The State of the Market: After a weekend of incredibly tight consolidation, Bitcoin popped to $6,785 on Monday. This brings the King of Cryptocurrencies close to a crucial resistance at $6,800 and a high volume move above this level could open the door for gains above $7,000. In other news, IOTA surged 21% on the news of a solid partnership with Fujitsu and ICON (ICX) leapt 25% as news of a coin buy back and ICX protocol being used on a large-scale government project in South Korea reached the press. Currently the cryptocurrency market capitalization stands at $218 billion.
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IOTA and Fujitsu joined forces to enable the leading multinational IT equipment firm to use IOTA blockchain for their services and products. The collaboration has seen its prices surge by 21% today. At the time of writing, IOTA traded at 0.6115, a jump of 18.83% from a low of $ 0. 5168. This has seen its market cap stand at $1.8 B, according to CoinMarketCap data. (Read More.)
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Willy Woo, a renowned analyst, and crypto investor has said that the crypto market this year is much better than four years ago. He says this year’s price correction shall not be like the 2014 slip that saw Bitcoin price hit the lowest for three years before 2017’s; Bitcoin declined by 90%. According to Woo, this was caused by Mt.Gox bankruptcy. The developments this year such as institutional players entering the crypto space makes him bullish. (Read More.)
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ICON (ICX) is one of the two coins that did very well in an otherwise flat crypto market weekend ICON, dubbed as the Ethereum of South Korea, soared up to $0.922910 in 24 hours, according to data from Coinmarketcap.com. The trade volume has moved from a paltry $16 million per day to $84 million a day, within a span of a week. The team behind ICX has announced a $5 million coin purchase scheme, which will see the value of the coin show some uptick due to deflation. ICONLOOP has also been added into a large-scale South Korean government project. (Read More.)