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Bitcoin Price Reaches $6,000 but It Doesn’t Stay Long – Here’s Why

  • Jack Thomas
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    Bitcoin crossed the mystical $6,000 mark for a brief spell, only to fall back quickly under that resistance – why did it get there, and then fall back?

Bitcoin Price Reaches $6,000 but It Doesn’t Stay Long – Here’s Why
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The major cryptocurrency, Bitcoin, has been slowly creeping its way up in value through 2019 with it crossing a critical milestone yesterday – $6,000. The price of the coin did not, however, stay there very long as it fell back into the $5,900 territory.

Still, it is an important milestone for Bitcoin to cross that boundary, and there needs to be an examination as to why it did so, but equally important is to examine why the coin was not able to stay above this psychological resistance point.

A time for positivity

Bitcoin rose around 5 percent in a 24 hour trading period to reach highs of $6,028 per Binance exchange. This comes off the back of general positive sentiment through the crypto world in what is being called crypto spring, as well as just before Blockchain Week NYC and the CoinDesk Consensus 2019 event.

Consensus, over the years, has been an effective tool in getting movement in the market with years gone by almost always seeing a rise in the price of Bitcoin before the conference kicks off. The major conference is a good platform for positivity and futuristic wonderings for the technology.

The price of the coin, however, did not stay long above $6,000 on this news, and in fact, some bad news has entered the arena which may have played a part in the small fall back into the $5,000 range.

A big hack

Binance has become somewhat untouchable in the cryptocurrency space as the exchange has been on a tearaway in terms of all things good. However, it was announced that 7,000 BTC – around $40 million – was stolen from their hot wallets.

This is a big blow for the general cryptocurrency market as Binance is the leader in exchanges, and it is concerning that not even they are free from attacks and hacks.

However, the overall positivity, and the way in which the hack was handled, has not done much damage whatsoever to the market prices with BTC trading at just under $5,900.

Unstoppable

This movement in the markets following the relatively small Binance hack seems quite similar to what happened just last week when Tether and Bitfinex were dragged over the coals for their own misdealings. That news also shook the market slightly, but then it went on to rebound and climb even higher.

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing

  • Alex Dovbnya
    📰 News

    Google's quantum computer is still too primitive to pose a threat for Bitcoin's cryptography, but things could escalate quickly

Bitcoin in Danger as New Research Shows Google Has Achieved Breakthrough in Quantum Computing
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According to a new research paper published in science journal Nature, Google's quantum computer is able to perform calculations in just three minutes. To put this into perspective, it would take the fastest supercomputer about 10,000 years to perform the same operation, which signifies a major tech milestone for the search behemoth. 

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Google achieves "quantum supremacy"

Back in September, the Financial Times reported that Google has managed to achieve "quantum supremacy," which means that its beast is able to perform calculations that would be impossible to pull off with any other computer. 

However, technology is still way too fragile for commercialization, which is unlikely to happen anytime soon. There is hardly any practical application for quantum computers, but they do have great potential for disrupting a lot of industries, such as finance and transportation.   

Considering that the Trump administration has funneled a whopping $1.2 bln into the development of quantum computing, it might stop being just a buzz word. 

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Will Google's quantum success affect Bitcoin

There is also one notable application for quantum computing -- hacking Bitcoin. The headlines about Google's super-powerful juggernaut has made many wonder whether Bitcoin, whose value derives from the immutability of its Blockchain, is in danger. 

However, ex-Bitcoin Core developer Peter Todd reassured the confused crypto crowd that Google was nowhere near breaking the top coin's cryptography. On top of that, it's not even clear whether quantum computers could potentially be scalable enough for commercial use. 

Bitcoin evangelist Andreas Antonopoulos also opined that Google's quantum breakthrough would have no impact on the orange coin. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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