This Sunday will see the nail-biting climax of the English Premier League, and likely another complete whitewash by Mercedes in the Spanish Grand Prix. But who has time for sport, when we have a whole week’s worth of bitcoin news to catch up on?
bitcoin Price Goes Parabolic
It was at the start of the week. The target seemed eminently achievable, with even the little wobble following the Binance hack .
By Thursday, bitcoin for the first time in 6 months… but the story didn’t end there.
On Friday, , prompting Max Keiser to comment that $10,000 was just a chip-shot away. Although at the time, that seemed like a pretty gnarly chip across a water hazard.
By Saturday, BTC price had , topping a $7000 point that wasn’t even being considered as the week began. This morning has , on the back of record volumes at BitMex, causing interest to finally pick up in Google trends.
With a concluding that Twitter and Google trends interest ‘precedes’ price rises, that $10,000 chip-shot could be mere days (or even hours) away.
Binance Gets Hacked
The world’s largest cryptocurrency exchange, Binance, on Monday, losing 7000 BTC worth $41 million (at the time). In terms of dollar value stolen, this made it the 6th in history.
There was even some rather , taking the stolen BTC out of the hackers control (and wiping a day’s worth of other users transactions into the bargain. Binance CEO, CZ, later apologized for considering the possibility, stating that bitcoin was the in the world.
What would previously have caused quite an upset in the market, passed with barely a blip, .
Factors Pushing Price Upwards
So if the Binance hack did little to push the market down, which factors contributed to price’s upward-trajectory?
Even before this week’s parabolic gains, mainstream press were brandishing bitcoin as the ‘‘. And we know what has happened historically when the mainstream press gets on board.
News that $2.4 trillion Fidelity Investments is imminently for institutional clients, will also have helped.
But the ‘icing on the cake’, at least according to our own senior market analyst, fil₿fil₿, was US Congressman, Brad Sherman. In , he admitted that it was because the cryptocurrency posed a threat to US dollar hegemony.
Well that’s gonna make the whole world and their dog go out and buy some.
And Finally…
Two stories from the lighter side of the weeks crypto news.
Firstly, there was an article in which Nouriel Roubini . That honor went to the New York Post journalist who wrote it.
Secondly, we were teased that Satoshi Nakamoto is at 15:50 GMT on 14th May. Will it happen? Unlikely. But only two days to wait and find out.
Images via Shutterstock,
The Rundown
Published at Sun, 12 May 2019 13:00:56 +0000
