Contents
A must read for anyone interested in learning about what happened with cryptocurrency today.
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Introduction
Cryptocurrencies and digital assets took a beating today, with the majority of the top 100 coins by market capitalization in the red. Bitcoin (BTC) was down 5.6% on the day to $38,452 at time of writing, while ether (ETH), the second-largest cryptocurrency by market value, fell 11.5% to $2,785.
The market today
Bitcoin
Bitcoin remains the world’s most popular cryptocurrency even though it has lost some ground to Ethereum and other altcoins in recent months. The original cryptocurrency was created in 2009 by Satoshi Nakamoto and it remains the biggest digital currency by market capitalization. Bitcoin is a decentralized peer-to-peer electronic cash system that does not require a central authority like a bank or government to issue new units or verify transactions. All transactions are recorded on a public blockchain and anyone can view the history of any given bitcoin address. Bitcoin is often called digital gold because it is scarce (there will only ever be 21 million bitcoins created) and because it can be used as a store of value. It is also divisible, so it can be used in small or large transactions. Bitcoin can be bought and sold on exchanges, used to purchase goods and services, or given to friends and family as a gift.
Ethereum
Ethereum surged today, reaching a new all-time high of over $2,000. The leading altcoin has now doubled in value over the past month as it benefits from renewed interest in the cryptocurrency market.
The market rally has been driven by a number of factors, including institutional investment, a growing number of merchants accepting crypto payments, and positive regulatory developments. Ethereum has been a major beneficiary of this positive momentum, with its price rising sharply in recent weeks.
The Ethereum network is also benefiting from increasing usage as more decentralized applications (dApps) launch on its platform. This is resulting in higher transaction volumes and fees, which is providing a further boost to the Ethereum price.
With Ethereum now established as the second-largest cryptocurrency by market capitalization, it appears that the altcoin is here to stay and could continue to outperform Bitcoin in the months ahead.
Litecoin
Litecoin, once the silver to Bitcoin’s gold, has been on a roll lately. After breaking out to new all-time highs in December, Litecoin prices have only continued to climb in 2021.
This week was no different, with Litecoin prices rising to fresh all-time highs on Wednesday before paring some of those gains. Here’s a look at what’s driving Litecoin prices higher and where they might be headed next.
Litecoin prices surged to a new all-time high on Wednesday, reaching $185.50 before retreating slightly to around $182 at press time. That’s still up more than 5% from Tuesday’s closing price and up more than 17% from the beginning of the week.
The latest rally comes as investors continue to bet on Litecoin as a cheaper and faster alternative to Bitcoin. Litecoin is often referred to as the “silver” to Bitcoin’s “gold”, and its recent price gains suggest that investors see it as a viable alternative to Bitcoin or a way to hedge their bets in the cryptocurrency market.
Investors are also betting that Litecoin will benefit from an upcoming upgrade that will make it even faster and cheaper to send payments on the network. The upgrade, known as Mimblewimble, is scheduled to activate later this year and could make Litecoin even more attractive to investors and users alike.
With all of these factors working in its favor, it’s no wonder that Litecoin prices are climbing higher. The question now is where prices might go from here.
Some analysts believe that Litecoin could continue climbing in the short-term, with one trader even calling for prices to reach $400 by the end of the year. However, others are cautioning against getting too bullish on Litecoin or any other cryptocurrency at this point, warning that prices could pull back sharply if there is any negative news or regulatory developments in the space.
Bitcoin Cash
Bitcoin Cash (BCH) is a cryptocurrency that was created as a fork of the Bitcoin blockchain. The fork occurred on August 1, 2017, and resulted in the creation of a new blockchain with different rules. Bitcoin Cash was created in an effort to improve upon Bitcoin’s scalability issues.
Bitcoin Cash is different from Bitcoin in that it has a larger block size limit of 8MB. This allows for more transactions to be processed per second, and therefore, more scalability. In addition, Bitcoin Cash has different transaction rules than Bitcoin. For example, Bitcoin Cash does not require SegWit (Segregated Witness), which is a rule that is required for Bitcoin transactions.
Bitcoin Cash has been fairly successful since its inception. It has maintained a top-10 position by market capitalization since its launch, and as of June 2018, it is the fourth largest cryptocurrency with a market cap of over $9 billion.
The big news
The markets are in a frenzy today after Bitcoin surged to a new all-time high, surpassing $17,000 per coin. This is a huge accomplishment for the cryptocurrency, which has been on a tear since it first debuted on exchanges a few years ago. Ethereum, the second-largest cryptocurrency by market capitalization, is also up a whopping 15% today.
SEC
The Securities and Exchange Commission (SEC) is an independent federal government agency that is responsible for enforcing the securities laws of the United States. The SEC was created by the Securities Exchange Act of 1934. The primary mission of the SEC is to protect investors and maintain the integrity of the securities markets.
The SEC has a three-part structure: the Commission, Division of Enforcement, and Office of Inspector General.
The Commission is comprised of five Commissioners, each appointed by the President of the United States and confirmed by the Senate. The Chairman and Vice Chairman are selected by the President from among the Commissioners.
The Division of Enforcement is responsible for investigating potential violations of the securities laws and recommending enforcement actions to be brought by the Commission.
The Office of Inspector General is responsible for conducting audits, investigations, and inspections to ensure that the SEC operates efficiently and effectively.
Bakkt
Bakkt, the digital asset platform launched by Intercontinental Exchange (ICE), announced today that it has started testing its physically-settled bitcoin futures contracts.
According to a blog post by Bakkt, the testing of its bitcoin futures contracts is being done in collaboration with its parent company, ICE, as well as Microsoft and Boston Consulting Group (BCG). The platform is currently live on the ICE Futures U.S. and Borda Derivatives exchanges.
Bakkt’s bitcoin futures contracts are different from those offered by other exchanges, such as CME Group, because they are physically settled. This means that when the contract expires, the buyer will receive actual bitcoins, rather than cash.
The launch of Bakkt’s bitcoin futures contracts is a positive development for the crypto industry, as it could help to attract more institutional investors to the space. In addition, it could also lead to the launch of other crypto products, such as ETFs and mutual funds.
Conclusion
In conclusion, today was a big day for crypto. Prices fell sharply and then recovered, but remain far below their all-time highs. Volume was high and there was some selling pressure, but buyers appeared to step in and push prices higher. Overall, it was a volatile day, but prices ended up in the green.
