Cryptocurrency market is flashing green across the board Wednesday morning as Bitcoin and its peers extend their rising trend seen since the start of the week.
Bitcoin jumped on Tuesday to sail past $7,000 and altcoins followed the leader with several registering significant gains. Volumes also shot up.
Cryptocurrency market capitalization was $296.32 billion as of 10.20 am ET on Wednesday, which is around $30 billion higher than a day earlier, on CoinMarketCap.
Many experts suggest the uptrend was largely driven by technicals, while some said prices may be supported by “FOMO”-triggered buying.
Meanwhile, several positive news arrived for cryptocurrencies this week thus far. That include news of big investment firms and billionaire investors exploring the nascent cryptocurrency market to that of Mastercard filing for patent for a payment system that links cryptocurrencies to fiat accounts.
However, market experts expect Bitcoin to face stiff resistance when it tries to break the $8,000 level.
Here is a wrap of the main news from the cryptocurrency and blockchain space over the past 24 hours.
Bitcoin Tops $7K In Surprise Surge
Bitcoin price shot up by more than $600 in 30 minutes Tuesday, and the dramatic move resulted in substantial spike in its volume. The most popular cryptocurrency opened at $6,726.40 on Tuesday, and within a short span of time it reached $7,368.22. Later in the day, the price hit a market high of $7,408.28. Read more…
IBM Supports Stronghold To Launch ‘Stablecoin’ On Stellar Network
International Business Machines partnered with financial technology startup Stronghold to launch stablecoin, a cryptocurrency pegged to the US dollar, on Stellar blockchain Network. Stronghold, acting as an anchor to the Stellar network, will issue the digital asset “Stronghold USD.” Read more…
Robinhood Crypto Trading Platform Adds Dogecoin after Litecoin, Bitcoin Cash
Robinhood, a commission-free stock and cryptocurrency trading app, has now added support for one more virtual currency, Dogecoin, after adding Litecoin and Bitcoin Cash on its crypto trading platform last week. The app had initially supported only Bitcoin and Ethereum. Read more…
Accenture, Thales Partner To Use Blockchain For Aerospace Supply Chains
French aerospace company Thales Group and technology consultant Accenture have partnered to develop a blockchain-based system that could help eliminate counterfeit and grey-market supplies in the complex global supply chains supporting the aerospace and defense industry. The working prototype, demonstrated at the Farnborough Air Show, is based on Hyperledger Fabric of the Linux Foundation. Read more…
Boeing To Use Blockchain, AI To Track Unmanned Air Vehicles In Flight
Aerospace and defense giant Boeing announced its plans to use blockchain technologies along with artificial intelligence to track unmanned air vehicles in flight. The company has collaborated with artificial intelligence or AI technology company SparkCognition. Read more…
Two House Committees To Host Cryptocurrency Hearings Wednesday
The stage is set for two U.S. House Committee hearings on cryptocurrency Wednesday. The public hearings on Capitol Hill are hosted by House Committee on Agriculture and the Financial Policy Subcommittee. Read more…
As of 10.23 am ET on Wednesday, Bitcoin was up 11.19 percent at $7,475.00 and Ethereum was higher by 5.91 percent at $495.48 on Coinbase.