Crypto Today: Bitcoin bulls storm higher gaining solid momentum for a $10,000 return

Here's what you need to know on Wednesday

Markets

BTC/USD is currently trading at $8700 (+12.15%), big buying pressure has come into play in the session, as the price cleared resistance at the $8400-500 range.

ETH/USD is currently trading at $218 (10.25%), an explosive move higher has been observed in the session, as the price comfortable extends above $200. 

XRP/USD is currently trading at $0.2250 (+9.50%), the momentum north has shown no signs of a slowdown since the reclaim of $0.2000. 

Among the 100 most important cryptocurrencies, the best of the day are HYN $0.253246 (+48.80%), DGB $0.013954 (+28.85%) UBT $0.353731 (+13.15%) The day's losers are HIVE $0.520393 (-24.92%), STEEM $0.199025 (-7.55%), DGTX $0.047021 (-4.60%).

Chart of the day: BTC/USD 60-minute chart

Market

The Bitcoin Association, which promotes Bitcoin SV, says the BSV network now rivals credit card processor VISA in terms of transactions per second. It also claims BSV transaction processors (miners) receive “better returns” than on BTC. In its first annual report, the Bitcoin Association (BA) said the Bitcoin SV scaling test network had “consistently sustained 1,300 transactions per second for a prolonged period, in addition to handling a peak load of 6,400 transactions per second” The report noted: “To put the transaction capacity in perspective, the VISA network, which has long been viewed as the gold-standard for payment processors, handles an average of 1,700 transactions per second.”

Industry 

CipherTrace launches Armada, a product designed to eliminate risky cryptocurrency blind spots for banks and financial institutions. The company announced: “To identify transactions with virtual asset service providers (VASPs), including those with weak KYC or operating as unregistered money service businesses (MSBs).”

The World Economic Forum (WEF) has launched a blockchain tool-kit aimed at fixing some of the bottlenecks in the supply chains. Called Redesigning Trust, the blockchain deployment toolkit explains in clear terms how to put together a Minimum Viable Ecosystem (MVE) of supply chain participants that will reap the benefits of automating their systems and moving some of their processes to a shared, distributed ledger, according to a Forbes report on April 28, 2018.

According to a study by OPUS, the transition of royalty payments into the blockchain should empower artists in the music industry by increasing their bargaining power for asking higher payouts, claims a report that blockchain-based digital music platform. It noted, given the novelty of introducing blockchain to the digital music streaming services market, they see great potential growth. The blockchain-based platform says that artists may be attracted to decentralized platforms because of the potential for relatively higher earnings, compared to conventional platforms. OPUS believes that a shift to tokenized royalties would also diversify personal portfolios of artists.

Internet tech support and consulting player KDH Consulting Group recently filed an official complaint against crypto investment management firm Iterative Capital Management for alleged fraud and misdirection. Accusations include "fraud and breach of fiduciary duties, among other things," the April 27 filling stated. 

According to data published by the Malta Financial Services Authority (MFSA) last week, about 70 percent of the companies that passed through the first phase of the Blockchain Island application process ultimately failed to get licenses.

A U.S. District Judge allowed the Blockchain Association to file a brief in an ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Kik despite the regulator’s concerns the group was not a neutral observer.

British payment startup Checkout.com has joined the Libra Association, becoming the 24th member committed to building a better global payment network.

The New York Department of Financial Services has appointed Richard Weber, a former chief of the Criminal Investigation Division of the Internal Revenue Service, as its new general counsel. Weber, who led the IRS division during the agency’s investigation into the Silk Road darkweb marketplace during his time with the agency, has most recently headed financial crime prevention at UBS and Deutsche Bank.

Quote of the day

It takes 6 months to 2 years to get someone to change a core belief. Don't despair! The little bit you're doing to convince people of the value of #Bitcoin is having an effect. But like everything in Bitcoin, you're going to have to have a low time preference to see it paid off.

@jimmysong