After a massive correction yesterday, the crypto market managed to rebound in less than 24 hours. The majority of the coins rose by 10-20% after more than a 30% fall on Friday. The total digital currency market capitalization went from $650 billion to $430 billion yesterday and has now rebounded to $585 billion.
Bitcoin Cash recorded the largest gain in the top 20 cryptocurrencies with a 52% overnight price increase. Others including, Bitcoin, Ethereum, Ripple, Litecoin, Cardano, and Dash have all increased by more than 20%.
Analysts like Alan Silbert and Robert Reid noted that throughout 2017, the price of Bitcoin has fallen by more than 30% on six occasions, but after each correction, Bitcoin recorded a significant gain in value. According to Max Keiser, Bitcoin will initiate a new rally and surpass through $20,000 with ease in the short-term.
Out of all the cryptocurrencies, Bitcoin, in particular, demonstrated a rapid increase in demand from global markets including the US, Japan, and South Korea, as the daily trading volume of the cryptocurrency spiked to $15 billion – a volume that is larger than that of most stock markets.
Could we see another Bitcoin rally in the short term? Perhaps. This week, it was reported that the Chicago Board Options Exchange (Cboe), and the New York Stock Exchange (NYSE) have filed bitcoin exchange-traded fund (ETF) applications to the US Securities and Exchange Commission (SEC).
The major difference between futures and ETFs is that the latter is more accessible to individual investors and traders in the stock market. If a Bitcoin ETF is launched, any investor in a major stock market such as NYSE or the Nasdaq can trade Bitcoin very easily. This will pump the Bitcoin price to the moon!
Top Stories from the Crypto World
1. NiceHash back online, promises to pay users back
Earlier this month, Slovenia-based Bitcoin mining marketplace NiceHash was successfully breached, resulting in the loss of about 4,700 Bitcoin, at the time worth $62 million.
Today, the company’s CEO Marko Kobal, along with co-founder Sasa Coh, addressed user concerns through a Facebook livestream. They said that due to the company’s success, it “became a target,” adding that someone “really wanted to bring us down.”
During the livestream, some users claimed to believe it was all an inside job, partly because the company’s representatives declined to comment whether they would restore user wallets or not.
Although, in a letter sent to its users signed by company’s CMO Andrej Skraba, the question has now been answered: wallets will be restored. Andrej said:
“We are happy to announce we have been able to reserve the funds required to restore balances from a group of international investors. Old balances will, therefore, be restored by January 31, 2018. We need this interim period to ensure all legal paperwork is processed correctly, so please be patient while we do this.”
2. Germany joins European drive for global Bitcoin regulation
Germany’s Finance Ministry welcomed French Finance Minister Bruno Le Maire’s proposal to ask the Group of 20 to consider joint Bitcoin regulation. The Italian government shares these concerns and is open to regulation, while the European Union supports Bitcoin rules that the U.K. wants.
The German Finance Ministry said it makes sense to consider virtual currencies’ speculative risks and their effects on the international financial system. The ministry said the next meeting of G-20 finance ministers and central bank governors would be an opportune time to discuss the issue.
3. Wikileaks to accept additional cryptocurrencies for donations
Wikileaks founder Julian Assange recently tweeted saying that the FPF shutdown as “richly ironic” since it the organization was founded to stop economic censorship against Wikileaks.
He stated, “Like our response to the first banking blockade, (Wikileaks) will open up additional crypto-currencies. Those wanting to contribute to Wikileaks can already use Bitcoin, Litecoin and the ultra-private monero and zcash.”
Assange also added that users can purchase Wikileaks merchandise on its online shop and use a variety of payment methods including cryptocurrencies.