Bitcoin rises above $7,000, further fueling interest in cryptocurrency market - InvestmentNews

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• Bitcoin rises above $7,000, further fueling interest in cryptocurrency market - InvestmentNews
• Crypto's Insane Pump Continues as Bitcoin Cash, Cardano and the Rest of the Large Caps Join the Rally - Hacked
• Bitcoin hits $7,000 and rekindles global cryptocurrency market - Irish Times
• $7,900: Bitcoin's Price Extends Gains to Hit 9-Month High - CoinDesk

Bitcoin rises above $7,000, further fueling interest in cryptocurrency market - InvestmentNews Posted: 13 May 2019 10:41 AM PDT Bitcoin jumped above $7,000 and didn't look back, as its longest winning streak since 2013 continued to rekindle the global cryptocurrency market. Monday's 16% advance comes only a few days after the digital asset broke through $6,000 and looks set to boost investor interest in conferences on the technology underlying the biggest crypto asset that are taking place in New York this week. Bitcoin's latest surge happened on Saturday, when the two U.S. exchanges carrying futures are closed, making it potentially difficult for short sellers to cover their wagers. (More: Fidelity to start trading bitcoin) "Bitcoin is acting differently since moving above its 200-day moving average" and the gains are occurring on strong volume, Fundstrat co-founder Tom Lee, a noted bitcoin bull, wrote in an email. Blockchain Week is underway, co-sponsored by the New York City Economic Development Corp., and the Consensus forum is set to start, where people are "expecting a higher-quality conference," Mr. Lee said. With fundamental analysts often struggling to explain crypto markets, traders have recently pointed to institutions increasingly embracing digital coins. The likes of Fidelity Investments plans to buy and sell bitcoin for institutional customers soon, and E*Trade is dipping into the trading space. Earlier this month, the Bank of Canada and Monetary Authority of Singapore announced that they had sent each other digital currencies using blockchain technology. The most well-known digital token rose to as high as $7,324.64, up 16% from Friday, according to composite prices compiled by Bloomberg at 7:52 a.m. New York time. Rival coins surged in a broad rally, with Bitcoin Cash up 26%, and Litecoin and Ether both at least 12% higher. Hedge funds and other investors had increased their net short bet against bitcoin in the week through May 7, the U.S. Commodity Futures Trading Commissions said Friday. When trading opened on Monday, futures traded on CME opened 12% higher. While bitcoin has more than doubled from its post-crash low, the crypto space is by no means free of headaches. (More: ETrade to add cryptocurrencies to platform) Binance, a large crypto exchange, reported a hack of 7,000 bitcoins with about $40 million. The companies behind the digital exchange Bitfinex and the cryptocurrency Tether recently said that the so-called stablecoin is backed by cash and short-term securities only equal to 74% of the outstanding coins rather than completely pegged to the U.S. dollar. And that's aside from the volatility — bitcoin peaked above $19,000 in December 2017 before crashing back to earth in the succeeding months.

Crypto's Insane Pump Continues as Bitcoin Cash, Cardano and the Rest of the Large Caps Join the Rally - Hacked Posted: 11 May 2019 05:30 PM PDT Crypto markets flipped green in unison on Saturday, as the large-cap altcoins and tokens joined bitcoin en route to a meteoric rally. After months of fear, uncertainty and doubt, traders and casual observers are now scrambling to enter the market over a fear of missing out. Crypto Euphoria Sets In With the exception of a few stablecoins and lesser-known small-caps, almost all of the top-100 cryptocurrencies were reporting gains at the time of writing late Saturday. Certainly, within the top 25, no asset was in the red. The combined value of all coins in circulation has increased by a whopping $28 billion over the past 24 hours. The market peaked just above $222.4 billion, which is the highest since August, according to CoinMarketCap, At this rate, the total market cap is poised to double in value since the start of the year and could do so in relatively short order. Year-to-date, the cryptocurrency market capitalization has increased by more than 76%. | Chart via CoinMarketCap. Bitcoin's (BTC) meteoric surge continued late into the night; the cryptocurrency was last seen trading just below $7,200 for a gain of 12.5%. For a full analysis, read: Bitcoin Launches Through the Stratosphere Following Overnight Rally. Altcoins, Tokens Join the Rally Although bitcoin's dominance rate has swelled to the highest level since December 2017, the largest and most influential altcoins have finally joined the latest rally. The top coins are performing extremely well on Saturday. | Chart via CoinMarketCap. Bitcoin cash (BCH) was the strongest performer among the top-15 cryptocurrencies, gaining 23% to $354.90. That's a new high for the year. Cardano (ADA) also surged, climbing 18.6% to $0.0749. As Hacked reported Thursday, Cardano offered investors a significant discount following a month-long skid, which may have been caused by a delayed development roadmap. Double-digit gains were also reported by Ethereum (ETH), which rose 11.8% to $194.44. The so-called developer's cryptocurrency appears poised to break through $200 for the first time this year. Litecoin (LTC), one of the market's primary catalysts through the first quarter, gained 14.2% on Saturday to reach $88.48. Despite the rally, LTC is still trading below its 2019 peak. EOS climbed 13.7% to reach $5.51. Last month, the Enterprise Operating System peaked near $6.00. Meanwhile, Stellar (XLM) notched gains of 12.3% to reach $0.1037. Since peaking in early April, XLM had struggled to reclaim and hold the 10-cent mark prior to the latest breakout. At the time of writing, the crypto rally is showing no signs of exhaustion. But as we've warned before, overbought resistance is likely to become a factor at some point in the future. Given the massive shift in investor sentiment, any correction will likely be absorbed by those suffering from FOMO. Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading. Featured image courtesy of Shutterstock.

Bitcoin hits $7,000 and rekindles global cryptocurrency market - Irish Times Posted: 13 May 2019 05:53 AM PDT Bitcoin jumped above $7,000 (€6,230) as its longest winning streak since 2013 continued to rekindle the global cryptocurrency market. Monday's 16 per cent advance comes only a few days after the digital asset broke through $6,000 and looks set to boost investor interest in conferences on the technology underlying the biggest crypto asset that are taking place in New York this week. Bitcoin's latest surge happened on Saturday, when the two US exchanges carrying futures are closed, making it potentially difficult for shortsellers to cover their wagers. "Bitcoin is acting differently since moving above its 200-day moving average" and the gains are occurring on strong volume, Fundstrat co-founder Tom Lee, a noted bitcoin bull, wrote in an email. Blockchain Week is under way, co-sponsored by New York City Economic Development, and the Consensus forum is set to start, where people are "expecting a higher-quality conference," Mr Lee said. With fundamental analysts often struggling to explain crypto markets, traders have recently pointed to institutions increasingly embracing digital coins. The likes of Fidelity Investments plans to buy and sell bitcoin for institutional customers soon, and E*Trade is dipping into the trading space. Blockchain Earlier this month, the Bank of Canada and Monetary Authority of Singapore announced that they had sent each other digital currencies using blockchain technology. The most well-known digital token went to as high as $7,324.64, up 16 per cent from Friday, according to composite prices compiled by Bloomberg at 7.52am New York time. Rival coins surged in a broad rally, with bitcoin cash up 26 per cent, and litecoin and ether both at least 12 per cent higher. Hedge funds and other investors had increased their net short bet against bitcoin in the week through May 7th, the US Commodity Futures Trading Commissions said on Friday. When trading opened on Monday, futures traded on CME opened 12 per cent higher. While bitcoin has more than doubled from its post-crash low, the crypto space is by no means free of headaches. Binance, a large crypto exchange, reported a hack of 7,000 bitcoins with about $40 million. The companies behind the digital exchange, Bitfinex and the cryptocurrency tether, recently said that the so-called stablecoin is backed by cash and short-term securities only equal to 74 per cent of the outstanding coins rather than completely pegged to the dollar. And that's aside from the volatility – bitcoin peaked above $19,000 in December 2017 before crashing back to earth in the succeeding months. – Bloomberg

$7,900: Bitcoin's Price Extends Gains to Hit 9-Month High - CoinDesk Posted: 13 May 2019 09:16 AM PDT The price of bitcoin (BTC) surpassed $7,900 today, jumping 16 percent in the process to reach a high not seen in more than nine months. Bitcoin (BTC), with a market capitalization that now accounts for 59.8 percent of the total cryptocurrency market, jumped 16 percent from its opening price of $6,800 to reach $7,889 at 15:10 UTC – its highest price since July 31, 2018, according to CoinDesk's price data. The data further shows that a high of $7,946.01 has been reached during Monday trading. Now trading a $7,805.10, current figures represent a more than 37 percent increase in the past 7-days alone. Since hitting a 2018 price low of $3,112 on December 15, 2018, with a market cap of $56 billion at the time, bitcoin's price has since rallied nearly 150 percent and currently records a market cap of $136 billion, according to CoinMarketCap. As usual when the market leader pics up a strong bid, the USD value of most other cryptocurrencies follows suit. All of the top 20 cryptocurrencies by market cap are recording gains today, the top three performers of which include Binance Coin (BNB), BitcoinCash (BCH), and Dash (DASH) which reported 24-hour gains of 13.8, 12.6, and 12.6 percent, respectively, at time of writing. Disclosure: The author holds several cryptocurrencies. Please see his author bio for more information.  Balloon image via Shutterstock

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