Newsflash: Bitcoin Jumps Back to $3,900 Erasing Recent Losses

Bitcoin, the flagship cryptocurrency, has recently seen its price jump from a low of little under $3,700 to nearly $4,000 in about 30 minutes. What’s behind the cryptocurrency’s surge is currently unclear, but it is now at a high it hadn't seen since December 25.

According to CryptoCompare data, in the last 30 minutes the cryptocurrency has seen massive green candles that helped it recover from what was so far being a negative day to a day in which it’s already by 3%.

Bitcoin's price jumped to $3,900 out of the blue

The cryptocurrency started off by dropping from the $3,800 to about $3,650 in the last 24-hour period, but has since recovered to test the $4,000 mark, before its price came back down to the $3,900 mark.

While it’s unclear why the sudden jump, it’s worth noting development and adoption have been growing. As CryptoGlobe covered, its layer-two scaling solution, the Lightning Network (LN), has seen its mainnet capacity hit a 500 BTC capacity less than one year after being launched.

The number of cryptocurrency ATMs has also doubled to over 4,000 this year. According to available data, an average of 6 machines were installed per day, most of them in the United States.

On social media users are still trying to wrap their heads around the surge. Some, on the other hand, appear to be focusing on the cryptocurrency’s fundamentals.

As expected, most other top cryptocurrencies have also seen their trends reverse and have started surging. Notably most are currently outperforming bitcoin, as EOS, XRP, and TRX are all up nearly 4% in the last 24-hour period.

Ethereum’s ether, which has been recovering from a low of little over $80, is now trading at $134.4, after rising 7.3%. Bitcoin Cash, which earlier today was down by nearly 10%, has made a significant recovery and is currently up 5.4% to $171.8.

Litecoin, a cryptocurrency created as the silver to bitcoin’s gold, rose 7.8% to $32, while privacy-centric cryptocurrencies Zcash and monero rose 4.7% and 8.6% to trade at $62.7 and $51.3 respectively.

Weekly Newsletter

Japan Developing Cryptocurrency Network to Compete with SWIFT--Source

Michael LaVere
  • Japan is planning to launch a cryptocurrency-based payment network in the next couple of years. 
  • The platform will compete with SWIFT for the market of global transactions. 

A source has revealed that Japan is spearheading the development of a cryptocurrency network that will compete with the industry-standard SWIFT---and Ripple by extension. 

Japan Launching Cryptocurrency Network

According to a report published by Reuters on July 18, an anonymous source has claimed that Japan is in the process of building a cryptocurrency-based network for payments. While the project has yet to be announced and details remain scarce, the network is supposed to go live in the next several years. 

Japan’s government seeks to lead the push for global cryptocurrency usage and the creation of an international network based upon digital payments. While SWIFT is the currency industry-standard for global banking transactions, the service has come under fire for its high costs and inefficiency in comparison to crypto. 

If Japan succeeds in establishing a global crypto network, it will make existing remittance and cross-border platforms such as SWIFT obsolete. In addition, the country’s digital currency network could compete with other transaction-focused services, such as Ripple’s payment platform and the XRP cryptocurrency. 

SWIFT Competitor

The source claimed that the project was being developed to combat money laundering globally, and to provide banks with a more secure and efficient means for transactions. Japan is also planning to work with other countries on the project, and to impose regulatory oversight. 

According to the Reuters report, 

“A team related to the inter-governmental Financial Action Task Force (FATF) will monitor its development and Japan will cooperate with other countries, the source said.”

The report continues, 

“FATF in June approved the plan for establishing the new network, which was proposed by Japan’s Ministry of Finance and the Financial Services Agency (FSA) regulator, according to the person.”

The source did not give details on how the network would operate, but its primary focus will be on providing international payments between banks. Neither the FSA or the Japanese Ministry of Finance would comment on the new development. 

Japan has been scrutinizing cryptocurrency exchanges in recent years and proactive in initiating regulation, in part due to the massive attention created over being host to Mt. Gox’s collapse. In addition, the country has launched a working group to evaluate regulatory approaches on Facebook’s libra.