What is the cause for massive swing in "Bitcoin"

 

Massive Upswing for Bitcoin – What Was the Cause?

After trading sideways within a fairly tight range for the first part of April 2018, the price of bitcoin suddenly shot up on April 12. It started with a fairly abrupt fall from $6900 to $6750 around 7.45 AM GMT and slowly recovered back to $6900 by noon. Some traders that look for significant price movements will have picked up on the sharp downtrend and bought bitcoin in the hope that it would recover quickly. At $6750 it could have declined further as many bears have been predicting sub $5,000 since it started its bear run at the end of 2017.

Lawsuit Filed Against JPMorgan Chase Bank for Allegedly Overcharging for Cryptocurrency Purchases

Before bitcoin went on a parabolic growth spurt in the last few months of 2017, JPMorgan CEO, Jamie Dimon, said it was a bubble and that, eventually, it would end badly. He compared bitcoin to the 17th-century tulip bulb craze but did confirm that his daughter owned bitcoin. At the time, his company was already evaluating blockchain technology to reduce trading costs. Now a lawsuit has been filed against the corporation for overcharging crypto users. It would appear that JPMorgan consider themselves opposed to the cryptocurrency community.

22 European Countries Sign Declaration to Join Blockchain Partnership

Reports from the EU Commission’s “Digital Day” confirm that 22 countries have signed a declaration to establish a European Blockchain Partnership. Today the European Commission brought together ministers, representatives of EU countries, and industry, academic, and civil society reps to encourage cooperation in the digital single market and blockchain as one of the technologies on the agenda.

Blockchain is Blooming – An Editorial

How’s your year in crypto going? Whatever your answer to that question is, you can rest assured that your answer applies to most people involved in crypto. Mine’s the same, but are you sensing change? Are you seeing the FUD dissipating and being replaced with new-found optimism?

Disrupting Education & Career Development with Open Source University (Video)

We are extremely excited to have had the opportunity to interview Momchil Jambazov from Open Source University.

The Current State of the Markets

Overall Market Cap

The overall cap is at $300 billion ($323,007,213,587). Here we can see a huge rise. A possible reason for this is because bitcoin had a flash rise in its price over the space of a day. Some are saying this could be a sign of a bull run.

Here is a zoomed-in version from Wednesday to today. This is an outlandishly sharp rise considering the conditions of the market for the last few months.



Bitcoin
Bitcoin’s price is currently at $8,053.36. The rise in its price for the last day visibly shows the sharpest upward movement of the last weeks for the coin.

Here is a zoomed-in version for Wednesday to today. This rise was so powerful that it moved bitcoin from the $6000 bracket to the $8000 bracket.

Ethereum
Ethereum’s price is currently at $513.23.

Here is a zoomed-in version from Wednesday to today. Ethereum is following the same trends as Bitcoin at the moment, although it seems to have a more jagged rise upward.



Binance Coin
Binance Coin's price is currently at $13.07. A likely reason for its rise is that it will be conducting a 'burning session' where Binance will remove a substantial amount of its circulating supply as a means of raising price and providing stability.

Here is a zoomed-in version from Wednesday to today. This is perhaps the most outlandish rise of any coin this week.


In the last 24 hours, the top performing cryptocurrency on the market was:
GoldMint (MNTP): GoldMint is a stablecoin backed by gold, meaning that it is designed to be considerably less volatile than most other cryptocurrencies. This is a proof-of-stake coin which is designed to have a hard cap.
GoldMint has risen by 90.03%. Its current price is $4.82.
In the last 24 hours, the worst performing cryptocurrency on the market was:
Stellite (XTL): Stellite is a decentralised and private blockchain that boasts being the first currency to link IPFS and ZeroNet together. One of its most impressive features is that it allows for non-destructive mining on all devices such as phones and laptops. This means that you could mine XTL on your phone for days at a time without ever degrading the GPU, CPU, or any other components.
Stellite has fallen by 19.81%. Its current price is $0.0011.

Thank you for reading.

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