Crypto Market Rally Continues, Coinbase Confirms Extent Of Crypto Insurance, Why The Bitcoin Price Possibly Spiked And More — The Crypto2Cash Chronicle
Here’s your daily overview of important, interesting and market moving news from the crypto space, summarized by the Crypto2Cash team. Happy reading!
Crypto Market Rally Continues
After yesterday’s big price spike, most top 20 coins have continued their rally and risen even more. Bitcoin’s price continues to test the $5,000 mark, with the coin currently trading at $4,930, being up another 6% on the day after yesterday’s gains of around 15%.
Top performer of the day were the two Bitcoin forks Bitcoin Cash and Bitcoin SV. Bitcoin Cash posted astronomical gains in the last 24 hours, peaking at $300 and settling above $250, noting a 40% gain. The more controversial coin Bitcoin SV also noted large gains, being up 25% on the day. It seems that these two projects have been revitalized by the bull trend after the hashing and social media wars saw prices declining significantly in the last few months.
Coinbase Confirms Extent Of Crypto Insurance
Coinbase has published details concerning their insurance arrangements in a blog post published Tuesday. The exchange called the insurance “one of the world’s most comprehensive crypto insurance programs” and confirmed that it is covered for up to $255 million for coins held in hot wallets, assets which are held online and can possibly be hacked. Coinbase further detailed that they are working with Lloyds of London, a well known and respected insurance company, that provides insurance for all types of things including cyber attacks or natural disasters.
Why The Bitcoin Price Possibly Spiked
It is still a big mystery as to what triggered yesterday’s Bitcoin price spike, that eventually set off a rally across the whole crypto market with most Altcoins also earning double digits. With many theories spreading across social media that it was possibly due to an April fools joke, news agency Reuters seems to have found the most logical explanation. An article published yesterday noted that a mystery order of around 20,000 Bitcoin (around $100 million) was placed, spread across the three exchanges Kraken, Coinbase and Bitstamp. This large order seems to then have triggered the upwards price movements with traders selling around $400 million in shorts positions in a short period of time.
QuadrigaCX Could Soon Be Placed In Bankruptcy
With time passing, it seems more and more unlikely that Canadian crypto exchange will ever relaunch again. Due to this, Ernest and Young, the court appointed monitor for the exchange, has proposed transitioning the company from restructuring process to bankruptcy proceedings. The transition would enhance investigative powers in finding the $190 million in missing crypto and “would streamline the administration of the proceedings”.
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