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Flash hike: Bitcoin [BTC] rockets on the price charts as cryptocurrency surges by 4% in an hour

Akash Anand

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Flash hike: Bitcoin [BTC] rockets on the price charts as cryptocurrency surges by 4% in an hour
Source: Unsplash

The cryptocurrency market has seen a sudden surge in its prices after an extended bear run. Popular cryptocurrencies like Bitcoin [BTC], XRP, and Ethereum [ETH], were all passengers on the bull rocket after one-hour charts showed massive spikes.

At the time of writing, Bitcoin was growing by 4.03% in just one-hour, with a total market cap of $59.237 billion. The cryptocurrency was trading for $3,427.12, with a 24-hour market volume of $4.047 billion.

A majority of the cryptocurrency’s trade volume was occupied by BitMEX, with a total hold on $1.261 billion worth of Bitcoin. BitMEX was closely followed by CoinBene, which had 3.52% of the entire Bitcoin trade taking place on the platform.

The spike saw Bitcoin climb from $3,228.3 to $3,400.68 in an unprecedented vertical climb. Bitcoin was also in the news recently when Erik FInamann, a teenager who ended up becoming a Bitcoin millionaire during the 2017 bull-run, stated that the cryptocurrency was dead. In an interview, said:

“Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last. It may have a bull market or two left in it, but long-term, its dead.”

Bitcoin’s time in the spotlight was also extended by Tone Vays, a popular trader and one of the cryptocurrency’s major proponents. He had said that Bitcoin’s use cases is more than a Store of Value and is a hard set currency that will benefit the people. In his words:

“So eventually, you run out of weak currency to spend and you have to spend hard currency. Right, so you’re only spending the weak currency while you have it, eventually you don’t have it, eventually you don’t want it, right, if everyone is spending it who wants it.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Analysis

LocalBitcoins see steady trading volume in Russian Ruble following cash-trades exodus

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LocalBitcoins see steady trading volume in Russian Rouble following cash-trades exodus
Source: Unsplash

LocalBitcoins, the Finland-based peer to peer cryptocurrency exchange, announced earlier this month that trading in a country’s national fiat currency will be disallowed, leading many in the community to believe that countries not on the frontlines of the digital asset world would be hit the hardest. Three weeks on, some defiant trends have been noticed.

According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement. With many expecting a drop in volume, other top countries have also seen the absence of an immediate plummet, with Moscow being the stand-out.

The first week of June saw a notable high of RUB 1,174 million in volume owing to the native currency, while the aftershock of the announcement dropped the same down by to RUB 1,104 million by the second week. The next two weeks saw the volume surge back to its May 2019 heights, with the week beginning on June 22 recording a volume of RUB 1,188 million in volume.

Source: CoinDance

On the basis of the above data, Russia is indeed a positive LocalBitcoins market.

The Finnish exchange has also been popular in South America, with its weekly volumes doing exceedingly well in the markets of Colombia, Venezuela, Peru, Chile, and Argentina, with Brazil, the only Latin American country left-out.

Buenos Aries saw its weekly volume from the initial weeks of June to mid-June drop from $13.71 million to $10.53 million, following the cash-removal announcement. In terms of the Colombian Peso, CoinDance stated that the number for the same was $9.98 billion towards the close of May 2018, and dropped to $7.16 billion by the first week of June. However, the same has since stabilized to stand at $9.2 billion.

LocalBitcoins began mulling the possibility of phasing out fiat currency trades following its inclusion under the supervision of Finland’s financial watchdog, the Financial Supervisory Authority [FSA] in March 2019. This inclusion was made days after Finnish legislators stated that cryptocurrency-based assets would be given legal status under the law. However, the act will officially come into force later in November 2019.

Additionally, several changes were made to the country’s Anti Money Laundering [AML] laws and Countering Financial Terrorism Act [CTF], which would require the exchange to follow the stated guidelines.

 





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