The End Of The Bear Market? Litecoin Hashing Rate Sees Peaks, Gatecoin Gets Liquidated And China Leading World In Blockchain Projects — 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!
The End Of The Bear Market?
Bitcoin reached a new yearly high earlier today, with it’s price skyrocketing by 17% within 30 minutes. The coin traded at nearly $5,000, for a short period of time and is now trading at $4,690, noting a 13% price increase in the last 24 hours. Most top 20 currencies spiked shortly after Bitcoin, with the likes of Litecoin gaining 10.7% or EOS gaining 9%. The total market capitalization off all cryptocurrencies increased by $15 billion and now sits at $160 billion. At the time of writing, it is still fairly unclear as to what triggered the price breakout and with Bitcoin now sitting above the 200 day moving average ($4,620), positive price movements could continue.
Litecoin Hashing Rate Sees Peaks
Litecoin is continuing it’s positive developments in all areas. Not only has the price of the fifth largest cryptocurrency more than doubled since the start of the year, the network’s hashrate is also reaching new peaks. The hashrate recently reached 321TH/s and has nearly doubled in the last 3 months, almost reaching it’s all time peak. The high hashrate makes Litecoin one of the hardest coins to attack for hackers and even if sufficient funds were available, an attack would be unlucrative.
Gatecoin Gets Liquidated
The Hong Kong based cryptocurrency exchange Gatecoin, which ceased operations last month, has officially been taken over by liquidators. A document sent to creditors of the exchange noted the following: “All powers of the directors of Gatecoin have ceased and the directors no longer have any authority to deal with the assets and/or undertakings of Gatecoin.” This seems to be the end to an overall sad story.
China Leading World In Blockchain Projects
A report published by Blockdata states that there are currently 263 blockchain related projects running in China, an impressive number accounting for 25 percent of the global total. The biggest user of blockchain technology in China is the financial sector, according to Li Qilei, the CTO at blockchain platform developer Qulian Technology. Data also showed that more than half of all blockchain patents were filed in China.
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