BTC News Review: $10,000 Bitcoin, Libra appoints first CEO, Coinbase outage

Here are the major events happening in the crypto-verse, the news you should be aware of: price action, Bitcoin hits $10,000, Libra appoints CEO, Coinbase suffers outage again, and much more. Read on to find the latest and don’t lose track of this ultra fast-moving industry.

BTC, ETH price action

Bitcoin saw a rise this week, hitting $10,000 before crashing to the $8000s at the weekend. 

Ethereum started the week at $209, rose as high as $215 during the Bitcoin boom and fell to $185 during the crash. 

Both cryptocurrencies are now recovering from the fall, and anything can happen in the next seven days. 

The crypto market crashed. 

The crypto market was seeing a boost for most of the week, crashed at the weekend. 

Bitcoin’s price plunged from $10,000 to $8,100 in about 24 hours. It shed 10% of its value in 30 minutes. Other cryptocurrencies followed suit. 

It’s believed that lots of pre-placed sell orders at $10,000 caused the crash. However, there are talks that institutional investors are buying the dip

Bitcoin hit $10,000

Bitcoin experienced a steady rise in price this week and hit $10,000 for the first time in months as its halving drew nearer. 

The price crashed soon after as many traders took profits. 

Bitcoin halving search reaches an all-time high.

The Bitcoin halving is less than four days away, and the public’s interest in it has gone through the roof. 

Google Trends, a barometer that gauges interest in trending search topics, showed that searches for the terms “halving” or “bitcoin halving” is as much as five times its peak in 2016, the year of the last halving. 

Are newbies FOMO-ing already? 

Libra appoints first CEO 

Facebook’s controversial stable coin project, Libra, appointedits first CEO last week. 

Stuart Levey, the new CEO, was Chief Legal Officer at HSBC. He used to be the Under Secretary of the Treasury for Terrorism and Financial Intelligence—he held the position in both the Bush and Obama administrations. He will start the job in the summer. 

Bitmex is making BTC transactions more expensive.

Every day, around noon, New York time, the average Bitcoin transaction fee spikes for about and then go down. A research conducted by 0xB10C, a contributor to the Bitcoin project, pins Bitmex as the culprit for this. 

According to the research, BitMEX broadcasts thousands of transactions at once at the same time every day, and it causes tx fees to rise. 

If Bitmex conducted their operations like the other exchanges do, 1.7 BTC would be saved in fees, he said. 

The number of Bitcoin nodes fall to a 3-year low.

Despite experiencing a price surge last week, the number of computers running the Bitcoin program fell to its lowest levelin almost three years. 

Bitcoin’s total node count fell below 47,000 last Monday. There has been a steady decline in the number of operational Bitcoin nodes. The total amount has been falling from a peak of over 200,000 in January 2018.

Coinbase suffered outage

The massive sell-off caused by the crypto market crash caused an outage on Coinbase. The exchange’s website, mobile app, and API website experienced partial outagesduring this period, shutting out traders from the platform. Services were restored about an hour later. 

Other top-rated platforms experienced no issues during the period. 

Coinbase experienced a similar outage recently when Bitcoin rallied to $8,900, and customers are starting to grumble loudly over the exchange’s propensity to crash when there’s a quick movement in crypto prices. 

News From

Emmanuel O.Emmanuel O.
Category: Team WhaTechCompany about: Jovial, bespectacled tech head. A writer with 10+ years of experience crafting quality content on the internet.
Passionate about gadgets, new tech, Bitcoin, and Manchester United.
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