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Why India’s Crypto Future Looks Bright?

Why India’s Crypto Future Looks Bright?

There was much to be celebrated when the news broke yesterday green lighting the crypto industry in India. The future of cryptocurrency in the country could be huge and startups need to get their act together now.

India’s Crypto Future
Crypto confidence has returned following a Supreme Court verdict overturning a Reserve Bank of India statement that had restricted banking access for digital asset trading.
India’s crypto community has been given a new lease of life after waiting almost two years for the decision they wanted.
Now that the apex court has scuppered any RBI plans to quash the industry, professionals and advocates alike are hoping that the government will take the initiative to encourage the fledgling industry and the associated innovation and investment that comes with it.
Digital currency companies are already reviving plans to expand their businesses in India. According to the Economic Times, Singapore-based crypto firm ZPX will consider ramping up operations. Nischal Shetty, the co-founder of the crypto exchange WazirX, added that investment in Indian markets will begin this year.
He encouraged the next step which is to ensure that the “crypto industry of India is involved in building the crypto regulatory framework,”
The exchange, which Binance acquired in November last year, wasted no time in promising local currency withdrawals soon to be launched.

नमस्ते, अब INR deposit & withdraw करो दिल खोल के 💪
Coming soon!#IndiaWantsCrypto #IndiaWelcomesCrypto pic.twitter.com/hbvOW6ZZ6o
— WazirX (@WazirXIndia) March 4, 2020

Community Wish List
According to Quartz, the Indian crypto community’s wish list includes a government appointed advisory council that will guide future policy on digital assets. The council should include representatives from national and international blockchain operators in addition to regulators and lawmakers. Cooperation with global regulators and central banks is also essential for success.
A sandbox facility is also on the list to enable extensive testing and research and development for crypto-related software and projects. The RBI already has a sandbox but it explicitly excludes crypto currencies, and this should be reviewed. This would allow Indian companies to develop corporate crypto coins for payments and settlements.
A sovereign digital currency is the next logical step for the central bank and a crypto rupee would be welcomed. Just as in China, a private currency blockchain would yield unprecedented surveillance and cash flow control opportunities for the RBI.
It was also suggested that global central banks have been stock piling safe haven assets such as gold during the Covid-19 outbreak as a hedge against economic collapse. If the RBI were slowly accumulating even $1 billion worth of bitcoin it would drive up prices massively through legitimization as an asset class.
These are just a few scenarios for India’s crypto future which has now been officially endorsed by the Supreme Court.
Will India lead the world in crypto innovation? Add your thoughts below.

Image via Shutterstock
Source: Bitcoinist News

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Crypto News Updates

Insights Into India’s Crypto Future Are Looking Bright

crypto India

There was much to be celebrated when the news broke yesterday green lighting the crypto industry in India. The future of cryptocurrency in the country could be huge and startups need to get their act together now.

India’s Crypto Future
Crypto confidence has returned following a Supreme Court verdict overturning a Reserve Bank of India statement that had restricted banking access for digital asset trading.
India’s crypto community has been given a new lease of life after waiting almost two years for the decision they wanted.
Now that the apex court has scuppered any RBI plans to quash the industry, professionals and advocates alike are hoping that the government will take the initiative to encourage the fledgling industry and the associated innovation and investment that comes with it.
Digital currency companies are already reviving plans to expand their businesses in India. According to the Economic Times, Singapore-based crypto firm ZPX will consider ramping up operations. Nischal Shetty, co-founder of the crypto exchange WazirX, added that investment in Indian markets will begin this year.
He encouraged the next step which is to ensure that the “crypto industry of India is involved in building the crypto regulatory framework,”
The exchange, which Binance acquired in November last year, wasted no time in promising local currency withdrawals soon to be launched.

नमस्ते, अब INR deposit & withdraw करो दिल खोल के 💪
Coming soon!#IndiaWantsCrypto #IndiaWelcomesCrypto pic.twitter.com/hbvOW6ZZ6o
— WazirX (@WazirXIndia) March 4, 2020

Community Wish List
According to Quartz, the Indian crypto community’s wish list includes a government appointed advisory council that will guide future policy on digital assets. The council should include representatives from national and international blockchain operators in addition to regulators and lawmakers. Cooperation with global regulators and central banks is also essential for success.
A sandbox facility is also on the list to enable extensive testing and research and development for crypto-related software and projects. The RBI already has a sandbox but it explicitly excludes crypto currencies, and this should be reviewed. This would allow Indian companies to develop corporate crypto coins for payments and settlements.
A sovereign digital currency is the next logical step for the central bank and a crypto rupee would be welcomed. Just as in China, a private currency blockchain would yield unprecedented surveillance and cash flow control opportunities for the RBI.
It was also suggested that global central banks have been stock piling safe haven assets such as gold during the Covid-19 outbreak as a hedge against economic collapse. If the RBI were slowly accumulating even $1 billion worth of bitcoin it would drive up prices massively through legitimization as an asset class.
These are just a few scenarios for India’s crypto future which has now been officially endorsed by the Supreme Court.
Will India lead the world in crypto innovation? Add your thoughts below.
Source: Bitcoinist News

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Crypto News Updates

DeFi Confidence Returning as Ethereum Deposits Surge

ethereum defi

The embryonic decentralized finance ecosystem took a beating last month following a couple of protocol exploits. Ethereum deposits are now increasing again as confidence returns.

Ethereum Deposits Back Up
In the wake of the flash loan exploit which resulted in attackers netting a tidy profit, decentralized finance took a beating.
The bitcoin maximalists came out in force deriding this nascent ecosystem as they have done with all others that are not BTC. Maybe a Mt.Gox reminder would have been appropriate but that was last month and things move fast in crypto.
DeFi, just like all other crypto platforms and networks, is new and needs to evolve. The exploits have been fixed, decentralized autonomous organizations have strengthened their security and governance, and investment has reentered the space.
Some platforms such as bZx, which was hit by the two flash loan exploits, have bounced back as confidence returns to the industry. According to industry insider Camila Russo Ether deposits in bZx are surging with +20% yields drawing users back.
She added that the amount of Ethereum in the platform is still around 22% lower than pre-exploits level. However, increased liquidity slashed rates by about half, to 27.5% from 41% on the previous day, and from as high as 99% on the day of the first exploit.

Defipulse has also reported that the total Ethereum locked level is approaching 3 million ETH once again although it is down around 10% from its peak last month. Total value locked in USD largely depends on the price of Ethereum at the time, at the moment it is around $972 million.
Russo went on to report that DeFi trading platform dYdX is introducing trading fees starting on March 10. Taker fees will range between 0.05% and 0.5% of trade volume, depending on trading pair and order size while makers will pay no fees.
Instadapp to Simplify DeFi
It was also reported that mainstream centric banking portal, Instadapp, has just launched a platform to simplify all things DeFi called Smart Accounts. According to company spokesperson the new platform will serve as a “single point of integration to access all the DeFi protocols,”
The majority of users at the moment rely on their wallets to interact with DeFi platforms but Smart Accounts aims to give users the ability to simplify what is complex and unify what is disparate in the DeFi sector.
The specifics are all detailed in the company blog which added for DeFi to go mainstream there has to be improvements to the user experience.
Will 2020 be the year for Ethereum based DeFi? Add your comments below.
Source: Bitcoinist News

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Bitcoin Hits Supply Zone, Can BTC Push Through Resistance This Time?

bitcoin bull rally hurdles

Bitcoin has spent another day consolidating below $9k as it gears up for its next move. Current levels appear to be a supply zone and analysts are mixed as to what direction BTC will take next.

Crypto markets have done very little over the past day or so as total capitalization hovers just above $250 billion. From yesterday’s low around $5 billion has reentered the space as prices trickle higher. There has yet to be any major momentum as the past couple of days markets have been range bound.
Bitcoin in Supply Zone
A couple of green candles on the hourly chart have lifted bitcoin from its intraday low of $8,670 to tap resistance at $8,950 once again. According to Tradinview.com the move during Asian trading has taken BTC to a four day high and back above the 200 day moving average.
BTC price 1 hour chart – Tradingview.com
BTC is now at a key level of resistance which one analyst has defined as a supply zone.
“Either buyers will push through and signal reversal, or bid pressure will evaporate and we’ll fail severely as momentum chasers scurry out.”

Time to pay attention.
We've come into the supply zone at $8,900-$9,000 multiple times – either buyers will push through and signal reversal, or bid pressure will evaporate and we'll fail severely as momentum chasers scurry out. pic.twitter.com/d5OEDVVICL
— light (@LightCrypto) March 5, 2020

It is the third test of $9,000 since the big dump from five figures in late February. Failure to break it this time around is likely to lead to another big dump back down to support in the $8,300 area.
There has been no notable movement following the big news out of India yesterday so the path of least resistance could be to the downside.
Professional traders such as Josh Rager are holding back at the moment until direction becomes clearer.
“Haven’t made a trade the last couple of days. Waiting patiently for price to come to where I feel risk/reward is worth it,”
Elsewhere on Crypto Markets
There has been a tiny bounce for many of the altcoins over the past few hours but nothing significant. All eyes are on bitcoin and the key $9k resistance level that needs to be broken.
Ethereum has gained marginally but is still bearish just above $225. ETH needs to break $240 to see further momentum which is likely to come fast if it happens.
BSV has made the largest loss in the top cap crypto coins dumping 5% below $235. Meanwhile Tezos is surging again with a double digit 10% gain to reach $3.20 making XTZ today’s top performing altcoin.
Can bitcoin breach the $9k resistance zone today? Add your thoughts and price predictions below.
Source: Bitcoinist News

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Ripple Chief Critical of Bitcoin, Ethereum ‘Wasteful’ Energy Consumption

bitcoin energy

As if there wasn’t enough tribalism within the crypto community already, Ripple’s CEO has blatantly bashed bitcoin and Ethereum for their energy consumption and carbon foot print.

Bitcoin Using More Energy Than Ever
A recent article in the UK’s Telegraph has claimed that one bitcoin transaction uses more energy than an average British household does in two months.
Citing figures from Digiconomist the report added that energy consumption has reached record annual levels of 77.78 terawatt hours which is equivalent of the entire demands of Chile.
The stats added that the carbon footprint was equivalent to that of New Zealand which is 36.96 Mt CO2. Additionally it was comparable to the e-waste generation of Luxembourg and the power consumption of an average US household over 22.13 days.
Alex DeVries, blockchain expert at accounting firm PWC and founder of Digiconomist, also claims that massive amounts of e-waste will eventually be generated by outdated mining equipment. He added that 98% of mining hardware will be obsolete within one and a half years after their initial use.
Granted, there may be a growing pile of dead mining rigs, but that will pale into insignificance when compared to the likes of what Apple produces with its built in obsolescence and non-replaceable batteries creating mountains of dead iThings.
All this was enough to bring out Ripple’s chief executive Brad Garlinghouse who said that BTC and ETH mining is a massive waste and there’s no incentive to take responsibility for the carbon footprint.

Energy consumption for BTC and ETH mining is a massive waste and there’s no incentive to take responsibility for the carbon footprint. Absolutely 🤯 that this isn’t high on the agenda for the growing climate crisis… https://t.co/psR77m78Ua
— Brad Garlinghouse (@bgarlinghouse) March 4, 2020

Why he took a shot at ETH is a mystery since figures from the beta index for Ethereum’s current estimated annual electricity consumption is just 8.08 TWh. That is just ten percent of what bitcoin uses.
Naturally the comments drew out the loyal XRP Army who defended them and the rest of the crypto crowd that lambasted them.
Renewables Used
The figures are somewhat misleading though since a large portion of bitcoin and crypto mining uses renewable energy such as solar or hydropower. One miner even replied stating that 97% of his energy supply was from renewable sources and others called it scaremongering.
“Its simply not possible to make a profit using carbon intensive energy given we need power at sub 2.3c  kw/hr.”
There were also comparisons to the energy consumption of other payments platforms such as Visa and of course an unspoken notion that XRP is superior.
What wasn’t mentioned here is the power needed to keep all those corporate offices running, employees in fuel to get to them, and executives in lavish lunches and private jets. Bitcoin and Ethereum have none of the above.
Is bitcoin mining a massive waste of energy? Add your comments below.
Source: Bitcoinist News

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Stocks Tanked on FED Rate Cut, Will Crypto Markets Climb?

crypto stock markets

The US central bank slashed interest rates for the fourth time in less than a year but stock markets reacted badly. Will crypto markets be a hedge against falling economies?

FED Rate Cut Unwelcome
Another Federal Reserve interest rate cut has been on the cards for some time. That necessity was escalated as Coronavirus (Covid-19) infections increased across the US.
Crypto markets have continued consolidating following their upshift earlier this week but stock markets have taken a hit as investors remain on edge. Total market capitalization remains just above $250 billion as bitcoin holds on to support at around $8,800.
The 50 basis point cut has dropped the US interest rate to just below 1.25%, down from about 1.75%. Not all are convinced that this was the right thing to do.
Chief investment strategist for State Street Global Advisors, Michael Arone, said “I think the Fed’s rate cut backfired in many ways. Instead of soothing the market, it’s reignited investors’ worst fears,”
According to economists that spoke to MarketWatch it signals to investors that “policy makers are grasping significant uncertainty and rapidly mounting downside risks.” Goldbug and crypto critic Peter Schiff told the outlet;
“The problem isn’t the pin, the problem is the bubble and once the bubble is pricked, the damage is done and the air is coming out of this bubble,”
AFP reported that Asian equities fluctuated in early trading today following yesterday’s sell-off on Wall Street.
The Crypto Hedge
According to one industry executive this could be good news for crypto markets, especially if investors start looking for a hedge against failing fiat and stumbling stocks.
Coinbase CEO Brian Armstrong tweeted that such measures could lead to crypto growth this year.

A down stock market and interest rate cuts may lead to growth in crypto this year. Governments around the world are likely to look to stimulate the economy in any way they can, including using quantitative easing and expanding the money supply (printing money).
— Brian Armstrong (@brian_armstrong) March 3, 2020

He added that China has already been printing money and funds may be moved into crypto as a hedge against inflation before adding;
“This could be the year where the mindset of institutional investors begins to shift, from crypto as a venture bet, to crypto as a reserve currency.”
Current global monetary policy is clearly failing with central banks churning out new currency to keep markets liquid, individuals and businesses spending and borrowing, and national debts escalating.
All the while the fiat currencies they are producing are becoming worth less as more of them flood the markets and spending power is diminished.
Crypto assets may well be the answer and this year could be the time that institutional investors start paying them more attention.
Will crypto markets benefit from economic stimulus measures? Add your thoughts below.
Source: Bitcoinist News

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India’s Supreme Court Nullifies Central Bank Crypto Trading Ban

crypto legal in India

There is finally some good news out of India today as reports are emerging that the Supreme Court has quashed a curb on crypto trading.

Crypto Trading Legal in India
According to local news outlet the Economic Times, India’s Supreme Court has nullified a curb on crypto trading. The official report stated that the “SC rules curb on crypto currency trade illegal,”
The Reserve Bank of India has been making every effort to ban any dealings in crypto assets by individuals and businesses. Its campaign began in April 2018 with circular instructing banks and companies not to deal with digital assets.
Regulated exchanges and service providers that were already working within the industry were told to exit the ecosystem within three months.
The Internet and Mobile Association of India had argued that trading in digital assets in the absence of a law banning them was a ‘legitimate’ business activity under the Indian constitution.
The RBI defended its actions taking the matter to the Supreme Court which procrastinated for months as the case dragged on.
According to Bloomberg a panel of three judges, headed by Justice Rohinton F. Nariman, agreed with petitions by cryptocurrency exchanges, startups, and industry bodies. Many of the arguments claimed that the central bank wasn’t empowered to ban crypto assets and its directive hadn’t adequately studied the matter.
The report added that the Supreme Court is separately hearing another case on regulations for crypto currencies, and today’s judgment weakens the case for strict norms. Last month Bitcoinist reported on the RBI’s own plans for a digital rupee.
Industry observer ‘Crypto Kanoon’ was one of the first to break the news on crypto twitter;

Breaking:Supreme Court of India has struck off Reserve Bank of India's (RBI) banking ban against #Crypto. The Court held that RBI Circular dated 6th April 2018 is unconstitutional.
— Crypto Kanoon (@cryptokanoon) March 4, 2020

The world’s largest crypto exchange Binance was also quick to celebrate having recently purchased local crypto outlet WazirX.
“We look forward to supporting our partners @wazirxindia and empowering 3 Billion people with the freedom of money.”

#Breaking: The Supreme Court of India has struck off the Reserve Bank of India's (RBI) banking ban against #Crypto!
We look forward to supporting our partners @wazirxindia and empowering 3 Billion people with the freedom of money.#IndiaWelcomesCrypto 🇮🇳 pic.twitter.com/iYtQ8FqTCV
— Binance (@binance) March 4, 2020

There was no immediate reaction from bitcoin prices at the time the news broke as it remained marginally up on the day at around $8,800.
The ruling, however, is a huge boost for the crypto industry as a whole, especially in India where a massive population largely remains unbanked. There are now boundless opportunities for blockchain startups that can operate freely and without central bank oppression.
Will the crypto industry in India skyrocket as a result? Add your thoughts below.

Images via Bitcoinist Media Library, Twitter: @cryptokanoon, @binance
Source: Bitcoinist News

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Is Ethereum Really Money or Manipulated Like Fiat?

ethereum money

Ethereum advocates will support the meme that ‘ETH is money’ and will at some stage become a unit of account. Naturally those in the bitcoin camp have vehemently rejected this notion as the argument ensues once again.

Is Ethereum Really Money?
Co-founder and partner at Morgan Creek Digital, Anthony Pompliano, has been delving into this notion that ETH is money in his latest blog post.
The meme has been popularized following the DeFi movement which has Ethereum as its foundation. It proposes the principle that ETH could become the base unit of account in this new decentralized financial landscape.

[NEW POST] There is a new meme gaining popularity in the crypto community that "ETH is money."
This is inaccurate. ETH is no different than a fiat currency.https://t.co/7uhWjLLSVW
— Pomp 🌪 (@APompliano) March 2, 2020

‘Pomp’ goes on in an attempt to debunk this theory with the caveat that he applauds experimentation to drive innovation and all teams should be encouraged to keep building.
His first argument is that Ethereum is no different to a fiat currency because they have no fixed supply, an inflationary supply schedule, and monetary policy decisions that are decided by a small group of individuals.
The monetary policy of Ether is driven by something called the “minimum issuance to secure the network”. This is explained in depth in the Monetary Policy documentation.
He added that the good news is that every change to the supply schedule so far has reduced the new issuance rate, but the bad news is that the option is always available to increase it.
Current fiat monetary policy allows the same thing; those in charge able to alter the issuance rate of new money entering the system. He added that the two assets that do not have this issuance rate manipulation potential are bitcoin and gold.
Naturally there was argument to this take with industry heavyweights such as ShapeShift chief Erik Voorhees adding;
“Pomp this is just wrong, man. Fiat has value by decree of the State. Ethereum, like Bitcoin, gold, and pork bellies, has value by bids and offers in an open market. You can hate on ETH for a number of reasons, but it ain’t fiat.”
Evolution of DeFi
To solve this, better forms of ‘money’ can be created that are compatible with Ethereum based DeFi. Pomp uses the dollar pegged stablecoin Dai as an example of how this is already happening.
Bitcoin based monetary policy on Ethereum is also now possible with wrapped BTC (wBTC) and tBTC. The entire DeFi movement is growing at an unprecedented rate which brings up these discussions in the first place.
Pomp concluded that DeFi will likely become an incredibly important part of the global financial system over time, but remained true to his believe that bitcoin is the only form of money;
“My general position is that the mechanics of the decentralized finance services will eventually be built around truly sound money (Bitcoin).”
Is ETH really the same as fiat? Add your comments below.
Source: Bitcoinist News

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Chainlink Integrates Real World Assets Into DeFi On Ethereum

DeFi collateral

Developments in decentralized finance are coming thick and fast as the ecosystem evolves. The latest offering from Chainlink and DMM acts as a bridge between Ethereum crypto assets and real world assets.

DeFi Money Market Bridges The Gap
A recent announcement by Chainlink has unveiled a collaboration with the DeFi Money Market (DMM), which offers higher yield money markets on the Ethereum mainnet backed by tokenized real world assets.
The article asserts that there will be exponential growth for crypto assets in the coming years as fiat currencies are increasingly converted into digital ones. The current total crypto market capitalization of around $250 billion is miniscule compared to the estimated $90 trillion of physical money and money held in easily accessible accounts in the world.
The vast majority of this money is earning virtually nothing in terms of interest and could soon be in negative interest territory if the central banks keep dropping rates and printing money.
“Herein lies a massive opportunity to capitalize on declining yields in traditional money markets through the creation of higher yield decentralized money markets via blockchain technology.”
Defipulse, which today reports a total value locked of $967 million, added that banks had better watch out …

1/ Banks better watch out because the dream of integrating real world assets into #DeFi is becoming a reality.
Take for example @DMMDAO which acts like a bridge between crypto and fiat using @chainlink oracles to offer car loans funded by stablecoins. https://t.co/Z6Sqi36XFj pic.twitter.com/yTOL63t79W
— DeFi Pulse 🍇 (@defipulse) March 2, 2020

DeFi markets will allow borrowers to pledge real-world assets represented on-chain as collateral for crypto asset loans and DMM aims to create the first blockchain-based money market to bridge this gap.
Effectively it will enables low-risk investors the ability to lend crypto currency for passive interest income. Borrowers can receive crypto currency loans for short-term capital by pledging their real-world assets as collateral.
At the moment crypto collateral can be pledged to earn interest on stablecoins such as through the Dai Savings Rate which currently offers a bank beating 7.5%.
Chainlink’s decentralized oracle network comes into play allowing DMM to obtain on-chain information about these tokenized assets based on a secure connection to reliable sources of data off-chain.
The Medium goes into much greater detail on how this is achieved showcasing how the collaboration has resulted in a new money market that is collateralized by $10 million in tokenized car loans on Ethereum.
Assets backing DMM can include vehicles, property and other ‘hard’ real world assets, which are income generating. They are secured through a first lien, senior-secured position which has first rights to sell the assets on failure to repay the loans, just like a bank.
The partnership is another step in the evolution of the rapidly moving DeFi market which is one of the most vibrant aspects of the crypto ecosystem this year.
Will ETH and LINK prices benefit from new DeFi solutions? Add your comments below.
Source: Bitcoinist News

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Bitcoin Rallies On Stock Rebound, Will BTC Top $9k Today?

bitcoin price waiting to rally

Following a few days of sideways trading, bitcoin has rallied over the past few days as stock markets rebounded. Next targets are in the $9k area but analysts are not holding their collective breath.

Central bank stimulus hopes gave stock markets a much welcomed surge yesterday following their worst performing week for over a decade.
Crypto markets also benefitted, having a solid start to the week with a gain of almost $15 billion since they bottomed out at $240 billion yesterday. Total cap is currently over $250 billion and hopes of a renewed rally are starting to seep back in to the crypto-sphere.
Bitcoin Closes in on $9,000
BTC made solid gains yesterday climbing from its low point of this correction around $8,400 to top out just below $9k but not quite hitting the mark according to Tradingview.com.
 
The 3% gain has taken the asset back above $8,800 to tap resistance at the 200 hour moving average. It is now trading back above the 200 day moving average and heading towards resistance at the 50 day m.a. which lies around $9,150.
Crypto traders and analysts are looking for chart patterns and one has identified a head and shoulders wh
BTC chart 1 hour – Tradingview.com
ere the right shoulder could top out at this level.

A potential head and shoulders formation with the target at ~6100$. Considering the 9150$ as a level of the previous support/resistance zone, the right shoulder might top there. $BTC $BTCUSD #bitcoin $XBT pic.twitter.com/ymqfevpneA
— CryptoHamster (@CryptoHamsterIO) March 3, 2020

The downside prediction of just above $6k is pretty extreme and it is likely that there will be strong support at $8,300 to break first.
Either way, bitcoin is doing its thing and appears to be moving in correlation with stock markets at the moment. It is still on track for massive gains after the halving if stock-to-flow models are to be believed.
Elsewhere on Crypto Markets
As usual the rest of the digital lemmings have mirrored the price action of their big brother, some making even greater gains.
Ethereum has made it back to resistance at $230 with a 5% move on the day. It is only likely to shift gears again if BTC can top $9k today.
Ripple’s XRP has grabbed a little action also with 3.5% added while BCH takes 6% and BSV 9%. Litecoin has topped $60 again and EOS and BNB have grabbed 3% on the day.
Tezos is back up 5% tapping $2.75 and Chainlink surges even higher with a 9% move taking it to $4.25. These gains are just a natural bounce off the back of a painful week so nothing to get too excited about just yet.
The real test will come for bitcoin which must top $9k for any hopes of a renewed rally.
Will BTC break $9k today? Add your price predictions in the comments section below.
Source: Bitcoinist News