..

Bitcoin Price Jumps to Two-Week High, Leads Broad Crypto Surge

Written by:
Guest
Published on:
Apr/12/2018

LONDON (Reuters) - Cryptocurrency prices jumped on Thursday, led by a surge in bitcoin to two-week highs, with people active in the market citing a squeeze on traders who have bet against prices, given a lack of obvious news to trigger the gains.  SCROLL DOWN FOR MORE

On the Luxembourg-based Bitstamp exchange BTC=BTSP, bitcoin rose as much as 17 percent at one point in mid-morning European trading. By 1250 GMT, it was up 11 percent at $7,705, its highest level since March 29.

Other cryptocurrencies like Ethereum .MVETH and Ripple .MVXRP also rose sharply, gaining more than 10 percent. EOS, another virtual currency, rose more than 30 percent, according to CoinMarketcap.com, which tracks the industry.

After rocketing to almost $20,000 in December, bitcoin’s price has fallen this year on the back of worries about a regulatory clampdown and concerns it is a speculative bubble that is now deflating.

That has prompted some traders to bet heavily against - to short - bitcoin and other cryptocurrencies.

After their prices stabilized in recent days and rose earlier on Thursday, those shorts were squeezed out of their positions, forcing the price upwards.

Two people active in the cryptocurrency market said the biggest moves in trading of bitcoin had occurred on the Bitfinex exchange before spreading to other platforms.

“People overshorting on Bitfinex so bit of a squeeze there,” said Charles Hayter, founder of cryptocurrency analysis website CryptoCompare.

Sentiment towards cryptocurrencies has improved in recent days and prices were consolidating, which can lead the price to suddenly “explode” higher, said Naeem Islam, an analyst at ThinkMarkets who owns and trades virtual currencies.

Other analysts said there was no obvious news behind the move, although one cited recent reports prominent billionaire trader George Soros had decided to start trading cryptocurrencies.

Business/Financial News

Bitcoin Notches Record High, Day After U.S. ETF Debut

Bitcoin Notches Record High, Day After U.S. ETF Debut

Bitcoin climbed to a record high on Wednesday, and the first U.S. bitcoin futures-based exchange-traded fund (ETF) built on gains after a solid debut on Tuesday.

Bitcoin Bull Mark Yusko Sees Trouble at $60,000

Bitcoin Bull Mark Yusko Sees Trouble at $60,000

Speaking to CNBC this week, hedge fund manager Mark Yusko believes investors will take profits due to the cryptocurrency’s sharp rally over the last few weeks.

U.S. Becomes Largest Bitcoin Mining Centre After China Crackdown

U.S. Becomes Largest Bitcoin Mining Centre After China Crackdown

The United States has overtaken China to account for the largest share of the world's bitcoin mining, data published on Wednesday by Britain's Cambridge Centre for Alternative Finance showed.

Fake New: How an Elaborate Hoax in the Crypto Space Led to Death Threats

Fake News: How an Elaborate Hoax in the Crypto Space Led to Death Threats

We can probably speak on behalf of CoinGeek when we say, near and dear to our hearts was today's panel on Media Influence: How News Reporting Affects the Digital Asset Market.  Like Gambling911.com, CoinGeek we know strives to report fair and balanced news.  But not every story out there in the digital assets space proves to be factual. 

Bitcoin SV as Turing Complete System

Bitcoin SV as Turing Complete System

There is a controversy that's been emerging in the cryptocurrency community that claims Bitcoin cannot be used as a turing complete system.  In computability theory, a system of data-manipulation rules is said to be Turing-complete or computationally universal if it can be used to simulate any Turing machine, meaning the ability to recognize or decide other data-manipulation rule sets.

Syndicate