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Bitcoin Price Jumps by $900 Because This is Crypto

Positive surprises are not all that easy to come by in the world of Bitcoin and cryptocurrency. This is especially true when it comes to the Bitcoin price, which is often making headlines for all of the wrong reasons. For some unknown reason, the Bitcoin price is rebounding pretty strongly in the past handful of hours. As such, we are now looking at a value of $7,769 for the first time in nearly two weeks.

The Bitcoin Price may Have a Solid Run

Throughout most of 2018, there has been no positive Bitcoin price momentum whatsoever. Most of the time has been spent catching a falling knife, as the value continued to decline pretty quickly for several months on end. Although we now have an uptrend in place, it is evident there is still a long way to go until this can effectively become a solid reversal. As of right now, we are looking at a net 13.33% gain in value.

While that is rather impressive for many different reasons, it is also a worrisome sign. Considering how the Bitcoin price is bouncing back in vertical fashion, one has to consider how this trend will evolve. It is due time the value per BTC goes up again, but sudden spikes like this one will effectively result in a steep correction at some point as well. Given the correction we have had in the Bitcoin industry throughout this year, it is possible things will get pretty ugly in the months to come.

Even so, the 13.33% decline seems to come up with all kinds of momentum. Not only will it fuel more interest in Bitcoin trading, it is also pushing the Bitcoin Dominance Index back above 43.7%. Although there’s a lot more to cryptocurrency than just Bitcoin, it is evident all other currencies need the world’s leading cryptocurrency to go up in value as of right now.

The Bitcoin trading volume is also – finally – showing some signs of life again. After a few days of being stuck around $4bn, it is now back to $7.32bn where it belongs. While this is still well below the volume most people would like to see, it does indicate the demand for Bitcoin has not necessarily slowed down over the past few weeks.

This increased trading volume does not originate from just one exchange, by the look of things. More specifically, Bitfinex is still dominating the market, as it has always done. OKEx is claiming the second spot, with Binance in third and fourth position. Upbit closes to the top five, which means we have just two fiat currency pairs in the top 10. The two USDT pairs are also interesting to keep an eye on. Surprisingly enough, Upbit’s Bitcoin price is $300 lower compared to the West.

How all of this will play out for the Bitcoin price, remains to be determined. While one can appreciate the current spike, it may not last all that long, depending on how the market responds. A lot of people will take quick profits after buying in at $6m500, which is only to be expected. Even so, there are a lot more people waiting for the Bitcoin price to return to $12,000 and more just to break even.

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Bitcoin Millionaire Airdrops Millions of Dollars in Hong Kong

The Bitcoin industry has allowed wealthy individuals to do some very unusual things. In most cases however, those developments will not make any media headlines. The literal fiat currency airdrop executed by Wong Ching Kit, a Bitcoin millionaire, will raise a lot of questions. It may be a positive sign for the struggling industry as well. A Fiat Currency Airdrop to Promote Bitcoin Those who invested in Bitcoin at a very early stage have made millions over and over again over the past few years. Especially if they managed to hold onto their BTC holdings until the all-time high of $19,500 was reached in late 2017. Whether or not Wong Ching Kit sold his holdings prior to that date will always remain in question. The end result is how this 24-year-old is a Bitcoin millionaire residing in Hong Kong. Over the years, he has amassed a significant portfolio and associated value accordingly. During these troublesome times for Bitcoin and other currencies, he decided to airdrop some money in the real world. Although airdrops are nothing new in the world of cryptocurrencies, they usually involve digital tokens and assets. For Wong Ching Kit, he decided to distribute over 100 million Hong Kong Dollar this week. That is worth at least $13m, which was given away to random people. Chinese 24 year old Bitcoin Millionaire Wong ching kit 黄鉦杰 AKA bi shao ye 币少爷 (Mr coin ) throws 100’s of millions of HKD from the roof top. He said “he feels as if he is god and he is responsible to teach the world about bitcoin.” Is this a sign of a bullrun incoming or ?! pic.twitter.com/IfgKykB0ME — Mia Tam (@_blockandchain_) December 16, 2018 To make this cash airdrop successful, Wong Ching Kit decided to throw the money off a rooftop in Hong Kong. During this event, he also proclaimed to “feel like a god” and “being responsible for teaching the world about Bitcoin”. Two very serious claims, although it seems the latter one may be interpreted in many different ways. Unfortunately, he was also later arrested when he was heading back in his Lamborghini. Police arrested him for causing a disorder in a public place. The main question is what this person aims to achieve by giving away millions of HKD for no apparent reason. It can be seen as a sign of how investing in Bitcoin will always be a good option to make money down the line. One could also say his youthful age simply got the best of his common sense and he acted on a whim. Various images of the stash of money being dropped from the sky have surfaced on Twitter ever since. It is something that makes many people wishful they were part of it. A cash airdrop doesn’t happen all that often, especially not for such large amounts. Even so, this person can seemingly pare the money without losing sleep over it. Giving something back to the rest of the world is a noble gesture, though one that will always be criticized. For the Bitcoin industry, this may not necessarily be the signal most people are looking for. There will always be those who claim this person should just reinvest the money and keep the price afloat. Even so, people are entitled to use their money as they see fit. If they want to make it rain Hong Kong Dollars, that is their prerogative to do at any given time. A very remarkable airdrop first and foremost and one that will be remembered for some time to come. The post Bitcoin Millionaire Airdrops Millions of Dollars in Hong Kong appeared first on NullTX.

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