Skip to main content
https://www.highperformancecpmgate.com/rgeesizw1?key=a9d7b2ab045c91688419e8e18a006621

Bitcoin bulls are running, as prices spike above $11K

The bitcoin bulls are back in town.

The price of bitcoin surged today by $1,268.19, reaching a six-month high of $11,203.90, or a one-day gain of 12.73%. It’s another indication of the resurgence of both investor interest in the technology and renewed confidence in its long-term prospects after a rough year of regulatory scrutiny and declining value in the major cryptocurrencies.

For cryptocurrency investors like Alyse Killeen, an advisor to Mantis VC (the investment firm launched by the celebrity music duo The Chainsmokers), the climb in Bitcoin prices reflects the increased stability of the infrastructure that undergirds Bitcoin specifically, and distributed ledger technologies more broadly. 

“Bitcoin has much more intrinsic value today than it did a year ago just from an infrastructure perspective,” Killeen wrote in a direct message. “[The] Lightning network is working, sidechains are working. And so you can do more with bitcoin today than you could last year.”

The Lightning network is a second-layer technology for bitcoin that scales the blockchain’s ability to conduct transactions and it’s increasing people’s ability to actually use the network.

It’s more than just increasing capacity driving the surge in investor interest and prices, Killeen wrote. There’s also the decreased supply of available bitcoin — a function of the halving of coins in circulation which happened earlier this year.

Moreover, financial institutions are now holding cryptocurrencies — giving investors more confidence in the security and fungibility of the assets, Killeen wrote.

Some blockchain experts, like Willy Woo, who is an analyst now working at Lvl to launch Bitcoin banking services even called the timing for the most recent bull run.

Killeen also expected the markets to rise in the third quarter or early fourth quarter thanks to the increasing infrastructure to support transactions and activity on the blockchain, the increasing amount of bitcoin in circulation, and a response to the halving of currency in circulation.

“What’s happening now is that larger institutions are offering purchase facilitation and custody (e.g. Fidelity),” Killeen wrote. “This is bullish for Bitcoin AND self-custody. With ‘real banks’ holding bitcoin for their customers, the average person will view bitcoin more like money, and [the] differentiation of being your own bank becomes even more clear.”

Comments

Post a Comment

Popular posts from this blog

Uber co-founder Garrett Camp steps back from board director role

Uber co-founder Garrett Camp is relinquishing his role as a board director and switching to board observer — where he says he’ll focus on product strategy for the ride hailing giant. Camp made the announcement in a short Medium post in which he writes of his decade at Uber: “I’ve learned a lot, and realized that I’m most helpful when focused on product strategy & design, and this is where I’d like to focus going forward.” “I will continue to work with Dara [Khosrowshahi, Uber CEO] and the product and technology leadership teams to brainstorm new ideas, iterate on plans and designs, and continue to innovate at scale,” he adds. “We have a strong and diverse team in place, and I’m confident everyone will navigate well during these turbulent times.” The Canadian billionaire entrepreneur signs off by saying he’s looking forward to helping Uber “brainstorm the next big idea”. Camp hasn’t been short of ideas over his career in tech. He’s the co-founder of the web 2.0 recommendatio
Post a Comment
Read more

Drone crash near kids leads Swiss Post and Matternet to suspend autonomous deliveries

A serious crash by a delivery drone in Switzerland have grounded the fleet and put a partnership on ice. Within a stone’s throw of a school, the incident raised grim possibilities for the possibilities of catastrophic failure of payload-bearing autonomous aerial vehicles. The drones were operated by Matternet as part of a partnership with the Swiss Post (i.e. the postal service), which was using the craft to dispatch lab samples from one medical center for priority cases. As far as potential applications of drone delivery, it’s a home run — but twice now the craft have crashed, first with a soft landing and the second time a very hard one. The first incident, in January, was the result of a GPS hardware error; the drone entered a planned failback state and deployed its emergency parachute, falling slowly to the ground. Measures were taken to improve the GPS systems. The second failure in May, however, led to the drone attempting to deploy its parachute again, only to sever the line
Post a Comment
Read more

ProtonMail logged IP address of French activist after order by Swiss authorities

ProtonMail , a hosted email service with a focus on end-to-end encrypted communications, has been facing criticism after a police report showed that French authorities managed to obtain the IP address of a French activist who was using the online service. The company has communicated widely about the incident, stating that it doesn’t log IP addresses by default and it only complies with local regulation — in that case Swiss law. While ProtonMail didn’t cooperate with French authorities, French police sent a request to Swiss police via Europol to force the company to obtain the IP address of one of its users. For the past year, a group of people have taken over a handful of commercial premises and apartments near Place Sainte Marthe in Paris. They want to fight against gentrification, real estate speculation, Airbnb and high-end restaurants. While it started as a local conflict, it quickly became a symbolic campaign. They attracted newspaper headlines when they started occupying prem
Post a Comment
Read more