Bitcoin (BTC) is one of many different cryptocurrencies but by far the most popular and baffling digital asset. The new eight-month high jump of BTC started showing the sign of the bull market. A single bitcoin is breaking the $6,9151.37 level and showing a market capitalization of $123,000,268,699according to the 24 hrs adjusted volume of $25,253,166,438 on CoinMarketCap data as on May 11, 2019.
Bitcoin (BTC) is on fire and rising more than 9.22%. Such an extreme change is expected but not that early. Cryptocurrency enthusiasts are hailing the gains which Bitcoin (BTC) is making for the past 24 hrs. The market sentiments are already setting the positive stage for all other crypto assets of all levels. Ethereum(ETH) has gained approx. 10% rise and at the time of writing is at $190.56 price, Litecoin (LTC) made a jump of 15.64%, Ripple (XRP) is performing high at 6.99% and Bitcoin Cash (BCH) achieving 12.42% growth. The progressive effects can be seen mostly on all the cryptocurrencies over the last 24 hrs.
As per the analysts, this long term bullish trend would certainly report extreme overbought conditions in the market and continue impacting other digital assets.
The peer-to-peer electronic cash is becoming mainstream in spite of so many negative comments and judgments of the governments and politicians. In fact, the undesirable approach of the governments and economists have seemingly given rise to the interest and adoption of the cryptocurrencies in many countries.
Recently, Brad Sherman, House Democrat from California, calls for a bill to ban all cryptocurrencies. The democrat expressed his intention to introduce the legislation that would result in putting an end on all Americans for buying and selling cryptocurrencies. His words clearly shown the anxiousness of the overpowering impact of digital currencies on the dollar and on the corrupted governments, and in doing so- he wants to protect the country’s standing point as a political and economic powerhouse. According to him, the dollar is the standard unit of international finance and transactions. With the acceptance of Bitcoin (BTC) and other cryptocurrencies, the international power would lose its strong foothold on world economics. It is true to an extent that how can governments rule if it cannot control its money supply because Bitcoin is created through mining which nobody can control, and is traded anonymously between people without the help of a bank.
People are moving forward in accepting and creating sound money which can be accessible to the whole world without intermediary and in doing so central banks would lose control on a large magnitude. No, doubt why the American politician worried to join the cryptocurrency community due to power loss.
Bitcoin Bounced To Nearly $7000- Here’s the Possible Reason
Bitcoin is exploding high and reaching towards $7000, it happens to be due to the technical data and the old price history which are one of the driving forces and leading the chart towards the bull market. The 100-day moving average (MA) calculation has already crossed the 200-day MA over the last few weeks, including a golden crossover that first happened in April last week of 2019.
Reportedly, the improving signs are cropping up due to the increasing awareness of blockchain and digital ledger technology along with the sentiments related to the occurrence of cryptocurrencies.
Interestingly, the news of Facebook’s upcoming FB coin, people are taking more interest in getting an education and involving themselves in the cryptocurrency space, regardless of downbeat government rules and regulations.
Facebook, the world’s largest social media technology giant, enjoying more than two billion users across the globe, now expanding its services with the latest move of ramping up with its next big diplomatic plan to launch a stable coin which reportedly would be pegged with dollar or bucket of currencies. The network is in talks with the venture capital firms to invest in its cryptocurrency project. At the back-end, the astute developers and pay pal employees are already busy in assisting the project.
From Blockchain Capital, venture capital firm partner Spencer Bogart, recently said that Facebook coin- a rival of Bitcoin could actually triple the chance of accepting Bitcoin and other cryptocurrencies worldwide.
“Facebook coin could lit a fire in the pants of every major financial technology and financial institution in the U.S.”
Bogart expressed to Bloomberg on May 8, 2019.