New data suggests that bitcoin's growth is explained by its maturation as an asset based on conversations surrounding the leading cryptocurrency, Bloomberg reported on May 15.Bloomberg cited a report from web intelligence platform Indexica, that developed an index based on natural language processing of textual documents in an effort to explain bitcoin's recent surge.
The research reportedly revealed three major drivers of the coin's growth, including conversations surrounding bitcoin, fewer concerns about fraud and a shift in the sentiment of how people talk about bitcoin from the past to the future.
The report states that more financial experts and academics are deliberating about bitcoin, and traditional institutions are taking it more seriously.
Explaining the future issue of bitcoin, Zak Selbert, chief executive officer at Indexica, reportedly argued: "Think about it, executives will speak of good things they expect to happen on conference calls before they happen. They only mention mistakes afterwards."
Over the past month, bitcoin has demonstrated an impressive surge from around $5,075 on April 15 to its current price of around $8,178, according to CoinMarketCap.
Today, Erik Voorhees, CEO of cryptocurrency exchange platform ShapeShift, argued that the volatility seen in bitcoin and altcoin markets over the years is a necessary phenomenon for a nascent asset, stating that bubbles are an essential part of the industry's growth.
Leading derivatives marketplace CME Group reported record volume for its bitcoin futures on May 13 as the cryptocurrency's surprise bull market continued.
That figure represented an equivalent 168,000 BTC - an almost 50% rise versus the previous high of 22,500 contracts and 112,700 BTC on April 4.
Report: Bitcoin's Recent Surge Due its Maturation as an Asset
gepubliceerd op May 15, 2019
by Cointele | gepubliceerd op Coinage
Cryptocurrency exchanges see massive increase in monthly trading volume, bull market solidifying
CryptoCompare, a leading provider of cryptocurrency data and indices, found that the top 15 exchanges all experienced an increase in monthly volume.
Worldwide crypto acceptance is within reach thanks to Coinbase Commerce's USDC stablecoin integration
Crypto as a method of payment has just gotten easier.
Zimbabwe Stock Exchange Eyes Blockchain-Based Products, Needs Regulatory Clarity
"Then there is the money side to blockchain technology. This is a bit difficult, in terms of regulation, we are not yet clear on this and we do not want to do something where regulation is not clear as an exchange. But the technology side is very good."
UK Watchdog Reports $34 Million Lost in Crypto and Forex Scams Last Year
The primary financial regulator of the United Kingdom, the Financial Conduct Authority, reports that crypto investors in the country lost over $34 million due to cryptocurrency and forex scams from 2018-2019 the Financial Times reports on May 20.According to the data, which the FCA gathered from the U.K. national fraud and cybercrime reporting center, Action Fraud, individual loss due to scams decreased from $76,000 to $18,500 while total losses fell by $14 million.