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Bitcoin Surges 15%, Biggest Daily Gain Since April

Bitcoin Surges 10%, Biggest Daily Gain Since April

Bitcoin benefited from a 24-hour gain of nearly 15% on Wednesday, the largest daily increase since mid-April.

A fresh bear market began on 14th November, which saw the cryptocurrency shed nearly 40% of its value, with some pundits attributing the loss to the Bitcoin Cash hard fork. Monday, 26th November saw Bitcoin drop to just USD USD 3,600 – its lowest since September 2017.

The rally has Bitcoin back up to USD 4,218 at time of press.

What is behind the surge?

Mati Greenspan, market analyst at the multi-asset brokerage eToro, has said the increase is a price correction of the recent selloff. “The main driver of the market moves is technical,” he said, adding that the cryptocurrency market will benefit from the growth of the blockchain industry in the long run, putting it in a good position for long-term investments.

“We are still scratching the surface,” Greenspan said in regards to online, decentralized payment methods.

Calling cryptocurrencies ”high risk”, he did recommend that investors include them as a part of a diversified portfolio in order to minimize risks.

Other major cryptocurrencies have felt the benefits of Bitcoin’s surge, with Ethereum increasing 16% to hit USD 126, and Ripple rising 13%. The top 45 cryptocurrencies by market cap are indeed all seeing green.

Predicting the bull

One prominent trader, Crypto Rand, shared a Tweet prior to the surge correctly suggesting that an end of day rise would be an indicator for a change in direction Wednesday.

Keeping an eye on the daily close of #Bitcoin.

Looking to print a bullish hammer that could lead the reversal.$BTCUSD $BTC $XBTUSD $XBT

— Crypto Rand (@crypto_rand) November 27, 2018

Bitcoin has struggled to maintain its value this year with losses of 68% since January, although some observers harbor hopes that this could be the start of a bull run.


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Jon Southurst – PSA: Protect Your Wallets

Jon Southurst – PSA: Protect Your Wallets:

Jon Southurst (@SouthTopia) provides in a post on CoinDesk some examples of how with Bitcoin is not just 9/10ths of the law, it is the law.  Bitcoin is a bearer instrument — meaning if a payment gets sent to the wrong party, or a thief gains control of a wallet, the funds can be spent.  Excerpts:

“A simple concentration lapse can see exponentially more bitcoin leave your wallet than you’d intended, never to be seen again.”

“The difference between bitcoin and cash, though, is that much larger amounts may be at stake. Cash transactions tend to be smaller, while (reputedly safer) credit cards and bank transfers handle larger ones. Bitcoin allows you not only to transfer a million dollars in a heartbeat, it gives you a chance to send it to the wrong place. Or nowhere at all.”

“Mike Hearn, developer at the Bitcoin Foundation, says most loss-causing errors are the result of users not backing up locally-stored wallet files at the right time, and by misusing paper wallets.”

“The bitcoin development team also hopes to add human-memorable address aliases and a messaging function to transactions. Messaging would allow users to include a refund address with transactions.”


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