Uncategorized Jun 07, 2019

Optimistic news of the crypto industry

The growth of Bitcoin SV

One of the most resonant events of the previous week was growth of Bitcoin SV. The reasons for it was the fake news that Craig Wright had transferred 50000 BTC from one of Satoshi Nakamoto’s purses to Binance (CoinDesk). By doing so, he tried to prove that he was the real creator of Bitcoin.

“CSW transferred 50k BTC from the biggest BTC wallet to Binance, which confirmed he is the real Satoshi. As such CZ will re-list BSV and make an official apology on Twitter”, reports Coinbull news site.

This information was sufficient for growth, but investors are not in a hurry to close their long positions. We observe that today the price of Bitcoin SV (BSV) continues to grow. During the Asian session the BSV increased from $190 to $225.

 

Institutional investors buy BTC

According to the report, published by researchers of Binance, institutional investors are increasingly investing in cryptocurrency and blockchain technologies.

One of the largest commodity exchanges in the United States (the largest North American financial derivatives market) continues to increase the volume of trades in bitcoin futures. Record trading volume was fixed at $1.3 billion. At the same time, the number of accounts, trading in this derivative, is also increasing.

“Institutional investors, according to our conservative estimates, now make up less than 10% of the total number of market participants. However, the influence of large players on digital assets and cryptocurrencies is growing. This can be seen at a premium of about 40% in the value of the assets of the Grayscale Bitcoin Trust (GBTC) in relation to the spot price of BTC,” the researchers note.

Considering all mentioned above, the likelihood of further growth of BTC price and several other cryptocurrencies remains very high. At the same time, we cannot exclude short-term corrective attenuation.

 

Altcoins continue to grow rapidly

The week ended very well for investors in cryptocurrency, in particular, investors in altcoins. The number of coins with capitalization of more than $1 billion increased to 17, while two new participants were added to the TOP by capitalization. Cosmos (ATOM), having risen in price by almost 40%, occupies the 16th position, while Ethereum Classic (ETC) occupies the 17th position. Tezos (XTZ) dropped out of the billionaires’ league, but only 1% of growth will return this coin to the 18th position with a capitalization of more than $1 billion.

Over the last seven days, the growth leader is Bitcoin SV (BSV), with an increase of more than 105%. At the same time, BTC and ETH demonstrate very modest results. The BTC market share continues to decline, approaching the mark of 55.7%. According to CoinMarketCap, in early May BTC’s capitalization was close to 60% of the entire market.

 

LocalBitcoins officially removed cryptocurrencies cash trades

On June, 1, peer-to-peer cryptocurrency exchanger LocalBitcoins closed cash trades. The company explains that the move was made due to local regulations. LocalBitcoins needs to adhere to the Act on Detecting and Preventing Money Laundering and Terrorist Financing.

“This condition demands us to follow certain sanctions and implement effective controls to mitigate related threats. In order to adapt to the current regulatory environment, we had to reconsider our policy on local cash trades as well as on the geographical areas where our service is available. Consequently, we took cash exchange out of our platform on Saturday, June, 1” – the company states.

 

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