Cryptocurrency prices surged on Thursday, led by a big jump in bitcoin.
The entire market capitalization or value of cryptocurrencies jumped $35.3 billion in 24 hours as of 2.19 p.m.Singapore time, according to data from CoinMarketCap.com.
Bitcoin, which accounts for most of that movement, was at $9,388.30 or up 18.57% in the last 24 hours as of 2.03 p.m. Singapore time, Coindesk data showed. That's the highest level since March 7.
Cryptocurrencies saw two major bouts of selling in Marchamid the broader plunge in equity markets. But they have now recovered that ground.
Industry participants attribute this to two factors central bank monetary policy as well as an upcoming event known as bitcoin halving.
Major central banks around the world have unveiled huge stimulus packages to cushion the economic fallout from the coronavirus pandemic. They have also signaled their willingness to do more. This has been a factor behind the recent rise in stock markets in past few days, and has filtered through to bitcoin and other cryptocurrencies.
"My sense is that overall markets are not reflecting reality on the ground though, but this is also the result of the Fed in the U.S. being extremely clear that they will do anything to make sure there is economic stability," Vijay Ayyar,head of business development at cryptocurrency exchange Luno, toldCNBC.He was referring to the U.S. central bank that pledged tokeep its benchmark interest rate near zero until the economy recovers.
"We could be seeing a lot of money flowing into equities and crypto as well, as a result of the new money printing."
An eventknown as bitcoin "halving"is happening in May and it's to do with a pre-programmed change in part of bitcoin's underlying technology known asblockchain.
The bitcoin world works with so-called "miners" with high-powered computers competing to solve complex math problems to validate bitcoin transactions. Whoever wins that race gets rewarded in bitcoin.
Currently, miners are rewarded 12.5 per block mined.The rewards are halved every few years to keep a lid on inflation. By May 2020, the reward per miner will be cut in half again, to 6.25 new bitcoin.
This essentially reduces the supply of bitcoin coming onto the market. Halving is an event that happens every four years. Previous halving events have preceded big price increases in bitcoin.
"While part of this rebound may be explained by a renewed 'risk-on' attitude of global investors, it is also clear that bulls have been triggered by the upcoming halving event and the anticipated appreciation in value in the wake of it," said Matthew Dibb, co-founder of Stack, a bitcoin index fund provider.
"For those buying into bitcoin now, many see this as an opportunity to buy BTC at bargain basement rates before a price pop post halving."
Read the rest here:
Cryptocurrency market value jumps $35 billion in 24 hours led by a surge in bitcoin - CNBC
- Crypto()Currency - CryptoCurrency.org [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Cryptocurrency - Wikipedia, the free encyclopedia [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- TNW - Stefan Molyneux - Money, Power and Politics The Cryptocurrency Revolution - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- How to Set Up a Ripple (CryptoCurrency) Generating System! - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Bitcoin / Cryptocurrency - An Extensive FAQ - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- --- The Great Debate --- Bitcoin vs Altcoin @ The CryptoCurrency Convention 4/9/14 - - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Bryce Weiner @ CryptoCurrency Convention 4/9/14 - - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Popularcoin @ CryptoCurrency Convention 4/9/14 - Joshua Nold - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- TimeKoin @ CryptoCurrency Convention 4/9/14 - Michael Brown - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Infinitecoin @ CryptoCurrency Convention 4/9/14 - Loring Small - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Bitcoin Exchange CryptoRush Loses Millions of BlackCoin Cryptocurrency - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Brock Pierce, Entrepreneur "FireSide Chat" @ CryptoCurrency Convention NYC - 4/9/14 - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- [OFFICIAL SPONSOR] Nick Spanos, Bitcoin Center NYC @ CryptoCurrency Convention 4/9/14 - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- AuroraCoin @ CryptoCurrency Convention NYC 4/9/14 - David Lio - Video [Last Updated On: April 26th, 2014] [Originally Added On: April 26th, 2014]
- Dogecoin Founder Speaks on the Future of Cryptocurrency [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- As Bitcoin Soars in Value, Alternative Cryptocurrencies ... [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- Florincoin @ CryptoCurrency Convention NYC 4/9/14 - Joe Fiscella - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- DigiByte @ CryptoCurrency Convention NYC 4/9/14 - Jared Tate - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- Digitalcoin @ CryptoCurrency Convention NYC 4/9/14 - Andrew Davidson - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- PotCoin @ CryptoCurrency Convention NYC 4/9/14 - Nick Iversen - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- ZenithCoin @ CryptoCurrency Convention NYC 4/9/14 - Eddie Corral - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- BitAngels Co-Founder, David Johnson @ CryptoCurrency Convention NYC 4/9/14 - Video [Last Updated On: April 27th, 2014] [Originally Added On: April 27th, 2014]
- Australian dogecoin founder speaks on the future of cryptocurrency [Last Updated On: April 28th, 2014] [Originally Added On: April 28th, 2014]
- Coinnext Cryptocurrency Exchange Coming Soon - Video [Last Updated On: April 29th, 2014] [Originally Added On: April 29th, 2014]
- Cryptocurrency News Round-Up: MtGox Hearing Begins as Bitcoin gets Bloomberg Endorsement [Last Updated On: May 1st, 2014] [Originally Added On: May 1st, 2014]
- mTrader.org - Cryptocurrency Mining System - Video [Last Updated On: May 1st, 2014] [Originally Added On: May 1st, 2014]
- CryptoCurrency - cryptobars commodity Launch! - Video [Last Updated On: May 1st, 2014] [Originally Added On: May 1st, 2014]
- The Mises View: "Taxing Cryptocurrency" | Jeff Deist - Video [Last Updated On: May 2nd, 2014] [Originally Added On: May 2nd, 2014]
- Coin Pursuit Launches SliceFeeds Interactive Cryptocurrency Network [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- Cryptocurrency | Ground Zero with Clyde Lewis [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- CS 171 Final Project: Cryptocurrency Visualizations - Video [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- Cryptocurrency Explained The Tech Guy 1046 - Video [Last Updated On: May 3rd, 2014] [Originally Added On: May 3rd, 2014]
- Know How 74 Cryptocurrency - Video [Last Updated On: May 4th, 2014] [Originally Added On: May 4th, 2014]
- MIT undergrads will each receive $100 in bitcoin [Last Updated On: May 5th, 2014] [Originally Added On: May 5th, 2014]
- cryptocurrency - Fortune Finance: Hedge Funds, Markets ... [Last Updated On: May 8th, 2014] [Originally Added On: May 8th, 2014]
- Bitcoin wins US election panel's approval for political donations [Last Updated On: May 9th, 2014] [Originally Added On: May 9th, 2014]
- CryptoCurrency of the World Unite! - Video [Last Updated On: May 9th, 2014] [Originally Added On: May 9th, 2014]
- Major Dogecoin Wallet Hacked, Shut Down [Last Updated On: May 13th, 2014] [Originally Added On: May 13th, 2014]
- Such hack, much sad: Doge Vault reportedly loses $56,000 in heist [Last Updated On: May 13th, 2014] [Originally Added On: May 13th, 2014]
- BBT Presents: Ode to Cryptocurrency - Video [Last Updated On: May 13th, 2014] [Originally Added On: May 13th, 2014]
- Scryptify Cryptocurrency Video - Crypto Currency Exchanges - Video [Last Updated On: May 13th, 2014] [Originally Added On: May 13th, 2014]
- AMD cuts Radeon R9 280 price as inflation woes die down [Last Updated On: May 15th, 2014] [Originally Added On: May 15th, 2014]
- The Cryptocurrency Certification Consortium - Video [Last Updated On: May 15th, 2014] [Originally Added On: May 15th, 2014]
- Bitpagar Cryptocurrency - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- TagPro - Cryptocurrency Juke Session w/ LTB & Counterpary - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- How to Mine Cryptocurrency Safely - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- Bunnycoin - Innovative New Cryptocurrency - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- Jan Irvin on Learning, Statism, Culture, Cryptocurrency and Voluntarism -- Potent News Podcast #1 - Video [Last Updated On: May 16th, 2014] [Originally Added On: May 16th, 2014]
- Nxt cryptocurrency platform: Proof of Stake mining system - Video [Last Updated On: May 18th, 2014] [Originally Added On: May 18th, 2014]
- Cryptocurrency Round-Up: Darkcoin Rise Continues; Dogecoin Saved My Life & Bitcoin Explainer Videos [Last Updated On: May 19th, 2014] [Originally Added On: May 19th, 2014]
- Givecoin.info Announces Partnership with Do A Bit of Good: World's First Charitable Mining Screensaver [Last Updated On: May 21st, 2014] [Originally Added On: May 21st, 2014]
- Cryptocurrency: Get Mining! - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- Violincoin - The first cryptocurrency for musician - - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- Trollcoin - The Fun Cryptocurrency! - Video [Last Updated On: May 22nd, 2014] [Originally Added On: May 22nd, 2014]
- Cryptocurrency and Nonprofits with Eric Nakagawa - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- The Cryptocurrency Store - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- The Cryptocurrency Store (Spanish/Espagnol) - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- How To Trade CryptoCurrency: Sign up to a safe and reliable exchange for trading CryptoCurrency - Video [Last Updated On: May 23rd, 2014] [Originally Added On: May 23rd, 2014]
- UT students to launch cryptocurrency exchange [Last Updated On: May 24th, 2014] [Originally Added On: May 24th, 2014]
- Videoconferencia Cryptocurrency 201243946 - Video [Last Updated On: May 27th, 2014] [Originally Added On: May 27th, 2014]
- VideoCharla Jesus Ramos Cryptocurrency - Video [Last Updated On: May 27th, 2014] [Originally Added On: May 27th, 2014]
- Cryptocurrency Round-Up: Bitcoin Pioneer Dies and Digital Currency's Status in Australia [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Bitcoin enthusiasts discuss the cryptocurrency - Video [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Make Fast 1.0 up to 10.00 BTC or Any Cryptocurrency REAL CASH - Video [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Halcyon cryptocurrency - Video [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Selling products / services / fiat money for cryptocurrency - Coinkite PoS Terminal - Video [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Selling cryptocurrency to customers - Coinkite PoS Terminal - Video [Last Updated On: August 31st, 2014] [Originally Added On: August 31st, 2014]
- Cryptocurrency Made Simple - A Plain English Guide to Bitcoins [Last Updated On: September 8th, 2014] [Originally Added On: September 8th, 2014]
- PotatoCoin - The cryptocurrency for the third world - Video [Last Updated On: September 8th, 2014] [Originally Added On: September 8th, 2014]
- How To Trade One Kind Of Cryptocurrency For A Different Kind Of Cryptocurrency - Video [Last Updated On: September 8th, 2014] [Originally Added On: September 8th, 2014]
- How To Fund Your Bleutrade Cryptocurrency Trading Account - Video [Last Updated On: September 8th, 2014] [Originally Added On: September 8th, 2014]
- How To Open An Account At Bleutrade.com Cryptocurrency Exchange - Video [Last Updated On: September 8th, 2014] [Originally Added On: September 8th, 2014]
- Cryptocurrency Round-Up: Apple Pay Boosts Bitcoin, Nakamoto Negotiates With Hacker [Last Updated On: September 11th, 2014] [Originally Added On: September 11th, 2014]
- Qoinpro Cryptocurrency Faucet ok - Video [Last Updated On: September 12th, 2014] [Originally Added On: September 12th, 2014]
- Weekly Roundup - CEX.IO - Multi-Functional cryptocurrency exchange - Video [Last Updated On: September 12th, 2014] [Originally Added On: September 12th, 2014]
- TCR #27: Cryptocurrency growth, 9/11 Anniversary, CDC Scandal, Face Your Fears - Video [Last Updated On: September 12th, 2014] [Originally Added On: September 12th, 2014]
- VanosEnigmA 011 Bitcoin-Comedy BitcoinDog CryptoCurrency-Cat Naughty - Video [Last Updated On: September 15th, 2014] [Originally Added On: September 15th, 2014]
- WikiLeaks Avoided Bitcoin to Prevent Government 'Destroying' Cryptocurrency [Last Updated On: September 16th, 2014] [Originally Added On: September 16th, 2014]
- LXC Coin crowdfunds in challenge to Bitcoin [Last Updated On: September 16th, 2014] [Originally Added On: September 16th, 2014]
- Why Bitcoin Is Poised To Win Big In Las Vegas [Last Updated On: September 19th, 2014] [Originally Added On: September 19th, 2014]