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It took just five days for bitcoin to rise from $6,000 to $8,000

It took just five days for bitcoin to rise from $6,000 to $8,000

Bubble Trouble —

Most major cryptocurrencies are at or near 2019 highs.

Timothy B. Lee
– May 14, 2019 3:05 am UTC

Last Wednesday we reported that bitcoin had risen to $6,000 for the first time this year. On Monday, just five days later, bitcoin reached a new 2019 high of $8,000. As I write this one bitcoin is worth about $7,900.
Of course, bitcoin reached much higher levels in late 2017 and early 2018. Bitcoin’s current price just under $8,000 is less than half the all-time high of $19,500 set in December 2017. Bitcoin was last worth at least $8,000 in July 2018.

As often happens, bitcoin’s rise is part of a broader cryptocurrency boom. On Saturday, the price of ether—the currency of the Ethereum network—rose above $200 for the first time in 2019. Other cryptocurrencies, including Litecoin, Bitcoin Cash, Monero, and Dash are at or near 2019 highs.
Still, bitcoin has outpaced all of these alternative cryptocurrencies in recent weeks. Bitcoin’s price has doubled just since late March.
I wrote last week that there was no clear explanation for bitcoin’s sudden popularity with investors. That largely continues to be true today.
One recent piece of bullish news came from Bakkt, a digital asset exchange that shares a parent company with the New York Stock Exchange. Bakkt announced on Monday that it would begin user acceptance testing for bitcoin futures contracts in July.
It’s a step toward greater mainstream acceptance of the currency and could generate additional demand for bitcoin. But it’s hard to believe that this factor accounted for very much of the last week’s big price gains.
There are also some signs of increasing bitcoin purchases from large institutional investors. That may be contributing to bitcoin’s price rise, but it’s not clear why these buyers are suddenly interested in bitcoin.
While bitcoin’s price has been rising at a rapid pace in recent days, it has yet to reach the fever pitch of late 2017. In one 48-hour period days before the December 2017 peak, Bitcoin rose from $12,000 to $15,000 in less than 48 hours. A few days later, bitcoin hit its all-time record price of $19,500, then crashed—the start of a year-long slump that brought the price below $4,000 by December 2018.

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Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines. Here’s what happened. 1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin. 2. The…

Moonday Mornings: Binance to resume deposits and withdrawals after $40M Bitcoin hack

It’s time for Moonday Mornings, Hard Fork’s wrap-up of the weekend’s top cryptocurrency and blockchain headlines.

Here’s what happened.

1. Binance says it will resume deposits and withdrawals on its platform on Tuesday. The cryptocurrency exchange had suspended the functions following an attack in which hackers stole over $40 million worth of Bitcoin.

2. The figureheads of the fake cryptocurrency scheme, OneCoin, are being sued. Brother and sister duo, Konstantin Ignatov and Ruja Ignatova are facing a class action law suit for their involvement in the scam which was “based completely on lies and deceit,” ZDNet reports.

3. A Bitcoin BTC fueled ransomware attack hit the Baltimore City government last week. Despite being cleaned of the ransomware, hackers are allegedly still accessing the infected computers, ZeroHedge reports. The Federal Bureau of Investigation is now investigating the attack.

4. The creator of the Bitcoin treasure hunt Satoshi’s Treasure is claiming nearly 60,000 people are following the global challenge, CoinDesk reports. One player has already claimed the first prize, and didn’t even have to go anywhere to claim it.

And finally.

5. William Shatner is putting William Shatners on the blockchain. The former Star Trek actor is joining Mattereum, a legaltech firm, to document the authenticity of science collectibles and memorabilia from a range of franchises on the blockchain.

That’s another weekend’s headlines for you. Live long and prosper.

Published May 13, 2019 — 07:58 UTC

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Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments. Despite first being filed in December 2016, Amazon’s patent application was granted earlier this…

Amazon granted patent for Bitcoin-style system to fight DDoS attacks

Cryptocurrency rumor mongers are likely to be dancing today as Amazon has successfully filed a patent for a Bitcoin-styled Proof-of-Work system. But don’t get ahead of yourself, it doesn’t look like the Seattle-based ecommerce giant will be accepting Bitcoin for payments.

Despite first being filed in December 2016, Amazon’s patent application was granted earlier this week and appears to outline a system that uses Proof-of-Work to prevent distributed denial-of-service (DDoS) attacks.

“One way to mitigate against such attacks is to configure a service such that requests to the service incur some sort of expense, thereby providing a disincentive to participating in the attack,” the application reads.

Planting a Merkle Tree

Amazon proposes to use Merkle Trees to present a Proof-of-Work challenge and make it too costly for a series of computers to perform a DDoS attack.

But what’s a Merkle Tree? In short, Merkle Trees are cryptographic tools where blocks of data are manipulated to give them a unique identifier also known as a hash.

These hashes are then manipulated again to create a parent hash. Parent hashes are always a combination of two or more child hashes. It’s layers on layers of hashed data.

Since computing power is required to build a Merkle Tree, performing such hashes could get very costly in terms of time, electricity, and resources. In turn, this makes DDoS attacks economically unfeasible.

In the case of Amazon’s patent, imagine having to construct a Merkle Tree before you’re allowed to access a website hosted on one of its servers. To an individual the cost might be insignificant, but to an organization trying to carry out a DDoS attack – which might involve many hundreds of computers – it could become prohibitively expensive.

Amazon’s Merkle Tree

Merkle Trees are also used in Proof-of-Work blockchains like Bitcoin as part of its consensus mechanism. But for now that’s as close as Amazon will get to Bitcoin.

Indeed, with this news it seems Amazon is still of the “blockchain, not Bitcoin” mantra. Earlier this month, the web giant said that AT&T, Accenture, and Nestlé are all using its cloud-based blockchain tools.

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