The cryptocurrency market has shown a marked recovery from its bearish mood which saw Bitcoin drop below $6,000 to a near 2018 low. While Bitcoin stands at $6,500 today – an increase of over 2% in 24 hours, crypto analysts say that only an upward movement above key resistance at $6,675 would indicate a bullish reversal.
Several other cryptocurrencies have also witnessed a significant upward price movement in the last 24 hours. Ethereum, at $300, is up by over 4% today, while Ripple has grown by nearly 8%. However, the top crypto performers have risen by 20% or more. Lisk, Ontology, Nano, and Verge have spiked 21%, 37%, 32% and 29% respectively. VeChain has shown the strongest recovery with a price rise of nearly 80%.
VeChain’s surge stems from its impending listing on Coinbase, among other factors. VeChain’s X Node binding service has closed, and the VET token swap service in the VeChainThor mobile wallet has been initiated. The company also announced in a blog post recently that it has been tasked with developing a Drug and Vaccine Traceability solution in China by 2020. The solution is being developed and tested in Shanghai in collaboration with DNV GL, and it will soon be implemented across the entire country. Owing to its comeback, the cryptocurrency has achieved a market capitalization of $800 million, and ranks 19th on CoinMarketCap.
The rest of the cryptocurrency market is reaping the benefits of other positive news which have come out this week.
Exchange Traded Note (ETN) for American Investors is here
Bitcoin Tracker One, an exchange-traded note, which is listed and regulated in Sweden, will also be available to American investors now. The product, which was listed on the Nasdaq Stockholm exchange in 2015, is now quoted in U.S. dollars under the ticker CXBTF, and is being looked at as a gateway to bitcoin investment for American investors. According to OTC Markets Group, American investors will be able to purchase the so-called F shares, and while the trades will be executed in U.S. dollars, they will be settled, cleared and held in custody in their “home market”.
The move is is being deemed as a big win for Bitcoin after the US SEC rejected the Winklevoss brothers’ proposed ETF last month and postponed its decision on the ETFs from VanEck Associates Corp. and SolidX Partners Inc.
Coinbase has filed a patent for Bitcoin payments system
Crypto experts often cite the lack of adoption as a major reason behind the high volatility of cryptocurrencies. In an attempt to solve the problem, Coinbase has filed a patent for a payment portal which would allow users to make payments in Bitcoin directly from their digital wallet.
The system entails the setting up of a “key ceremony” which creates key shares that are combined into an operational master key, which is encrypted and secured with the users’ passphrases. The operational master key can then be used for for private key encryption during checkout and for signing transactions during payments, and deleted after use. The product, coming from one of the top cryptocurrency exchanges worldwide, could significantly boost Bitcoin’s utility value.
According to Brian Armstrong, the CEO of Coinbase, cryptocurrency adoption is growing, as he revealed that from 500 people a day signing up on the platform in 2012/2013, the number has grown to 50,000 a day.
The surge in bitcoin and the cryptocurrency market is also being attributed to heavy buying in Turkey as the Lira plummets. The Turkish Lira has tumbled 20% recently as US dollar grows stronger and investors are flocking to Bitcoin for refuge. Turkey’s biggest cryptocurrency exchanges, Koinim, BTCTurk, and Paribu have reported an increase of 63%, 35% and 100% increase in bitcoin trading volume, respectively.