Bitcoin makes its way above $7,000, altcoins follow the lead

Market is on fire as Bitcoin targets at $9,500

Here’s what you need to know on Thursday

Markets:

BTC/USD is getting close to $9300 amid strong rally during early Asian hours. The first digital coin has gained 19.5% in the recent 24 hours and 7.5% since the beginning of Thursday. Now it is trading within the strong short-term bullish bias amid high volatility.

At the time of writing, ETH/USD is changing hands at $226.40. The price tested $227.30 during early Asian hours and the upside momentum is gaining traction. The second-largest coin increased by 12% on a day-to-day basis and 5% since the beginning of Wednesday. Now ETH is moving within a short-term bullish trend. The volatility is expanding.

XRP/USD is changing hands at $0.2348. The coin has increased by 5% since the start of the day and gained over 9% in the recent 24 hours amid growing bullish sentiments.  From the short-term perspective, XRP/USD is trading within a bullish trend amid high volatility.

Among the 100 most important cryptocurrencies, Streamr DATAcoin  (DATA) $0.0808 (+63.8%), Siacoin (SC) $0.0023 (+35.6%), OmiseGO (OMG) $0.8119 (+20.8%). The day’s losers are Komodo (KMD) $0.5529 (-3.2%), ), Enjin Coin (ENJ) $0.1416 (-0.7%), ABBC Coin (ABBC) $0.1174 (-0.2$).

Chart of the day:
BTC/USD, daily chart

Market

A famous macro and a co-founder of Gold Bullion International, Dan Tapier, believes that it will take years for people to understand Bitcoin and its benefits for the global economy. In his recent tweet, he said that human ability to understand money has barely improved over the past one hundred and fifty years.

It’s a 150 years later and we are still making the same mistake. Think about how much else has changed.So little progress in understanding money.Will still take years before people understand #bitcoin.

In a picture that accompanied the tweet, he showed an investor in gold as opposed to a holder of unbacked fiat currencies.

Industry

YouTube blocked the account of Ripple’s CTO David Schwartz. The platform assumed that his profile was a scam that had been impersonating someone else. Moreover, Schwartz is also prohibited to access other YouTube channels wrote on Twitter: 

Weirdly, @YouTube just decided to suspend my channel (SJoelKatz) for impersonation. I wonder who they think I was impersonating. “Please be aware that you are prohibited from accessing, possessing or creating any other YouTube accounts.” — Does this mean I can’t watch any YouTube videos anymore?

Notably, earlier this month Ripple filed a lawsuit against YouTube for negligence towards frauds and free XRP giveaway scams promoted in the name of the company or its top management.

A cryptocurrency exchange Bitfinex announced the distribution of 35,000 EOS tokens, worth about $100,000 within the framework of its Staking Rewards Program. The program allows the exchange customers to earn up to 10% on their deposited and held tokens annually. Apart from EOS, the platform plans to add the staking support for Cosmos (ATOM) and v.systems (VSYS), with Tezos (XTZ). Paolo Ardoino, CTO at Bitfinex, commented:

We accumulated a good amount of EOS in recent weeks and are delighted to announce the distribution of staking rewards,” said . “As an exchange, we value the loyalty of our customers and are always looking to innovate in such a way that we can give something back of real value to our growing active user base.

Regulation

Fabio Panetta, Member of the Executive Board of the ECB, dwelled upon the benefits of digital euro and mentioned that market-led digital currencies could co-exist with the cryptocurrency issued by central banks. He also added that the regulators are engaged in exploring risks and benefits of introducing the central bank-based digital currency that can be used by retail customers and institutions via electronic devices for every-day spending.

However, our analysis of the opportunities and challenges of central bank digital currencies – which will consider the experience of the COVID-19 crisis – should not discourage or crowd out market-led initiatives aimed at introducing private electronic means of payment with similar features in terms of user needs, he said.

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