Bitcoin Price Rises Sharply in Just 20 Minutes, Winklevoss Launch Crypto Org
- Bitcoin Price climbs $400 in just 20 Minutes to reach 2-week high
- Total market rose by a total of $11 billion in one hour
- Meanwhile, Cameron and Tyler Winklevoss focus on transparency and self-regulation in crypto sector
The price of bitcoin moved above the $6600 mark for the first time in a number of weeks.
At 01:00 UTC, just after Tuesday's close, the cryptocurrency leapt $428 over the course of 20 minutes to cross the threshold for the first time since July 24, according to CoinDesk price data.
The price, however, had settle back in around just over $6600 as of Wednesday morning after reaching close to $6800 overnight.
Either way, the total market rose by a total of $11 billion in one hour as a large injection of capital entered the market seeking bitcoin amidst the move, Coindesk noted.
Winklevoss Twins Launch Cryptocurrency Organization
Cameron and Tyler Winklevoss are at it again. This time they are launching the The Virtual Commodity Association, with a goal to “promote fairness, transparency, risk management, and liquidity”.
The members include the likes of Gemini Trust Company, Bitstamp, bitFlyer USA, and Bittrex.
A yet-to-be-scheduled inaugural meeting will include topics like Guidelines for Virtual Commodity Association members, best practices in transparency, fairness, risk management and liquidity in the cryptocurrency marketplace as well as how to handle conflicts.
The focus will be on common standards.
ohn Roth, Chief Compliance and Ethics Officer at Bittrex, said:
“The blockchain industry must focus on protecting its customers and operating in a responsible manner to significantly increase adoption globally. By working with the VCA, we can advance our shared goals of improving transparency, accountability and security across all virtual currency trading platforms. This effort will also complement our discussions with regulators and legislators about developing a long-term solution that creates a fully-compliant environment for blockchain while encouraging innovation, economic growth, and U.S. leadership in the industry.”
- Aaron Goldstein, Gambling911.com
