Binance to Offer Bitcoin-Pegged BEP2 Token for Trading

Binance Crypto Bitcoin

Binance has announced the launch of crypto-pegged BEP2 trading pairs starting with a bitcoin-pegged token – BTCB.

Bitcoin-Backed Token to be First Ever Crypto-Pegged BEP2

The crypto exchange giant announced the news via a blog post on its website published on Monday (June 17, 2019). According to the statement, Binance plans to offer crypto-pegged tokens on its DEX platform beginning with BTCB.

Users will be able to trade the BTCB/trading pair. According to Binance, the trading pairs of these BEP2 tokens will always that of a pegged token and its native cryptocurrency.

Binance says each crypto-pegged BEP2 token will be fully backed by the native cryptocurrency. The company says it will also provide the address to the reserve wallet so that interested persons can perform their own personal audit.

Changpeng Zhao, the Binance chief even posted a lighthearted Tweet a few hours before the announcement saying there would be a 9001 BTC transaction originating from the platform’s wallet.

Anyone looking to keep tabs on the reserve BTC funds for the BTCB token can do so via the address provided by Binance. While the transparency is laudable, it also seems like a cheeky dig at fiat-pegged stablecoins especially with an excerpt from the statement which reads thus:

The blockchain offers a much easier way to audit a crypto reserve than a traditional bank balance tether.

Bitcoin-Pegged Coin on Binance DEX

Increasing Liquidity on the Binance DEX

For Binance, launching crypto-pegged trading pairs provides more markets for traders on its platform. This expanded trading catalog, the company believes, will increase liquidity on its DEX platform.

On the whole, Binance expects users to avail themselves of the opportunity to trade tokens not found on other platforms. By so doing, Binance hopes the overall utility of its DEX platform will continue to increase thus maintaining its status as the top-ranked decentralized cryptocurrency marketplace in the industry.

Details published in the announcement show that the trading in the BTCB/BTC pair will have a price spread of 0.1% with primarily large buy orders. To maintain 100% backing for the new trading pairs, the exchange says it will make sure that:

The sum of the buy order and the funds on the published reserve address will be bigger than the total supply of the pegged token, ensuring there is always 100% backing.

Aside from the promise of increased liquidity on the Binance DEX, the launch of crypto-pegged BEP2 tokens also constitutes an extension of the swap used to exchange ERC20 BNB tokens into actual BEP2 BNB tokens.

What do you think about trading crypto-pegged tokens on a DEX? Let us know in the comments below.

Images via Twitter @cz_binance.

The post Binance to Offer Bitcoin-Pegged BEP2 Token for Trading appeared first on

Source: Bitcoininst

Bitcoin Price Analysis: Bears in ‘Disbelief’

bitcoin price chart analysis

Bitcoin price closed the week at $8,974, up 17.6%, marking a tremendous recovery from the previous week, completely reversing the loss in valuation from the previous week and putting in a new yearly high of $9,391. Let’s take a look whether Bitcoin price can continue onwards and upward and breakthrough the $10k psychological barrier.

Bitcoin Price Weekly Chart

The weekly chart shows the bitcoin price 00 moving from lows of $3,322 to highs of $9,391. This is a staggering increase of 182%, which is reminiscent of some of the moves seen in late 2017.

Although this time it is largely going under-reported in mainstream media and is yet to capture the imagination of the general public, who normally arrive late to the party.

bitcoin price analysis chart

Having found support at $7.5k last week and printing new highs on Sunday, BTC/USD has begun the new week positively, again putting the newly found 2019 highs of $9,391 under pressure.

The VPVR, which illustrates volume traded at price levels, shows that above $9,300 there is very little price history which — as was found below $6k — can result in fast moves while the market attempts to rationalize the relatively unchartered territory.

Therefore, should bitcoin price continue moving upwards and can break through $10k there may still be room to move higher.

The Mac-D continues to trend upwards above zero but is doing so with slightly less conviction as shown by the histogram failing to print a higher high as its signal line catches up with BTC price.  This is something to keep an eye on but nothing to lose any sleep over yet for the bulls.

Should the battered bears re-emerge to put the breaks on in this market, the 100 WMA will likely be the first line of support at the 38.2% retracement – around $7000, with the 50 WMA below that at $5500.

The 100 WMA was an important support level during the parabolic advance from 2015 lows and may prove to hold as support when there is the inevitable correction.

4-Hour Chart

The Monday morning price action has seen the bulls re-enter the market, pushing price back up to test the yearly highs. The main task for the bulls now is to establish support at $9k and find the momentum to break through $10k.

Current price action looks to be following a similar pattern to that which was seen when bitcoin was trying to break through $6k.  Should bitcoin be able to continue finding support above previous highs, a similarly large move of disbelief could occur before the end of June.

As previously reported by Bitcoinst, the next logical target would be as high as around $13k which is where the 61.8% retracement level from the lows back to the 2017 highs is typically where pro-traders will look to start taking profits and put in their short positions.

Crypto Market Sentiment

As reported in last week’s update we remarked that there was a bearish sentiment amongst leverage traders in the market with Bitmex funding being negative and the Bitfinex long-to-short ratio being at parity.

The Long-to-Short ratio has now moved negative to 0.93, having briefly moved positive last week and the Funding rates at Bitmex have reset after reaching relatively high rates last week.

This is important as it is indicative of how the leveraged positions are interoperating the market and should price continue to move upward against the leveraged positions, there will be buying pressure imposed on those who may have bet against the price action.

Nex Bull Target for Bitcoin Price

While it remains to be seen what will happen next for BTC, the market seems to be of the view that $10k may be difficult to overcome – this is the same sentiment which was seen when Bitcoin was “unlikely to break $4k and $6k,” which is a positive sign for those who remain contrarians to the overall market.

The $11- $13k range is now the target for the bulls, with $7.5k and the 100 WMA likely to be key levels to watch over the next couple of weeks.

To get receive updates for the writer you can follow on Twitter (@filbfilb) and TradingView.

[Disclaimer: The views and opinions of the writer should not be misconstrued as financial advice.  For disclosure, the writer holds Bitcoin at the time of writing.]

Images via Shutterstock,

The post Bitcoin Price Analysis: Bears in ‘Disbelief’ appeared first on

Source: Bitcoininst

Litecoin Creator Invited to Talk Crypto at $4.6M Warren Buffet Lunch

Warren Buffet Bitcoin Lunch

Tron’s Justin Sun has announced that his first ‘plus one’ for the Warren Buffet charity lunch will be Litecoin Founder, Charlie Lee.

The Litecoin creator tweeted that he was ‘excited about this opportunity to meet a legend’. We believe this refers to Buffett rather than Sun.

It’ll Take More Than Justin Sun To Sell Buffett On Crypto

Justin Sun won the lunch date with noted crypto-sceptic Warren Buffett after bidding $4.57 million in a charity auction. Despite bidding more than $1 million more than the previous record-winning bid, many thought his efforts would be in vain.

Undeterred however, Sun promised to enlist ‘all of the blockchain leaders’ in his quest to convince Buffett of cryptocurrency’s value. Luckily, $4.57 million paid for more than just a single seat at the table, and Sun can take up to seven guests with him.

I’m Thrilled To Invite My Good Friend To Be The 1st Guest

Charlie Lee was the creator of Litecoin, one of the first Bitcoin spin-off coins back in 2011. In December 2017 he sold all of his LTC holdings, citing a potential conflict of interest, to focus on managing the altcoin. Over the past week, Litecoin has been performing incredibly well, as a looming reward halving causes FOMO.

Lee certainly has the knowledge and experience to bring to the table, when it comes to promoting the benefits of crypto.

However, although he will be the first guest to join the group, he isn’t the first person Sun asked.

That honour went to Binance CEO, Changpeng (CZ) Zhao, who unfortunately had to decline the offer.

So Who Will Get The Other Six Golden Tickets?

With Charlie Lee considered a safe pair of hands by most in the crypto-community, it remains to be seen who else Sun will invite along. After all, there are another six chairs to fill.

Will he stick with respected voices in the world of cryptocurrency and investing; the usual suspects who get invited onto TV panel discussions on crypto? Names such as Anthony Pompliano, Barry Silbert, Tim Draper, or Mike Novogratz.

Perhaps that would be the obvious choice; appealing to Buffett through arguments that he can (or should) understand. But wouldn’t it be fun if he went a bit left field with his choices?

What about someone with the more mainstream appeal of Jack Dorsey? Or the softer side of cryptocurrency’s hardcore, Brenna Sparks? I’d like to think that the often alternative perspective of John McAfee would also be a welcome addition. But I fear Buffett would too easily dismiss his opinions as those of a madman, without truly listening.

Mind you, if it’s televised…

Who else would you like to see attend the Warren Buffett lunch? Let us know in the comment section below!

Images via Shutterstock

The post Litecoin Creator Invited to Talk Crypto at $4.6M Warren Buffet Lunch appeared first on

Source: Bitcoininst

Bitcoin Back In G20 Spotlight As Industry Meets FATF Over Data Demands

G20 Bitcoin crypto

Cryptocurrency exchanges will meet with the regulators who want to treat them like banks at the upcoming G20 Summit – but Bitcoin price has already shaken off concerns.

FATF Meets Its Match

As Bitcoinist reported last week, June 21 sees publication of new material from the Financial Action Task Force (FATF) aimed at cryptocurrencies.

Set to affect what the organization calls “virtual asset service providers” – exchanges, asset managers and more – the FATF’s suggestion has already gained the support of G20 members, and will impact around 200 countries in total.

financial action task force (fatf)

Since hinting about its plans late last year, the FATF has gained considerable criticism from cryptocurrency sources who see a lack of understanding about how cryptocurrency transactions work.

Specifically, demands for exchanges and others to collect and store data about the sender and recipient of transactions are all but impossible to fulfil.

“The people trying to understand Bitcoin are not consulting with anyone who actually understands it and who can put it into a proper context. Bitcoin is not a bank. It is not SWIFT. It is not money. It is just a database,” Azteco CEO, Akin Fernandez commented on Twitter.

BTC To Take Center Stage At Dedicated Event

Ahead of the G20 Summit in Osaka, Japan on June 28, a selection of crypto exchanges will meet with representatives of the FATF in order to voice concerns about its requirements.

The exact nature of the plans remains unclear, with executives seemingly upbeat about the meeting serving as an opportunity for clarification.

“Direct conversations with FATF to clarify the unique natures (sic) of the crypto industry will help to build a mutual understanding of regulatory exposure, and find industry wide solutions to manage such exposures,” Elaine Sun, chief compliance officer at Huobi Group, told financial news outlet FN June 17.

Fernandez had previously echoed calls to circumvent the FATF, arguing it would be in the interests of G20 nations such as the US.

“This is America’s chance to lead the entire world in the adoption of Bitcoin,” he added.

It would mean US companies were the bankers of billions around the world who use Bitcoin services. Mandating that this should not happen at all is short sighted and very unwise.

The meetup appears conspicuous, even garnering its own name, the V20.

On Monday, Bitcoin price 00 had completed a full reversal of its previous downward correction from $9000, hitting new highs not seen since May last year. At press time, BTC/USD circled $9200, having reached as high as $9372 in the past 24 hours.

What do you think about the FATF meeting? Let us know in the comments below!

Images courtesy of Shutterstock

The post Bitcoin Back In G20 Spotlight As Industry Meets FATF Over Data Demands appeared first on

Source: Bitcoininst

New Rules Make Korean Bitcoin Exchanges Liable for Customer Losses

South Korea Bitcoin

Bithumb is one of five South Korean bitcoin exchanges that has adopted a new directive which mandates that platforms be liable for losses whether not they occur due to negligence on the part of the operators.

Bithumb Adopts FTC Directive

According to The Korea Herald, Bithumb and four other exchanges in South Korea have updated their terms of service (ToS) to reflect a new directive from the country’s Fair Trade Commission (FTC).

This new corrective recommendation stipulates that exchange platforms be liable for issues caused by hacks or system downtime even if such didn’t occur as a result of negligence on the part of the exchanges themselves.

Bithumb’s previous ToS indemnified the platform from any losses due to events beyond its control. This new protocol is likely due to the rampant cyberattacks suffered by bitcoin exchanges in South Korea.

Numerous reports indicate that state-sponsored cybercrime syndicates from North Korea are responsible for these hacks. Security experts believe that Pyongyang is funneling the proceeds of these exchange hacks into its nuclear weapons programs.

North Korea Bitcoin Exchange Hackers

Bithumb, in particular, has been a victim of such hacks with two separate attacks between June 2018 and March 2019. In total, hackers managed to steal more than $45 million.

At the time of the March 2019 hack, there were reports that the attack might have been an inside job. In its Q4 2018 crypto anti-money laundering report, CipherTrace identified internally-orchestrated cryptocurrency heists as one of the emerging risk factors in the industry.

In Japan, the Financial Services Agency (FSA) has directed all exchanges to improve their cold wallet security protocols. This move is to prevent bad actors from within the exchanges to successfully steal stored funds.

The Fate of South Korean Bitcoin Exchanges in 2019

Bithumb and many other South Korean exchanges will be hoping for better financial performance in 2019. Last year, three of the ‘big four’ bitcoin exchanges recorded losses with only Upbit recording a positive annual bottom-line figure.

Bithumb was the worst performing of the lot, recording a net loss in excess of $180 million. The platform’s losses even exceeded that of Korbit and Coinone combined as they both recorded $40 million and $5 million respectively.

Apart from the hacks suffered by the likes of Bithumb, the 2018 bear market also caused steep declines in their revenue earnings. With the trend reversal in this year’s bull market, these platforms should be expecting healthier revenue figures.

Do you think antitrust regulators in other jurisdictions will direct bitcoin exchanges to adopt similar protocols? Let us know in the comments below.

Images via Shutterstock

The post New Rules Make Korean Bitcoin Exchanges Liable for Customer Losses appeared first on

Source: Bitcoininst

Venezuela Sets Bitcoin Trading Record With New Hyperinflated Banknotes

bitcoin venezuela bolivar hyperinflation

New currency reforms in Venezuela accompanied a decisive surge in Bitcoin trading this week, with informal markets setting new all-time highs.

Bitcoin Boom As Central Bank Re-adds Zeros

Data from monitoring resource Coin Dance reveals that in the seven days ending June 15, Venezuelans transacted over 46 billion sovereign bolivars (VES) on P2P Bitcoin exchange Localbitcoins.

The figure stands far above the previous record of 40.9 billion VES set earlier in May.

As Bitcoinist has frequently reported, the ongoing Bitcoin activity in Venezuela has become an indictment of the VES, which began circulating in August 2018.

Under the regime of president Nicolas Maduro, the previous bolivar saw five zeros disappear from its exchange rate overnight, a controversial move which laid the foundation for the issuance of similarly dubious national cryptocurrency Petro.

In BTC terms, Venezuelans are not exchange substantially more value. From a VES perspective, however, the week-on-week growth is immediately obvious.

Hyperinflation has plagued the currency since its inception, with annual rates forecast to reach a giant 8 million percent in 2019.

Venezuelans Ridicule Bolivar

This week, Maduro again rejigged the VES, issuing new banknotes in larger denominations to counter its constantly slipping value.

Venezuela’s central bank claimed the move was in order to “make the payment system more efficient and facilitate commercial transactions,” yet there was little sign of appreciation from consumers, who appeared to take the new notes as government surrender to hyperinflation.

Others pointed out the irony of re-adding zeros to a currency which had previously lost them.

Elsewhere, the BTC price uptick, which set in towards the end of last week, appeared to spur renewed enthusiasm on the part of traders in countries such as Argentina, Colombia and Peru. The latter two have seen increasing exposure to the Venezuela crisis with reports now surfacing that officials are attempting to tighten border controls to stem to flow of refugees.

Last week also saw a suggestion from Brazil’s president, Jair Bolsonaro, that Latin America should introduce its own version of the euro.

Commenting after he cancelled a project aimed at integrating Brazil’s native Indian population using cryptocurrency, Bolsonaro publicly stated he simply “did not know” what Bitcoin is other than being a “virtual currency.”

Argentina, as Bitcoinist noted, has been more progressive, the country’s leader even conducting talks with billionaire investor and Bitcoin bull Tim Draper earlier this year. Part of the talks included Draper making a bet about the exchange of the Argentinian peso.

What do you think about Venezuela’s Bitcoin trading? Let us know in the comments below!

Images via Coin Dance, Shutterstock

The post Venezuela Sets Bitcoin Trading Record With New Hyperinflated Banknotes appeared first on

Source: Bitcoininst

Bitcoin Price Targets Next Key Resistance Level – Is 5 Figures in Play?

bitcoin price chart

The weekend has been extremely bullish for bitcoin price, which has surged to a new 2019 and thirteen month high. Those gains have held into Monday morning in Asia and analysts are now scouring the charts looking for the next move for BTC.

Bitcoin Price Painting a Bullish Picture

Bitcoin has held on to most of its weekend gains and remains over $9k during the morning’s Asian trading session. Yesterday’s surge of 8% from $8,600 to top $9,300 has lifted the king of digital assets to new highs not seen since early May 2018.

Over the past 24 hours, BTC has retested $9,300 twice before a minor pullback to $8,830. It has currently recovered back to 00 and looks set to retest resistance again.


BTC price 1hr candles –

As usual, traders and analysts have been scouring the charts looking for the next levels of support and resistance. It appears that a previous high from May last year and a crucial Fibonacci level will come into play as the next major resistance level to be overcome before bitcoin can consider five figures. Trader Josh Rager has been looking at the charts.

$BTC Strong Weekly Close. Bitcoin has been extremely bullish & foresee a test of the major resistance between $9500 to $9600, the 0.382 fib (is a typical “take profit” area is at $9532). But last time everyone expected a major pullback in the $6ks it busted right through to $7k+

Max Keiser also doubled down, maintaining his ambitious price target saying that there is ‘hardly any bitcoin for sale at all” before here and $28,000.

Will the Uptrend Continue?

A big profit taking session from day traders is likely to send BTC correcting back to the high $8,000s. However, as pointed out above, many also expected a massive correction back to $6k which has yet to materialize. Looking at next moves for BTC, analyst ‘Big Chonis’ added.

one more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…

The 23.6% Fib level for the big picture currently sits just below $7k so a correction back to this will be a huge move. At the moment the sentiment is bullish despite last week’s new from Binance that US customers will be forced to migrate to the soon-to-be-launched ‘Binance America’ for regulatory reasons.

A new high for the year could be imminent as the often expected ‘Red Monday’ following a strong weekend has yet to materialize. Most crypto assets are still in the green today and total market capitalization is at $284 billion, which is also around the highest it has been this year.

Will bitcoin hit five figures this week? Add your thoughts below.

Images via Shutterstock

The post Bitcoin Price Targets Next Key Resistance Level – Is 5 Figures in Play? appeared first on

Source: Bitcoininst

Bitcoin Hash Rate Sets New All-Time High as Price Reclaims $9k

The Bitcoin network hash rate has reached a new all-time high (ATH) as the BTC price reclaimed $9,000.

Bitcoin Hash Rate at ATH

Data from shows that the Bitcoin network hash rate – the computing power required for securing the network – topped 62 quintillion hashes per second (62 million tera hashes per second – TH/s) this past Friday.

Bitcoin Hash Rate ATH

This figure represents the highest ever hash rate value recorded on the network with the previous record being 61.9 million TH/s achieved in late August 2018.

The network achieving a new hash rate ATH is in keeping with the trend observed at the start of 2019, with the figures steadily increasing over every 7-day average period.

More mining nodes are active on the network creating greater security by reducing the possibility of malicious attacks on the blockchain. The 51% attack on Bitcoin Cash put in stark relief, the dangers of low hash rate figures in a blockchain network.

Reaching a new hash rate ATH also likely delivers a final blow to any talk of mining capitulation that emerged when the hash rate fell by more than 45% in December.

Fundamentals Continue to Reinforce Bull Market Narrative

The network hash rate is but one of many core fundamentals that are currently enjoying positive growth trends. Bitcoin’s active daily addresses are back above 1 million.

The increased daily doesn’t seem to have materially impacted transactions fees as the mean transaction charge is somewhere around $1.33. Using wallets with robust fee calculation figures even provide much lower fees.

While the network hash rate was setting a new ATH, the spot price for Bitcoin went on another assault at the $9,000 price level. Bitcoin did temporarily cross $9,300 setting a new 1-year high for the top-ranked cryptocurrency.

As pointed out by Mati Greenspan, Senior Market Analyst at eToro, network fundamentals are the best indicators of BTC price movements. And true to form, this latest price surge also happened as network activity reached new ATHs.

Bitcoin reclaims $9k

Bitcoin is currently before off price-wise than it was at its previous hash rate ATH when BTC was trading at $6,700. In all, Bitcoin is up by almost 150 percent since the start of 2019 and has now added more than doubled its market price since the beginning of April alone.

What is your end of year Bitcoin price forecast given the current positive trajectory of the network fundamentals? Let us know in the comments below.

Images via, Twitter @kerooke, and Tradingview.

The post Bitcoin Hash Rate Sets New All-Time High as Price Reclaims $9k appeared first on

Source: Bitcoininst

From Bitcoin’s Surge To Facebook’s ‘Big Brother’ Coin: Week’s Top Stories

bitcoin weekly digest newspaper

25-year-old oxygen-drain, Justin Bieber, challenged 56-year-old Scientologist, Tom Cruise, to a cage fight, calling him chicken if he doesn’t accept. But would we be better off putting our money on that… or Bitcoin? [hint: the answer’s Bitcoin]

Bitcoin Price Hits 13-Month High

The new normal is that there is no normal… so Bitcoin is back to normal.

Just when we’d got comfortable consolidating for a while around the $8000-mark, the market starts to shake things up again. Admittedly, we had just seen the biggest weekly loss since December 2018, but that was on the back of May’s spectacular pump.

Analysts were split as to whether we would see a further move downwards or bounce back up. But by Wednesday, Fundstrat was calling time on the retracement, citing positive technical indicators.

bitcoin price

Sure enough, bitcoin price 00 then found itself in a rising wedge to $8200. A short squeeze followed, seeing further gains and a target of $8.5k.

For most other asset classes, a 12.5% gain over the space of a couple of days might signal time for a breather and some consolidation. But Bitcoin being Bitcoin, it wasn’t done yet. Sensing weakness in the bears, the bulls continued to push, eyeing $9k as a weekend target.

On the back of the gains, Weiss ratings upgraded Bitcoin to a ‘B’ overall, but it seems even that wasn’t the end of the story.

In the early hours of this morning, BTC continued to storm ahead. A 13-month high of $9380 was achieved, leaving only a 7% gap (and some resistance at $9.6k) until we hit 5-figures.

So as long as we don’t get comfortable with these gains as being normal (prompting the market to once again confound our expectations), we could easily see $10k in the next week.

Clash Of The Titans

Titanic Tron shill, Justin Sun, fessed up that he might be in over his head in trying to convince titanic Bitcoin-sceptic Warren Buffett, of the joys of cryptocurrencies over lunch. Luckily he gets to take a bunch of friends with him, and plans on inviting along ‘all the blockchain leaders.’

warren buffett bershire hathaway bitcoin

One can certainly imagine Buffett dismissing Sun without a second thought, so it’ll be interesting to see who joins him. Don’t believe for one second that it’ll change Buffett’s opinion though. Despite Bitcoin dwarfing the return on investment (ROI) of the veteran investor’s Berkshire Hathaway, in just a fifth of the time.

Other Bitcoin News In Brief

We found out more about Facebook’s ‘Surveillance Capitalism‘ Coin, in particular, its $10-million-splashing launch partners. But many think that the social media giant’s plans will turn out to present a positive opportunity for Bitcoin in the longer term.

The international Financial Action Task Force (FATF) wants to impose bank-like restrictions on crypto-exchanges.

Institutional demand is up as Bitcoin futures posted record volume. Meanwhile, Bakkt announced acceptance testing for its futures product will begin in July.

Not content with buying into Facebook-coin, Visa also decided it was going to muscle in on Ripple’s cross-border payments sector.

And finally…

The ‘Bitcoin Time Traveler‘ theory resurfaced on Hong Kong TV this week. The 2013 Reddit post by a self-proclaimed time traveler from 2025 about how Bitcoin mooning ($1 million + by 2021) destroys civilization as we know it, was explained by a former Miss Hong Kong on the territory’s most popular TV channel.

Yes, it was in a segment about wacky conspiracy theories, but not everyone in the tin-foil hat brigade can be wrong… can they?

What was the most important Bitcoin story of the past week? Add your thoughts below!

Images via Shutterstock

The post From Bitcoin’s Surge To Facebook’s ‘Big Brother’ Coin: Week’s Top Stories appeared first on

Source: Bitcoininst

Bitcoin Price Blasts Through $9.3K as Crypto Markets Hit 11-Month High

A Sunday surge has sent bitcoin price barreling though resistance yet again as it tops $9,300. The move has lifted total market capitalization above $287 billion which is the highest it has been since July 2018.

Bitcoin Price Hits 13-Month High

There has been no lay in for traders in Asia this morning as bitcoin price 00 hit a new 2019 and a 13-month high of $9,380 this morning. Following yesterday’s big move BTC spent the best part of Saturday trading around $8,650.

As reported by Bitcoinist yesterday, the bulls were targeting $9k and they reached that milestone a few hours ago.

From there BTC rose sharply to its new high for the year before retreating a little to $9,270 at the time of writing.


BTC price 1-hour candles –

‘Crypto Winter is Over’

Daily volume is back over $20 billion as the 7.5% surge on the day lifts bitcoin to fresh highs. All concerns over the big correction appear to be dissipating as crypto markets are driven higher today. Fundstrat co-founder and bitcoin bull, Tom Lee noted;

Taking a step back, with $BTC #bitcoin at new 2019 highs, don’t those old highs look like a few FOMO days away? Crypto winter is over…

From here five figures is just another 7 percent away however there is another level of resistance to break around $9,600 before it can get there.

Traders on crypto twitter are speculating that the decisions from Binance and Bittrex to exclude US customers from certain altcoin markets may have driven them back into bitcoin.

This does appear to be the case at the moment as bitcoin dominance has increased to 57.3% and it is the top performing crypto asset in the top twenty at the moment. A trader going by the twitter moniker ‘D4rkEnergY ‘ noted:

After binance announced that they wouldnt accept US customers from Sep., investors got scared and left Alts and went into $BTC.

Total Crypto Market Cap at 11-Month High

This is not to say that altcoins are not moving also. In fact,  it is quite the opposite at the moment as total market capitalization has reached $288 billion which is its highest level since July 2018. Daily volume for all crypto trading has also climbed and is currently $68 billion.

Granted, bitcoin is in the driver’s seat once again. But others are also making solid progress today. Ethereum has made 3.7% to reach $275, EOS has added over 6% to break $7 once again, and Bitcoin Cash is back at $435 with a 3.5% gain. Other altcoins getting lifted today include IOTA, NEO and Tezos.

Will bitcoin hit five figures this week? Add your comments below.

Images via Shutterstock,

The post Bitcoin Price Blasts Through $9.3K as Crypto Markets Hit 11-Month High appeared first on

Source: Bitcoininst