Another day in Bitcoin. Another all-time high.
It is hard to believe Bitcoin crashed 10 days ago to as low as $5500. The cryptocurrency has shown remarkable resilience in the past week and continue to do so. The prices have since rallied to an all-time high of $8380.
On Tuesday, Tether Treasury wallet experienced a major security breach, leading to the loss of nearly $31 million. Even though the performance of Tether should not impact the price of Bitcoin and other cryptocurrencies in the market, as it is not a fork of a specific cryptocurrency. But it triggered Bitcoin to experience a brief dip, and the prices fell from $8,100 to $7,700.
At the time of writing, price of Bitcoin has receded to $8197, posting a market cap of $136 billion. Despite this climb, Bitcoin short term outlook remains positive. Analysts expect Bitcoin to initiate new rallies in the short-term, given the market’s confidence in Bitcoin’s short and mid-term growth.
A lot of investors and analysts believe the Bitcoin price will reach five-figure before the year ends. One of those analysts is billionaire fund manager Mike Novogratz.
A strong performance by Bitcoin coupled with solid gains from DASH and Monero today, the entire cryptocurrency market has reached an all-time high — $247 billion as of now.
Top Stories from the Crypto World
1. JP Morgan Chase may list Bitcoin Futures
According to the Wall Street Journal, JP Morgan Chase is considering providing access to the Chicago Mercantile Exchange’s (CME) Bitcoin futures trading through its futures platform. The report read:
“J.P. Morgan is considering whether to provide its clients access to CME’s new Bitcoin product through its futures-brokerage unit.”
Oh, the irony… Not long ago, Jamie Dimon, CEO of JP Morgan, called Bitcoin is nothing but ‘fraud’.
2. Cryptocurrencies will not be legally recognized in Russia, says Minister
Nikolai Nikiforov, the Russian minister of communications and mass media, said, “Bitcoin is a foreign project for using blockchain technology, the Russian law will never consider Bitcoin as a legal entity in the jurisdiction of the Russian Federation.”
However, Nikiforov added that it is “quite possible” that Russia could consider using blockchain technology, as well as various digital tokens.
“I think we should go ahead from the technological viewpoint, providing such instruments. It is hardly possible to get anything via restrictions amid digital economic development,” he added.
A good thing to know: This is not the first time we’re seeing state officials saying – Bitcoin is bad. Blockchain is good. Today’s tweet from Nick Szabo sums this up pretty well:
At first, they say it’s “theoretically impossible.”
Then, “Maybe possible, but certainly not practical.”
Then, “But only fringe groups are using it.”
Later,”We are studying it.”
Now: “It is the future. We are here to provide governance and regulation.”
3. South Korean police busts $38 million Bitcoin Ponzi scheme
Seven individuals in the South Korean province of Jeonbuk have been arrested for running a large-scale $38 million scam, alluring middle-aged investors into a Ponzi scheme.
The group targeted new investors in the cryptocurrency market that had no underlying knowledge or understanding of Bitcoin or other cryptocurrencies.
Why it matters: These MLM scams are running in every other country. Where the money goes, scams follow. It’s good that police is cracking down on such activities. If someone is promising you exorbitant returns in this industry, it’s a scam. Also, if it sounds like a scam, it probably is a scam.