The bull run can only continue for so long. A slight correction is only fair. Bitcoin price on Tuesday dropped to as low as $3854 (likely due to Korean sell off) but soon bounced back to over $4000. Korean exchange Bithumb with BTC/KRW pair continues to lead the charts in daily volumes and dominate the Bitcoin market.
It wasn’t just Bitcoin, almost every top 10 cryptocurrency saw significant losses in daily volumes and market cap. The entire cryptocurrency market cap saw a sharp decline from $141 billion to $136 billion.
Analysts believe this uptick will potentially continue and test resistance levels at $4600 and then $4800. Interestingly, two days ago Bitcoin market cap surpassed Paypal’s total valuation of $70 billion.
On the other hand North Korea is showing signs of backing down from its missile strike threats on Guam. If the tensions ease off, we could see further decline in price.
Top Stories from the Crypto World
1. Ethereum network records all time high daily transactions
410,000 total transaction in the last 24 hours to be precise. This number is the highest ever recorded for any public blockchain. Vitalik Buterin, co-founder of Ethereum, took it to Twitter to announce the good news.
Ethereum price has remained fairly stable over the past week hovering around $300, while Bitcoin is aiming for the moon. Just goes to show there is no correlation between the two.
2. Three Ukrainian lawmakers hold more than $45 million worth of Bitcoin
The three lawmakers are all members of the “Petro Poroshenko Block,” which constitutes the largest grouping of legislators within the Parliament. These disclosures come as Ukraine inches toward regulating Bitcoin and other cryptocurrencies.
3. Bitcoin Cash integration is not so simple, says Trezor
As soon as the hard fork took place on August 1st, Trezor came out to say it will support BCH integration in its wallet. A fortnight later, the company finds out it’s not so easy after all.
Apparently, the deployment of the BCH implementation of Bitcore (which is a backend for all cryptocurrencies supported by the Trezor wallet) is causing several problems. That said, sooner or later Trezor eventually will support BCH.
PS: Someone recently sent more than $165 million in Bitcoin with less than $1 fees! We need more such transactions for Bitcoin to truly shine.