight week after months of tanking prices.

However, this pump in price did not just impact the crypto market. According to the publication, crypto-linked stocks in Asia extended gains following the Bitcoin bull run. This was led by Remixpoint Inc. in Japan, which jumped by 16% during the day on Thursday. The company is up by 26% in this week. Vidente Co. joined Remixpoint Inc., as it climbed 20% over the weekend. Omintel Inc. reportedly posted a 6.3% advance.

The Bitcoin surge fueled a post-market rally in US small-cap crypto stocks soon after Wall Street closed. Riot Blockchain Inc. advanced by 12% and touched $5.42 after the close. This hike added to the 12% surge it observed on Wednesday’s trading, however, it lost all the gains soon. Other crypto companies like DPW Holdings Inc. and Marathon Patent Group Inc. spiked after the close.



Shares of Galaxy Digital Holdings Ltd. is up by 159% this year. The Toronto-listed company is the part owner of Mike Novogratz’s crypto-merchant bank Galaxy Digital Holding LP. The company noted a 159% surge after a dreadful 2018 when it lost $136 million in a period of nine months.

At press time, BTC was valued at $4,971.91 with a market cap of $87 billion. It noted a 24-hour trading volume of $17.74 billion and surged by 21.93% over the past week. BTC noted a dip of 0.80% over the past day and was dipping further by 0.17% in an hour. The resistance for the largest cryptocurrency was at $5,654.





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Altcoins

Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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