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Bitcoin Rises to Almost 5 Month-High

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  • Bitcoin Rises to Almost 5 Month-High

Bitcoin rebounded from a year low on Tuesday following a report that an anonymous buyer bought a large amount of the coin over a short period of time.

The most dominant cryptocurrency rose over 20 percent to $4,998 a coin, according to Coindesk price chart. The virtual currency breached the $5,000 resistance level during the early hour of Tuesday before pulling back to $4,998.

In the last 24 hours, more than $84 billion had been traded in the cryptocurrency space, according to data from Coinmarketcap.

Experts, however, tied the surge in Bitcoin value to a Reuters report that an anonymous buyer bought $100 million worth of Bitcoin over a short period.

Oliver Von Landsberg-Sadie, Chief Executive of Cryptocurrency firm, BCB Group, said the Tuesday’s gain was probably triggered by an order spread across U.S.-based exchanges, Coinbase and Kraken, and Luxembourg’s Bitstamp.

“There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC,” he said.

“If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour”.

Hunter Horseley, the CEO of Bitwise, said given the small volume of trade of the dominant cryptocurrency, “that order would be enough to have an impact”.

The large purchase could have been done by an individual or a small group of traders, said Zennon Kapron, Director, Financial Technology Consultancy Kapronasia.

Speaking over the phone, Kapron said there were many traders sitting on “significant amounts of bitcoin” who could “very well be behind the movement.”

Still, Horsely said: “Crypto is famous for a long history of volatility like this. It’s always hard to pin down the true impetus, and often the real source is not obvious.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Cryptocurrency

Symatri Launches Kala Pro Wallet With Enhanced Cryptocurrency Protection

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Kala Wallet, which is used by over 30,000 people, has today launched its Pro Wallet, which comes with enhanced security features and three levels of theft insurance cover: Bronze, which covers up to $1,000; Silver, up to $10,000; and Gold, up to $100,000.

The new Kala Pro Wallet is protected through a partnership with Coincover, creators of the safety standard for crypto, which provides theft cover underwritten by Lloyd’s of London.

While cryptocurrency continues to grow in popularity, a constant concern for anyone that holds – or is considering holding – crypto is the potential to lose access to their assets, whether through an accidental loss of their keys, or a malicious attack.

With Coincover in place, the Kala Pro Wallet provides peace of mind by offering financial protection should a user’s cryptocurrency be inaccessible or stolen. It also notarizes the insurance policy on the Kala blockchain for further proof of coverage.

Darren Olayan, CEO of Symatri, said, “Our community of 30,000 Kala Wallet users already benefit from Kala blockchain’s inherent value and asset verification capability within the Symatri ecosystem, and with the launch of our Pro Wallet they can access enhanced protection against theft and loss.

“We aim to provide the most versatile, secure and usable cryptocurrency and platforms, and our partnership with Coincover supports this ambition.”

David Janczewski, co-founder and CEO of Coincover, added, “As more people benefit from their crypto assets being protected, the popularity of cryptocurrency will continue to grow, and we’re delighted to help companies like Symatri make cryptocurrency an important and useful part of people’s daily lives.”

Kala Pro Wallet offers coverage at three levels, paid annually: Bronze, up to $1,000 coverage for $45; Silver up to $10,000 for $195; and Gold up to $100,000, for $1,020.

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Bitcoin to Naira Exchange Rate Hits N9 Million Per Coin

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bitcoin to Nigerian Naira

Bitcoin (BTC) rose to a record high against the Nigerian Naira on Saturday amid rising sentiment across the cryptocurrency space.

Cryptocurrency front-runner gained 3.27 percent to settle at N9.051 million or $18,682.27 per coin at 1:30 pm Nigerian time. This represents N361,000 gain from N8.69 million the coin traded on Wednesday.

Similarly, the market capitalisation rose to N167.92 trillion or $345.85 billion with 24 hours volume of trade hitting N2.77 trillion or $7.28 billion.

Ethereum the second most capitalised cryptocurrency gained 0.79 percent in the last 24 hours to N195,979 or 0.0274 BTC.

While Ripple jumped 23.22 percent from N119 or 0.00001672 BTC it exchanged on Friday to N149.74 or 0.00002092 BTC per coin.

Investors King’s note, cryptocurrency investors are advised to be wary of buying at this level given a likely strong sell-off with a series of whales moving substantial Bitcoins.

The Spent Output Profit Ratio (SOPR) indicator shows a pullback from the current level is likely.

According to Renato Shirakashi, the creator of the SOPR indicator, “People, in general, are much more comfortable selling when they are in profit. In a bull market, when SOPR falls below 1, people would sell at a loss, and thus be reluctant to do so. This pushes the supply down significantly, which in turn puts an upward pressure on the price, which increases.”

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Btc to Naira: Bitcoin Hits N8.85 Million Against Naira

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Naira decline does not stop with global currencies but also against digital currencies known as cryptocurrencies.

The world’s most dominant cryptocurrency, Bitcoin, gained 2.47 percent against the Nigerian Naira to N8.85 million or $18,377.64 per coin on Friday.

Bitcoin market capitalisation grew to N165.05 trillion with 24 hours volume of trade estimated at N2.40 trillion, according to the latest data from Investors King’s Bitcoin Price table.

Ethereum appreciated by 5.61 percent to N191,919 or 0.0268 BTC per coin while Ripple, Litecoin and ChainLink followed with 5.43 percent gain to N119.57 or 0.00001672 BTC per coin; 3.32 percent gain to N31,238 or 0.00434868 BTC and 4.29 percent to N5,433.10 or 0.00075775 BTC a coin, respectively.

Bitcoin Cash gained 6.86 percent to N100,380 or 0.00110 per coin to emerged the highest gainer among the top 6 most capitalised cryptocurrencies.

The Nigerian Naira declined by N5 against the United States Dollar to N480 at the black market on Friday, down from N475 it was exchanged on Thursday.

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