Crypto market edged higher as Bitcoin conquered 8,000 USD mark | Finance and Markets

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Crypto market edged higher on Wednesday with almost all digital currencies edging higher. Bitcoin added 2.35% to 8,000 USD as of 8:05 a.m. ET, starting up uptrend movement from 7,778 USD on June 11 noon. The cryptocurrency broke the 100 hourly simple moving average (SMA) and headed upwards. The total 24-hour trading volume rose slightly to 18 billion USD with a total market cap of the world’s leading cryptocurrency rising to 142 billion USD.

Bitcoin is in a stable uptrend since the beginning of the year, rising by 114% from 3,746 USD to 8,000 USD.

Bitcoin trend graph

The latest rise of the cryptocurrency might be the beginning of the new climbing, which is expected to raise the price to over 10,000 USD. However, several times during the last weeks Bitcoin failed to gain momentum above 8,000 USD and declined.

However, there are a many pessimists about the cryptocurrency price. A former Wall Street executive has warned bitcoin’s long bitter bear market—known as crypto winter for its debilitating effect on the market—might not yet be over.

“I don’t see too much external money coming into the Bitcoin and cryptocurrency space”, said the former financial analyst at US banking giant JPMorgan Tone Vays, warning investors not to trust the recent rally in the Bitcoin and crypto markets. Vays did, however, reiterate his previous statement that he thinks “everyone should have some bitcoin” and that it is unlikely that bitcoin can dip below 2,000 USD “at this point”.

The former banker made a 250,000 USD bet in March that Bitcoin will fall below the 2,000 USD price point before the 2024 bitcoin halving.

Bitcoin and cryptocurrency investors are divided on where they see the market going after this year’s strong rallies, with some expecting the coming bitcoin halvening event next year to drive price higher, while moves from the likes of social media giant Facebook to step into the bitcoin and crypto game have led to renewed mainstream interest in the sector.

Others are worried the gains made so far this year are overblown and a course correction is inevitable.

Crypto market recap

Crypto market is into the green today with major cryptocurrencies adding about 2-3% to their values.

Ethereum added 2.92% to 248.89 USD, while Ripple’s XRP rose by 1.63% to 0.3964 USD. Bitcoin Cash and EOS are also marginally higher, growing by 1.57% and 1.22%, respectively.

Best performers today were Litecoin and Binance Coin, which appreciated by 9.2% and 6.2%, respectively. Litecoin hits 13-Month high and already rallied more than 100% in the last six weeks, so a pullback to 120 USD could be seen before further gains. The gain of the cryptocurrency comes amid the mining reward halving due on August 8 – a process that could lead to a supply deficit and a resultant upwards pressure on prices. Currently, Litecoin is traded at 138.74 USD.

Cardano also reports a strong increase, adding 12% to its value during the last 24 hours.

The total cryptocurrency market value rose to 256.840 billion USD, recovering some of the recent corrections.

Crypto News

Visa provides blockchain payment service between businesses
The US payment giant Visa launches cross-border payment network using some aspects of blockchain technology. The network, called “Visa B2B Connect”, is designed to facilitate international payments made by global financial institutions by allowing direct interbank transactions.

According to the report, the network already covers 30 trading channels around the world to allow for faster and cheaper cross-border payments. It is expected that within 2019 the market will expand to 90 channels.

According to the Visa B2B Connect report, it is partially based on a blockchain technology that includes Hyperledger elements, Open Source for Distributed ledger (DLT), developed by a Linux Foundation-led group.

The new network is the result of collaboration with IBM’s global technology giant, as well as the e-payments operator Bottomline Technologies and the finest company FIST.

IEO raised 750,000 USD in 8 seconds
The initial exchange offering (IEO) of the Standard Tokenization Protocol (STP) raised 750,000 USD in 8 seconds. The project says they offer a decentralized open-source standard for tokenisation and issuance of each asset.

“We are excited to continue with the introduction of a powerful funding mechanism for other companies that could potentially save billions of financing costs while remaining fully compatible with each jurisdiction”, said the STP founder Mike Chen.

STP claims that tokens can be earned through a “Proof of Bet” to “stimulate the management model that keeps validators effective”.

A total of 75 million STPT tokens were sold at the time of supply. Standard Tokenization Protocol earlier collected 7 million USD through two private circles led by prominent risky capitalists.

Also in May, the rival Tokenized has launched a protocol that allows companies to create real-world Token assets including Bitcoin SV (BSV) block shares and memberships.