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Inside Bitcoin

Inside Bitcoin (Apr 3rd, 2019)

$BTC (3:21 p.m. EST): $5,148.89 (8.54%) // 90-day high: $5,156.44 // 90-day low: $3,286.14 / / More

$BCH ABC (3:21 p.m. EST): $332.85 (56.82%) // 90-day high: $332.82// 90-day low: $80.95 // More

$ETH (3:21 p.m. EST): $181.11 (​9.92%) // 90-day high: $181.11 // 90-day low: $86.08 // More

$LTC (3:21 p.m. EST): $93.66 (30.96%) // 90-day high: $93.66 // 90-day low: $22.09 // More

$XRP (3:21 p.m. EST): $0.36 (6.54%) // 90-day high: $0.43 // 90-day low: $0.28 // More

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1. The price of bitcoin exceeded $5,000 per coin on Wednesday as cryptocurrencies have skyrocketed. Bitcoin's price jump looks small compared to bitcoin cash, which has risen more than 50 percent, and litecoin, which is up more than 30 percent this afternoon. While it is hard to pin a specific event on the recent price increase, experts largely agree that it is not because of an April Fool’s prank that missed the mark. Finance Magnates posted a story on April 1 that said the SEC approved a bitcoin ETF. While the story itself gave some clues it was fake, a lot of crypto followers did not read the whole article, taking it at face value. “It's absurd to believe this market move is the result of confusion about the Bitcoin ETF filings,” said Hunter Horsley, CEO of Bitwise. “Though ETFs and April Fools are topical, there are lots of reasons this is an unlikely explanation.” –CNBC

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2. Charles Hoskinson, the founder of Cardano and one of the co-founders of ethereum, confirmed on Twitter that he is still working with the team at Ethereum Classic. There had been rumors that Hoskinson had stepped away from the project. Cardano has had a working relationship with Ethereum Classic since its beginning. Hoskinson had been an outspoken critic of ethereum changing it protocol following the DAO hack of 2016. –BE IN CRYPTO

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 3. Jargon Watch

Wash Trade: This financial term dates back to before the Great Depression, but has relevance today in the cryptocurrency market. A wash trade is a form of market manipulation where investors simultaneously place buy and sell orders to artificially increase trading volume. It is a tactic that some crypto exchanges have used to give the impression of more volume, so much so that researchers believe at least 87 percent all crypto volume is fake.

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4. PayPal has invested in Cambridge Blockchain, a digital identity enterprise software provider. This is the company’s first official investment in the blockchain space. PayPal is one of a handful of investors in Cambridge Blockchain’s Series A round. Moving forward, PayPal and Cambridge plan to explore potential collaborations to leverage blockchain technology. –SLUDGE FEED

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5. Leonid Bershidsky provides advice on how to handle bitcoin’s latest price surge: Ignore it. –BLOOMBERG

6. Counterpoint: Allen Scott gives four reasons to buy bitcoin now just in case. –BITCOINIST

7. The Jamaica Stock Exchange will partner with Canadian fintech firm Blockstation to trial bitcoin and ether trades. –COINDESK

8. The Dolder Grand, a five-star hotel in Switzerland, will allow guests to pay with bitcoin starting next month. –COINDESK

9. Ethereum testnet 2.0 was delivered on time. –INVEST IN BLOCKCHAIN

10. Coincheck lauched over-the-counter trading for large-scale investors. –COIN TELEGRAPH

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Written and curated by David Stegon. He has been a reporter for 15 years, the past 10 focused on technology. Follow him @davidstegon.

Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside); Susmita Baral (senior editor at Inside, who runs the biggest mac and cheese account on Instagram); and David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).

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