Bitcoin and Ether Market Update: April 5, 2019
The total crypto market cap remains above the $170 billion mark after climbing from $166.9 billion to $171.9 billion in the days since April 3. The top ten currencies are seeing mixed gains for the 24-hour period with Ripple’s XRP moving 4.4 percent up to $0.36. At the time of writing bitcoin (BTC) is trading at $4,981, while ether (ETH) stands at $161.
Bitcoin peaked at $5,109 during the trading session on April 2 for the first time since mid-November 2018 in a phenomenal rally that saw the majority of the leading cryptocurrencies register double-digit gains. The BTC/USD pair closed the day session at $4,918 and extended its winning streak to $4,976 on April 3.
On April 4, bitcoin was again highly volatile, trading in the $5,100 to $4,818 zone, but observers started seeing some profit taking activity, which resulted in a drop to $4,934. Trading volumes went through the roof and tripled from $11 billion on April 2 to $27 billion on April 3 to 4.
The CEO of the digital assets-focused financial services company BCB Group said the recent bull run was triggered by a massive $100 million buy order spread across three of the major cryptocurrency exchanges. According to Oliver von Landsberg-Sadie “there was a single order that has been algorithmically-managed” on Coinbase, Kraken and Bitstamp with approximately 20,000 BTC bought in one-hour time.
In the meantime, a new document called “Framework for ‘Investment Contract’ Analysis of Digital Assets” was published by the United States Security and Exchange Commission (SEC) on March 3. The paper, prepared by Bill Hinman, director of the SEC’s Division of Corporation Finance and Valerie Szczepanik, Senior Advisor for Digital Assets and Innovation, will serve as a guideline for entrepreneurs who are looking to start an ICO. It will help them evaluate if their product falls under the U.S. federal securities regulations in its current form and determine what changes are required to be fully compliant with the law.
Speaking at the Deconomy crypto conference in South Korea, Binance CEO Changpeng Zhao (CZ) announced the launch of a new fiat-to-crypto exchange, Binance Singapore, which will go live this month. What’s more, the company’s decentralized platform Binance DEX will also be fully available for trading in April, moving away from its testnet.
The Ethereum token successfully broke the 2019 high of $161.5 on April 2 and closed at $165.5. The 15.3 percent bull run sent ether in the territory last visited in November 2018. Even though it was trading as high as $181 during the day session on April 3, the ETH/USD pair could not keep up with the momentum and dropped down to $161, ending the day with a loss.
On April 4, it formed another red candle on the daily chart to $158.5 as most of the top coins experienced price corrections.