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Flash hike: Bitcoin [BTC] as Ethereum [ETH] surges by over 9%

Priya

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Flash hike: Bitcoin [BTC] as Ethereum [ETH] surges by over 9%
Source: Unsplash

The cryptocurrency market continues to be a roller coaster ride as the price of all the currencies witnesses a massive shift within a few minutes. Last week, the whole market plunged in a short span, with Bitcoin [BTC] and other top cryptocurrencies plunging by double digits. This week has started with the market taking the opposite direction as all the coins have recorded a sudden spike, turning the entire market around.

According to CoinMarketCap, at press time, Bitcoin is trading at $3,706 with a market cap of $64 billion. The trading volume of the coin is recorded to be and the coin has seen a rise of over 2% in the past one-hour.Bitcoin price chart | Source: Trading ViewBitcoin price chart | Source: Trading View

The highest trading volume for the coin is pictured to be pouring in from BitMEX, a leading cryptocurrency exchange around the world, with BTC/ USD trading pairs. The second spot is taken by Coinbene with Tether [USDT] pair. The other top three exchanges contributing to the hike are EXX, OKEx, and Bibox.

Additionally, Bitcoin is not the only coin to rise from the bearish market. Ethereum [ETH], the third-largest cryptocurrency by market cap, has also stepped up and claimed the throne of biggest gainer in the past one-hour. The coin is current $129.39 trading at with a market cap of 13.5 billion. The trading volume of the coin is recorded to be $2.77 billion and the coin has surged by over 9% in the past one-hour.

Ethereum price chart | Source: Trading View

Ethereum price chart | Source: Trading View

The highest trading volume for the coin is surging in from OKEx with ETH/ USDT trading pair. The other top four exchanges are LBank, Bibox, Local Trade, and DOBI Exchange.

XRP, the second largest cryptocurrency, is also pictured in green. The cryptocurrency is trading at 0.33 with a market cap of $13.74 billion. The trading volume for the coin is $637.63 million and has surged by over 2% in the past one-hour.



Soon after the price made an upward trend, Bakkt, one of the biggest financial players in the space, announced its first acquisition.

Kelly Loeffer, CEO of Bakkt said:

“To advance that effort, I’m pleased to share that we have entered into an agreement to acquire certain assets of Rosenthal Collins Group (RCG), an independent futures commission merchant with nearly 100 years of earning clients’ trust. In December, RCG announced the sale of all its customer accounts to Marex Spectron, one of the world’s largest commodity brokers. As part of that transaction, our aim was to purchase certain valuable assets related to developing our platform. We expect to close the transaction in February, and are excited to welcome members of the RCG team to Bakkt.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market

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US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
Source: Unsplash

Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.

Yang said on Twitter,

“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”

On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.



The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.

Source: Yang2020

Source: Yang2020

Fang, a Twitter user, said,

“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”





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