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Bitcoin price is in no mood to slow down. The cryptocurrency continues the upward momentum to register an all-time high of $6180 for the third time in the past 20 days. The total Bitcoin market cap is now over $100 billion – a major psychological level.
Major Bitcoin markets such as the US and Japan are increasing the volumes rapidly. The US market has started to anticipate the launch of Bitcoin exchange-traded funds (ETFs) in the upcoming months, which were rejected in March.
Such optimistic developments around ETFs and public investment tools around Bitcoin has led to an increase in demand for Bitcoin.
Thanks to more practical regulatory frameworks imposed by governments of Japan and South Korea, markets have significantly matured. The Financial Services Agency (FSA) of Japan has especially focused on providing a transparent and fair market for both businesses and investors, creating a national licensing program for cryptocurrency exchange.
Altcoins, on the other hand, continue to bleed. Every major altcoin has been suffering losses, while Bitcoin is registering all-time highs. Ethereum is struggling to go past $300 even after the successful hard fork. Bitcoin’s dominance in the entire crypto market has increased to 59.1%
It is clear that investors and traders are moving their money from alts to Bitcoin in order to get free SegWit2x coin. It is likely this downward trend of alts will continue until November 18th, after which traders will decide whether to dump those newly minted coins or not.
Top Stories from the Crypto World
1. Bitcoin price nears $10,000 in Zimbabwe
Bitcoin adoption in Zimbabwe is skyrocketing as the country’s economic situation looks bleak. So much so that one BTC in the country is trading at nearly $10,000 on the Golix.io exchange, way below the global average.
LocalBitcoins Zimbabwe has people buying bitcoin at the global average, and some buying the cryptocurrency for cash for well over $10,000 in the country’s capital.
A good thing to know: In the early 2000s, Zimbabwe’s president, Robert Mugabe, encouraged citizens to invade commercial farms mostly owned by UK descendants. Following these invasions, the country’s agriculture collapsed, which led to the Zimbabwe Reserve Bank to run out of money.
2. Charlie Lee’s bet of 250 BTC against Roger Ver is officially on
Lee took it to twitter to announce the terms of the bet. The trade is only applicable if the SegWit2x hardfork to 2MB base block size happens at block 494,784 and that 100 blocks of the SegWit2x chain have been mined after the hardfork on that chain.
3. Bitcoin not mature enough to be regulated: ECB President
Mario Draghi, president of the European Central Bank (ECB), has said that cryptocurrencies are not “mature” enough to be regulated. He said,
“With anything that’s new, people have great expectations and also great uncertainty. Right now, we think that – especially as far as bitcoins and cryptocurrencies are concerned – we don’t think the technology is mature for our consideration.”