Why is bitcoin surging? — Here are 4 possible explanations

“The fact the Binance news was shrugged off was telling. Add in the Bitfinex debacle and you can see that the sentiment really is rising,” Greenspan …

If you haven’t heard, bitcoin is back. The digital currency on Thursday booked its eighth winning session in the past 10 and is on track to log four successive winning months — this after recording six losing months in a row, an unflattering record it had never previously achieved.

The bitcoin BTCUSD, +4.87% rally is nearing 100% off its December 2018 low at $3,200, and year-to-date the cryptocurrency has added 70%.

So what’s behind the rally bitcoin? Here are four potential answers:

Technically driven

One thing the bitcoin rally has done is bust through some closely watched technical levels. Whether it’s the resistance at $4,000, the psychological $5,000 mark or some key momentum indicators, the technical outlook has flipped from lower highs to higher lows.

“Bitcoin’s long-term technical profiles continue to point to a new up cycle,” wrote chart watcher Rob Sluymer of Fundstrat Global Advisors.

“With bitcoin now back to a resistance band near $6,000, similar to where it was in Q2 2015, a pullback would not be surprising. However, rather than sell or attempt to micromanage bitcoin exposure, we would strongly encourage investors to remain focused on the longer-term bottoming profile developing,” he said.

Bitcoin, per Fundstrat Global Advisors

Moreover, bitcoin broke above closely observed 200-day moving average, and on April 23, the digital asset scored a golden cross, where the 50-day moving average crosses above the 200-day moving average — underlining its upside momentum.

Read:Bitcoin rises from the ashes

The adoption argument

Arguably, bitcoin’s biggest battle is getting people to use it. Whether as a store of value or a medium of exchange, digital assets have struggled to garner attention, especially from institutional investors.

But, according to a recent Fidelity survey, this is slowly changing. The Boston-based asset manager said nearly half of institutional investors believe digital assets can play a role in their portfolio, while 22% already own some form of digital currency.

“We’ve been seeing steady growth and adoption in the industry, and prices are starting to get in line with the usage of bitcoin,” said Mati Greenspan, senior market analyst at eToro.

Read:More than 20% of institutional investors already own digital assets, Fidelity survey finds

Is sentiment shifting?

Bitcoin, for the first time in a while, is shrugging off bad news. The industry, which is prone to negative headlines, including exchange heists and malfunctions, or the use of cryptos for illicit activity, has been back in the headlines.

“The fact the Binance news was shrugged off was telling. Add in the Bitfinex debacle and you can see that the sentiment really is rising,” Greenspan added.

Binance, one of the largest cryptocurrency exchanges said on Tuesday that hackers stole more than $40 million worth of bitcoin. And on April 26, the New York Attorney General accused crypto exchange Bitfinex and Tether of an $850 million coverup.

But the digital currency barely flinched. After a momentary selloff, bitcoin resumed its march higher.

Read:More than $40 million in bitcoin stolen in hack of world’s biggest cryptocurrency exchange

Are people actually dropping gold?

Or maybe people are trading in a popular haven asset for a slice of digital currency.

On May 1, Grayscale Investments, a subsidiary of Digital Currency Group, kicked off a provocative ad campaign to promote bitcoin as a better alternative to gold. The campaign, which employed the social-media hashtag #DropGold, promoted bitcoin as a better store of value, arguing it’s more secure and borderless.

Read:Bitcoin tycoon Silbert kicks off ad campaign against ‘overpriced metal’ gold

And, it turns out the gold bugs were watching. A day after the campaign launched, the World Gold Council rolled out another explanation as to why cryptocurrencies are no substitute to gold. “Cryptocurrencies extreme daily and intraday volatility disrupts its use as a medium of exchange and discourages strategic investments,” wrote Adam Perlaky, manager of investment research at the World Gold Council.

But, maybe the ad got some investors reassessing their gold investments. On May 7, six days after the ad kicked off, the Grayscale Bitcoin Trust GBTC, +5.41% topped the list of the most actively traded stock on OTC Market Group.

As always, there’s myriad theories behind each and every bitcoin move, but after a torrid 18 months for bitcoin bulls, it doesn’t really matter why it’s up. And on Friday it was up again, rising 2.6% to $6,290.

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Why BTC is not Bitcoin

BTC has strayed completely away from the original definition and design of Bitcoin as explained by Satoshi Nakamoto in his white paper on the …

Regardless of what some may believe, Bitcoin Core (BTC) is not Bitcoin. BTC has strayed completely away from the original definition and design of Bitcoin as explained by Satoshi Nakamoto in his white paper on the subject. If one were to compare the characteristics of Bitcoin and BTC side by side, the differences would become glaringly obvious. Dr. Craig Wright, who knows Bitcoin better than anyone else on the planet—he should; he designed it—explains in a Medium post some of the reasons why BTC is not Bitcoin.

Wright leads off by attempting to set the record straight on Bitcoin. He explains, “Firstly, there is the fallacy that Satoshi acted in a particular way. The reality is that as Satoshi, I interacted with people who held views that differed from mine. In creating Bitcoin, I sought to create an honest and legally enforceable cash system. To be cash, that is to be money, Bitcoin needs to be neutral. It is not a system that is friendly to crime but a system that is friendly to most people. Such are people who act across the law in a variety of ways.”

Bitcoin was designed to be private, not anonymous. A look at a number of the digital currency offerings shows how the idea of privacy has been completely bastardized and misdefined by a number of crypto developers looking to support their own agendas.

Bitcoin was really, in essence, according to Wright, designed to allow people to conduct transactions without having to use a credit or debit card. Perhaps they don’t own one, they don’t want to give it out, or perhaps they don’t want to get stuck with a recurring bill. Regardless of the reason, Bitcoin was to offer an easy, peer-to-peer solution for a number of problems.

Wright explains, “There is a great falsehood about Bitcoin that has been spread by such people seeking to hijack the platform and create something else. It is the claim that Bitcoin was anti-authority. Bitcoin is an immutable log and an immutable evidence trail. Bitcoin is a form of money that is traceable allowing for the requirements of a sound and honest money dictated by Joseph Stiglitz. Unfortunately, the people who sought e-gold and DigiCash and tried to create bit gold did not want Bitcoin. Such groups sought something completely different to what Bitcoin is, and have hijacked the narrative.”

Despite a believe by some crypto fans that Bitcoin can operate with governments, this is a fallacy that shows how little these individuals understand of currency, Bitcoin and governments. Wright states in his post, “Bitcoin doesn’t stop banking fraud and doesn’t stop fraud at all. Fraud is stopped when you have requirements to act under law and Bitcoin as an evidentiary trail. The point is, Bitcoin reduces the need for certain governmental controls when government exists.”

Developers have already shown that they can—and will—change digital currencies to suit their own needs. This is precisely the issue Bitcoin was striving to address—the ability of a central government to change currencies on a whim. This is why BTC, and other coins like it, are not Bitcoin and why they will ultimately fail. It is also the reason that Bitcoin SV is the original—and only—Bitcoin and why it will ultimately succeed.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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Facebook wants to test its cryptocurrency in a country that’s trying to ban it altogether

India’s central bank, the Reserve Bank of India (RBI), has clamped down on virtual currencies, banning new investments and future transactions …

  • India is going to be the testing grounds for Facebook’s attempt at building a ‘stable’ cryptocurrency.
  • The tech giant plans to pilot the stablecoin project in India as the country’s market still has room to expand, according to industry insiders.
  • India’s central bank has not been very welcoming to the idea of virtual currencies.

Most crypto currencies are infamous for their volatility but Facebook is trying to change that. And, India might have the front row seats to the social networking giant’s first attempt at building a stablecoin according to Bloomberg.

Insiders say that India has been chosen for pilot testing the virtual currency, as the country’s cryptocurrency market has room to expand.

The ultimate aim is to target the Indian remittances market using the stablecoin via WhatsApp, to facilitate overseas transactions.


India’s indecision



But Facebook might have got the timing wrong. India’s central bank, the Reserve Bank of India (RBI), has clamped down on virtual currencies, banning new investments and future transactions — much to the dismay of its passionate advocates.

The ban came in despite media reports that a government committee had favoured virtual currencies in India, just a few weeks back. A member of the committee had stated, “There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders.”

The Indian government is looking to make it the ban official with ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies bill 2019’, a draft bill that is yet to turn into law, under the Prevention of Money Laundering Act (PMLA).

Troubled waters for Facebook



Facebook-owned WhatsApp Pay has been in the beta testing mode, for over a year now with no signs of an official launch in the horizon.

The primary reason for that is RBI’s new data localization policy which requires all financial data of Indian users to stored on local servers — a roadblock Facebook is yet to overcome.


When it comes to stablecoin or what some call ‘Project:Libra’, most of the details are classified. But, insiders say that Facebook’s new cryptocurrency could be either be pegged to the US dollar or a basket of currencies, to keep it stable.

Facebook is expected to make an official announcement about stablecoin in the next quarter but an official launch is still far away.

Perhaps, by the time that it’s ready to go live, India’s digital economy will be more accepting.

Tezos (XTZ) Trading Down 15% Over Last Week

Tezos (CURRENCY:XTZ) traded down 6% against the U.S. dollar during the 1 day period ending at 19:00 PM Eastern on May 9th. Tezos has a market …

Tezos (CURRENCY:XTZ) traded down 6% against the U.S. dollar during the 1 day period ending at 19:00 PM Eastern on May 9th. Tezos has a market capitalization of $729.00 million and approximately $5.49 million worth of Tezos was traded on exchanges in the last 24 hours. One Tezos coin can currently be purchased for $1.10 or 0.00017871 BTC on popular exchanges including $32.15, $18.94, $10.39 and $51.55. In the last week, Tezos has traded 15% lower against the U.S. dollar.

Here is how related cryptocurrencies have performed in the last 24 hours:

  • GXChain (GXC) traded 1.7% lower against the dollar and now trades at $0.96 or 0.00015474 BTC.
  • Apex (CPX) traded 7.8% lower against the dollar and now trades at $0.0080 or 0.00000129 BTC.
  • Smoke (SMOKE) traded flat against the dollar and now trades at $0.0444 or 0.00001179 BTC.
  • DAPPSTER (DLISK) traded flat against the dollar and now trades at $0.0004 or 0.00000006 BTC.
  • Tezos (Pre-Launch) (XTZ) traded down 16.1% against the dollar and now trades at $3.26 or 0.00049283 BTC.

About Tezos

Tezos uses the hashing algorithm. It was first traded on July 1st, 2017. Tezos’ total supply is 793,681,802 coins and its circulating supply is 660,473,159 coins. The Reddit community for Tezos is /r/tezos and the currency’s Github account can be viewed here. The official website for Tezos is www.tezos.com. Tezos’ official Twitter account is @tez0s and its Facebook page is accessible here. Tezos’ official message board is www.tezos.ch.

Buying and Selling Tezos

Tezos can be bought or sold on these cryptocurrency exchanges: $24.43, $33.94, $51.55, $18.94, $24.68, $32.15, $13.77, $5.60, $10.39, $20.33, $50.98 and $7.50. It is usually not presently possible to buy alternative cryptocurrencies such as Tezos directly using U.S. dollars. Investors seeking to trade Tezos should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Gemini, Coinbase or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to buy Tezos using one of the exchanges listed above.

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PinkCoin (PINK) Price Hits $0.0017 on Top Exchanges

One PinkCoin coin can now be purchased for about $0.0017 or 0.00000027 BTC on cryptocurrency exchanges including Bittrex, Cryptohub, …

PinkCoin logoPinkCoin (CURRENCY:PINK) traded down 1% against the US dollar during the 1-day period ending at 16:00 PM Eastern on May 9th. In the last seven days, PinkCoin has traded down 8.2% against the US dollar. PinkCoin has a total market cap of $671,179.00 and approximately $1,795.00 worth of PinkCoin was traded on exchanges in the last day. One PinkCoin coin can now be purchased for about $0.0017 or 0.00000027 BTC on cryptocurrency exchanges including Bittrex, Cryptohub, SouthXchange and Cryptopia.

Here is how similar cryptocurrencies have performed in the last day:

  • Dash (DASH) traded down 5.4% against the dollar and now trades at $111.06 or 0.01820180 BTC.
  • Enigma (ENG) traded down 4.6% against the dollar and now trades at $0.39 or 0.00006455 BTC.
  • CPChain (CPC) traded 3.9% higher against the dollar and now trades at $0.0143 or 0.00000235 BTC.
  • I/O Coin (IOC) traded down 0.2% against the dollar and now trades at $0.29 or 0.00004770 BTC.
  • WeAreSatoshi (WSX) traded 2.7% higher against the dollar and now trades at $0.16 or 0.00002989 BTC.
  • BitSend (BSD) traded 0.4% higher against the dollar and now trades at $0.0729 or 0.00001195 BTC.
  • Xriba (XRA) traded 4% higher against the dollar and now trades at $0.0150 or 0.00000245 BTC.
  • EuropeCoin (ERC) traded flat against the dollar and now trades at $0.11 or 0.00001755 BTC.
  • B3Coin (KB3) traded up 22.8% against the dollar and now trades at $0.0015 or 0.00000024 BTC.
  • Memetic / PepeCoin (MEME) traded up 3% against the dollar and now trades at $0.0352 or 0.00000577 BTC.

PinkCoin Coin Profile

PinkCoin (CRYPTO:PINK) is a PoW/PoS coin that uses the X11 hashing algorithm. It was first traded on May 2nd, 2014. PinkCoin’s total supply is 431,821,974 coins and its circulating supply is 406,561,538 coins. PinkCoin’s official Twitter account is @Pinkcoin_ and its Facebook page is accessible here. The Reddit community for PinkCoin is /r/pinkcoin and the currency’s Github account can be viewed here. The official message board for PinkCoin is slack.with.pink. PinkCoin’s official website is getstarted.with.pink.

Buying and Selling PinkCoin

PinkCoin can be traded on these cryptocurrency exchanges: Bittrex, Cryptopia, Cryptohub and SouthXchange. It is usually not presently possible to buy alternative cryptocurrencies such as PinkCoin directly using U.S. dollars. Investors seeking to trade PinkCoin should first buy Ethereum or Bitcoin using an exchange that deals in U.S. dollars such as Changelly, Gemini or GDAX. Investors can then use their newly-acquired Ethereum or Bitcoin to buy PinkCoin using one of the exchanges listed above.

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