Crypto Market Wipes Out $8B, Bitcoin Cash Down 24.4% in 1 Week

Twitter Facebook LinkedIn Over the past 12 hours, more than $8 billion was wiped out from the crypto market, as several major digital assets including Bitcoin Cash (BCH) and Stellar (XLM) suffered. For the first time in the past ten days, the price of BCH has dropped below the $500 mark to $480. Within the past week, after securing a monthly high at $630, BCH has dropped by more than 24.4 percent. What’s Happening to Bitcoin Cash? Prior to a hard fork, especially a contentious hard fork in which a…

Bitcoin Price Decline Will Persist until Mid-2019: Crypto Analyst Willy Woo

Twitter Facebook LinkedIn When the bitcoin price flatlined near $6,500 in mid-October, many crypto analysts predicted that the bears had finally become winded following a market downturn that has persisted for nearly a year and that the market could be primed for a December rally. However, technical analyst and trader Willy Woo does not believe that the flagship cryptocurrency’s immediate future is quite so rosy. Writing on Twitter, Woo said that he does not expect the bitcoin price to find a floor until the second quarter of 2019, meaning that…

Falling Wedge Indicates Interim Breakout Scenario

Twitter Facebook LinkedIn Bitcoin on Tuesday extended its downward momentum, dropping 0.67-percent against the US Dollar. The BTC/USD trading pair opened the Asian trading session at 6288-fiat and attempted an upside correction to as high as 6309-fiat. The selling pressure around the 6309-level resumed the downtrend. As a result, the pair kept forming red candles for the rest of the Asian and European trading session. It is now trading at 6294-fiat. The macroeconomic view of the US Dollar posted bullish sentiment for the currency. But it is not looking the…

Bitcoin Price Bleeds to Low $6,300 as Investors Carefully Observe the Market

Twitter Facebook LinkedIn Over the last 24 hours, the price of Bitcoin has fallen from around $6,400 to $6,300, recording two consecutive sell candles on its daily chart. Although the volume of Bitcoin remains above $4.4 billion, up more than 46 percent from earlier this month when the daily trading volume of the dominant cryptocurrency averaged at around $3 billion, BTC is struggling to sustain momentum in the mid-$6,000 region. In the short-term, it is highly likely for BTC to retest the $6,200 region unless it swiftly bounces above the…

Why Comparing Bitcoin with Centralized Systems Based on TPS is Wrong

Twitter Facebook LinkedIn On the Bitcoin network, whether it is a transaction worth $100 or $1 million, it costs the same miner’s fee to process the payment. On October 16, a $194 million payment was moved on the Bitcoin network with a mere $0.1 fee nearly instantaneously. Through legacy banking systems, weeks of paperwork, days of settlement system, and a significant load of compliance work is required to clear a payment of that size. The research of Nic Carter, a Partner at Castle Island Ventures and the co-founder of Coinmetrics.io,…

Bitcoin Erases Weekend Gains & Struggles to Break Out of Bear Trend

Twitter Facebook LinkedIn Bitcoin kicked off the week by erasing gains made during the weekend, falling 1 percent against the US Dollar. Bitcoin Relinquishes Hard-Fought Gains The BTC/USD pair stayed depressed despite an upside attempt, printing intraday lows near 6319-fiat against the high at 6384-fiat. The breakdown action in the European forex market helped the dollar establish its 16-month high. Due to the US bank holiday today, Wall Steet is bound to post lower volume, but its relevance to the overall intraday health of the greenback could surface tomorrow when the…

Market Still in Good Position; Real Crypto Volume 2x Larger

Twitter Facebook LinkedIn In an interview on CNBC Crypto Trader hosted by Ran Neuner, Binance CEO Changpeng Zhao (CZ) stated that the crypto market and Binance are still in a good position even after nearly a year of downward price movement. Binance Maintaining Healthy Business Over the past 11 months, the cryptocurrency market has lost more than 70 percent of its valuation amidst the fourth biggest correction in its 10-year history. CZ stated that the volume of Binance is down nearly 90 percent since January due to the correction and…

$20 Trillion US Debt Will Inevitably Lead to Big Crypto Boom: Voorhees

Twitter Facebook LinkedIn ShapeShift CEO Erik Voorhees has said that the growing debt of the US, which hovers at around $21.7 trillion as of November, will inevitably cause a big spike in crypto. “When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can’t possibly ever pay it back and thus must print it instead, and thus fiat is doomed. Watch what happens to crypto.” Voorhees suggested that to repay the national debt, the government and the federal reserve will be forced to…

Crypto Market Recovers From Pullback, But Bitcoin Momentum is Weak

Twitter Facebook LinkedIn The cryptocurrency market has started to recover gradually from a major pullback, which occurred following a substantial 40 percent increase in Bitcoin Cash (BCH) and a surge in the price of several other major cryptocurrencies. Over the last 24 hours, the valuation of the cryptocurrency market has increased from $211 billion to $213 billion, by less than one percent. Some cryptocurrencies including Ripple (XRP) and Ethereum (ETH) have started to demonstrate momentum, both recording around a 2 percent rise in value on the day. The volume of…

Bitcoin ETF Could Attract Billions in New Investment: VanEck

Twitter Facebook LinkedIn A bitcoin ETF could attract billions of dollars in new investments, so the Securities and Exchange Commission (SEC) should treat pending proposals as an opportunity to regulate the crypto market, said crypto exchange-traded fund advocate Gabor Gurbacs. Gurbacs, the director of Digital Assets Strategy at VanEck, made this claim during an interview with CNBC Africa’s Crypto Trader. The comments came in the wake of VanEck’s persistent requests to the US securities regulator to approve their bitcoin ETF proposals. The SEC so far has rejected nine similar proposals,…