Bitcoin Price Approaches $7,000, Crypto Market Cap Exceeds $200 Bln

  • Yuri Molchan
    📰 News

    Bitcoin price is showing a steady growth, having reached the $6,800 mark and aiming at $7,000


Bitcoin Price Approaches $7,000, Crypto Market Cap Exceeds $200 Bln
Contents

Over the last 24 hours, the Bitcoin price has added nearly 9 percent. On Saturday morning it closely came to the $7,000 level, trading at slightly over $6,800.

Bitcoin price aims at $7,000

Currently, BTC has rolled back a little, sitting at $6,791. The overall capitalization of the crypto market has got over the $200 bln mark – this was the value the market saw in November last year.

At press time, the BTC market cap totals $120 272 294 110 which is nearly 60 percent of the total cryptocurrency market cap.

The top ten currencies are also growing but quite moderately compared to Bitcoin. The top gainers here today are Stellar (+3.88 percent), Cardano (+3.69 percent) and Litecoin (+3.69 percent). They are closely followed by Ethereum (+2.83 percent), trading now at $178.82.

https://coinmarketcap.com/

 

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Bitcoin price forecasts

Overnight, Bitcoin managed to jump from its high of $6,400 to $6,800 – this looks like the new bull run predicted and anticipated by many prominent crypto investors and traders.

On May 10, U.Today reported that Mark Yusko, the founder of Morgan Creek Capital hedge fund, made a bold prediction that eventually Bitcoin will reach $400,000 as it will become a replacement for gold. This will happen, he says, in ten years or even later.

Also, the famous investor and venture capitalist Tim Draper told Fox Business in an interview that in about four years or so Bitcoin will take up 5 percent of the total market share of the Earth.

The price that Bitcoin is going to hit per Draper is slightly more modest - $250,000.

Cover image via www.123rf.com
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‘GlobalCoin’ Faces Harsh Criticism from Bloomberg Columnist

  • Alex Morris
    📰 News

    Regulators and politicians will🔜 most likely put the 🔧spanner in the works for Zuckerberg’s plan to roll out his 😳own cryptocurrency


‘GlobalCoin’ Faces Harsh Criticism from Bloomberg Columnist
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Bloomberg, the major financial media outlet, didn’t take lightly Facebook’s new plan to launch its own cryptocurrency. In its recent op-ed that was written by Lionel Laurent, the company’s omnipotent CEO Mark Zuckerberg was compared to Dr. Evil.

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Zuckerberg’s empire

Facebook is already one of the most valuable companies in the world. The social media behemoth controls such popular applications as Instagram and Whatsapp (both have more than 1 bln monthly users).

By venturing into crypto, Zuckerberg, who controls 60 percent of Facebook’s shares, wants to extend his empire even further. As reported by U.Today, its coin will be launched in a dozen of countries to make payments in Q1 2020.

This is the kind of move that would turn Facebook from an incredibly powerful centralized network tracking its users’ behavior for the benefit of advertisers into one that also knows where and how they spend their money,” the article states.

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Regulatory roadblocks

Ahead of an official announcement, Facebook is currently fighting tooth and nail to solve regulatory issues.

Zuckerberg even had talks with the Winklevoss twins, his long-term rivals who are spearheading the controversial “Crypto Needs Rules” campaign.

However, even if Facebook undoubtedly tries to sugarcoat its project as trustworthy, it will have a hard time getting green-lighted by regulators and politicians.

Even though there was no official announcement, the coin already ruffled some feathers at the US Congress hearing. Lawmakers were concerned about potential privacy issues after multiple data scandals tainted Facebook’s reputation.

Cover image via u.today
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