Wednesday, Bitcoin experienced its largest one-day price move since the peak of its bull run in January 2018, hitting a high of $13,748 on Voyager. Its wild run ignited a wave of speculation that BTC was fast-tracking past its all-time high, with some predicting it would even add another zero to its price tag.
On June 26th, another record was broken, Bitcoin futures trading on the CME hit an all-time high trading volume of $1.6 billion and record open interest for Bitcoin contracts of $373 million.
The Libra Effect
A steady upward trend had been developing for months, but many experts credited the announcement of Facebook's cryptocurrency, Libra, for this week's spike.
“One of the largest companies in the world said we believe in cryptocurrencies. [...] If you’re an institutional investor who’s getting close and still worried about investing, it makes you that much more confident,” said Mike Novogratz, founder of Galaxy Digital to CNBC.
Unfortunately, the euphoria was short-lived. Bitcoin lost nearly the same amount it gained in half the time in a flash crash that knocked the wind out of the entire market. BTC fell to almost $10,000, recovering to around $12,000 Friday morning.
The short term price movements of the crypto market can feel pretty catastrophic. Just take a look at Thursday's one-day price chart:
But zoom out a bit, and things aren't so bad. One week,
and even one year chart...
...look pretty awesome.
Bitcoin is still up more than 150 percent this year. Adoption across the market is exploding. The largest companies in the world are investing in cryptocurrencies and even creating their own.
For example, this year alone, IOTA announced a partnership to integrate with Jaguar Land Rover (Learn more here), IBM unveiled World Wire, a global payments system that connects banks via the Stellar network, and Deloitte announced that it would be launching a “very large” project on the Ethereum blockchain.
Real-world adoption is happening, and that’s why I'm in it for the long haul, but in the short-term, I’ll be trading this volatility!
I sat down with the founder of IOTA, Dominik Schiener to talk about how the foundation came to be, their new partnership with Jaguar Land Rover, and more. Listen now.
Members of the U.S. House of Representatives questioned Financial Crime Enforcement Network (FinCEN) director Kenneth Blanco about Facebook’s planned cryptocurrency Thursday. Read more.
According to a report from Bloomberg Japan on Tuesday, Umar Farooq, the investment bank’s head of digital treasury services and blockchain, said that customers would trial the technology with the ultimate aim of speeding up transactions, such as payments between firms and bond transactions. Read more.
ThinkMarkets chief market analyst Naeem Aslam predicts that bitcoin (BTC) will hit somewhere between $60,000 and $100,000 during its next bull run, according to a Fox Business interview on June 24. Read more.
You can’t pull up any major finance or tech publication today without finding stories on the crypto market or blockchain news. Experts constantly talk about the future of crypto, while amateur and professional investors eagerly manage their cryptos in anticipation of the great dream of a crypto-first future. Read more.
Bitcoin, which collapsed to a low of $3,100 in December, smashed through the $11,000 mark on Sunday after breaking through the critical $10,000 level. Both levels were considered highly unlikely only a few weeks ago. Read more.
The social media giant’s career website now lists 31 job openings requiring some blockchain expertise. Six of them are for Calibra, Facebook’s wallet app for Libra. These are all jobs for data scientists and engineers, who will analyze how users interact with Calibra and other Facebook services. Read more.
Countries need to apply more stringent requirements on crypto firms that transfer customer funds, the Financial Action Task Force (FATF) said in an updated guidance, per The Wall Street Journal. Read more.
Indian cryptocurrency exchange Koinex has announced that it is closing its operations today, citing lack of banking support and regulatory uncertainty in the country. Read more.
Users of Android phones and desktop computers have had the option to use Opera’s blockchain-friendly browser for months now, but iPhone owners have been left out of the fun.
That’s now changed with the launch of the latest version of Opera Touch for iOS. Read more.
Facebook Inc. unveiled plans for a new cryptocurrency called Libra this week. When it launches in 2020 or later, it will be a stablecoin–a digital currency that doesn’t fluctuate much because it’s supported by established government-backed currencies and securities. Read more.
Bitcoin has done it again, hitting a new 2019 high above $12,000 before retracing slightly. At 21:00 UTC on June 25, the world’s largest cryptocurrency by market capitalization broke from sideways trading after being held beneath $11,400 for over 11 hours. Read more.
According to a report from local news source Interfax.ru, Deputy Finance Minister Alexei Moiseyev told journalists on Friday that among the options currently being discussed is to allow the buying and selling of cryptocurrencies. Crypto payments are not on the table, however. Read more.
Bitcoin and cryptocurrencies exploded into the public consciousness in late 2017 at the culmination of an epic year-long rally that saw the bitcoin price go from under $10,000 per bitcoin to almost $20,000 in fewer than 20 days. Read more.