April 2019 Market Update
As you likely know (and if not check your wallet!) April has been the most hectic month so far this year when it comes to.
As you likely know (and if not check your wallet!) April has been the most hectic month so far this year when it comes to market movements.
On the 3rd of April, $22.4 billion NZD was pumped into the market within the timespan of an hour.
Bitcoin’s price surged from $6.2k to $7.2k within that hour, only to follow through to a high of $8.1k after 8 days of bullish market movement. After some days of recovery, BTC’s price now sits today at $8,341.14 NZD per Bitcoin.
Following the initial price pump, media from around the globe swarmed in with an array of sentiments towards crypto, increasing the price even further.
What followed was a double in ‘Bitcoin’ Google searches and 27 days of volatility. The total market cap now sits at just above $264.8 billion New Zealand Dollars.
Aside from sporadic market movements and the resurfacing of mass media attention surrounding crypto, there have been several major updates within the crypto industry itself:
Major global crypto exchanges’ Binance, Kraken and Shapeshift have delisted cryptocurrency Bitcoin SV in protest against SV co-founder Craig Wright’s threats to sue crypto community members for defamation.
This ‘defamation’ lawsuit threat came as a result of being called a fraud by several leaders in the space including Ethereum founder Vitalik Buterin. Craig Wright has claimed to be Satoshi Nakamoto since 2016.
(Satoshi Nakamoto is the alias for the anonymous group or person who created Bitcoin)
After getting delisted on Binance, Kraken and Shapeshift (some of the largest exchanges in the world), Bitcoin SV tanked to its lowest price since the new year, plummeting below the price of the coin before the pump on the 3rd of April.
China’s ‘National Development and Reform Commission’ put cryptocurrency mining on the regulatory chopping block as it decides whether or not to ban crypto mining. This decision to ban crypto mining has come in result of Chinese initiatives to cut down on the ‘waste of resources and waste emissions’.
This is big news for Cryptocurrency as research suggests that 74% of the Bitcoin networks hash rates originate from Chinese controlled mining pools. There is not much to worry about though as if China cuts out it’s Mining, the market will just go into goldrush mode and other miners will likely fill the gap.
If you don’t know what crypto mining is, you can learn more about it here 🙂
The IMF (International Monetary Fund) and the World Bank combined forces and developed a private blockchain for ‘future experimentation and exploration’ of blockchain technology.
It is reported that a coin has also been launched, which appears to be a cryptocurrency in everything but name.
Jaguar and Land Rover partner with IOTA to provide friction-less micropayments to car owners in return for data such as road conditions, traffic congestion, and potholes!
Iota is already partnered with several other major brands such as Microsoft, Fujitsu, and Volkswagen in its goals of front-lining the machine to machine economy.
IOTA is certainly a project to watch out for, and you can see a simple rundown by clicking here.
Youtube’s most subscribed creator, Pewdiepie (94 mil subs), promoted a blockchain based live streaming platform called Dlive.tv.
Dlive.tv is home to its own native crypto called LINO; a crypto to be used to reward content creators for views as well as to be used donate to your favourite creators.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated October 18, 2022