Bitcoin Price Soars To $9200

The biggest and widely accepted cryptocurrency in the world has reach $9200 price level.

According to CoinDesk’s Bitcoin Price Index, it has hit a 40-day high.

It is the highest point since March 14 where it was seen dropping by as much as $800 in a single day of trading.

The lowest price point was on March 30 where it plunged to $6,593.

The current price reflects a 39% gain since the market bottom.

Most of the top five cryptocurrencies by market capitalization are all reaching one-month highs, such as Ethereum whose current price is $660 after dropping to $400 and Bitcoin Cash whose price nearly doubled since April 18, 2018.

The current total cryptocurrency market capitalization reached $400 Billion well above the previous weeks’ average of around $200 billion to $300 billion.

US Federal Reserve Defines Bitcoin

One of the 12 regional Reserve Banks that comprises the Central Bank of United States, The Federal Reserve Bank of St. Louis, conducted a study on the control structures of currencies and whether central banks will adopt cryptocurrencies as a form of payment.

The bank tried to define to whether Bitcoin can be considered a commodity, cash or digital.

The researchers concluded that it is none of them as it takes on traits of all three categories and some unique characteristics that make it impossible to put it on any of the said categories.

The bank also states in its study that each form of money has its own benefits and drawbacks which is the primary reason why many forms of money coexist.

In conclusion to the research, the US Federal Reserve welcomes anonymous cryptocurrencies.

Billionaire Claims Bitcoin Will Be Bigger Than Tesla, Skype And Hotmail Combined

In an Intelligence Squared U.S. debate, billionaire venture capitalist Tim Draper made a bold prediction that bitcoin will Hit $250,000 in four years.

He also stated that it will be bigger than his earlier investments on Skype, Tesla and Hotmail, combined.

He even claimed that bitcoin is the greatest technology since the internet.

Patrick Byrne, CEO of Overstock.com who was with Tim Draper during the debate reaffirmed the latter’s statements stating that bitcoin has never been compromised unlike banks and while bitcoin might be used by bad actors for nefarious reasons the same can be said with fiat also.

Well known OTC Cryptocurrency Desk Doubled Minimum Orders

Jeremy Allaire, CEO of fintech startup Circle stated that the institutional cryptocurrency trading market has increase dramatically despite it entering a bear cycle, so much so that they have double the minimum ticket size to $500,000 USD.

Circle, which has the financial backing of Goldman Sachs has processed more than $100 million worth of cryptocurrency trade.

OTC trading is important to increase institutional adaptation as it enables customers to execute large orders without causing any violent price swings that might upset the crypto market prices.

While Circle’s primary focus is institutional trading, the company is also looking into retail trading as it acquired crypto exchange Poloniex and released an app, Circle invest, that enables users to trade cryptocurrencies commission-free.

Crypto Mining Hashrates Increase Exponential Despite Crypto Market Slump

Despite the massive decline in fiat value of nearly all cryptocurrencies making cryptocurrency mining unprofitable, data shows that computational power of mining crypto, hashrates has exponential increased.

Bitcoin and Bitcoin cash have been maintaining more than 35 exahash per second hashing power, making them one of the most powerful computational systems in the world.

They have eclipsed the other 1500+ digital assets which have also seen an increase of mining power.

This amazing increase of hashing power is also seen with other cryptocurrencies that uses the “Proof-of-work” consensus protocol such as Ethereum and Litecoin.

Both cryptocurrencies have also seen a marked increase in their hashing power in mining operations.

No one can be totally sure to why this is happening but factors we can consider are due to new semiconductors and innovation in mining technology.

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