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Bitcoin News

5% Of Canadians Own Bitcoin: Bank Of Canada Report

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New data from the Bank of Canada and the Ontario Securities Commission emerged in the Bitcoin news this week, revealing positive stats about the use and growth of the cryptocurrency in Canada.

According to the report, Bitcoin adoption and general crypto awareness in the country are growing year by year. From the 2.9% of people who owned Bitcoin in 2016, the report estimated that the number in 2017 rose to 5%.

The report was released by the Bank of Canada and is titled “Bitcoin Awareness and Usage in
Canada: An Update,” mainly aiming to inform and promote the use of the leading cryptocurrency. According to it, the most ‘active group’ owning Bitcoin are Canadians aged between 45 and 54, multiplying from 0.9% in 2016 to 3.5% in 2017.

The report also showed that the gender gap for Bitcoin quite changed over the years. Right now, female Bitcoin owners have 2% of the 5% share, while the male Bitcoin ownership figure nearly doubled, jumping from 4.2% to 8.1%.

On top of this, new data from OSC shows that the total number of crypto asset owners in Ontario rose and 63% from the total population in the city (which is 500,000) said that they own Bitcoin, followed by 35% for Ethereum, 18% for Litecoin, 17% for Bitcoin Cash and 13% for Ripple.

As the survey also states, 35% of the crypto holders made their first purchase of cryptocurrency in the previous three months, while 37% say they first obtained crypto within the past year. Only 27% of the respondents said they purchased crypto ‘more than a year ago’.

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Altcoin News

5% Of Moscow Residents Who Use Non-Cash Methods Are Open To Using Cryptocurrencies

A new poll went viral in the latest cryptocurrency news, this time carried out in Moscow, the capital of Russia. As Forbes Russia first reported on November 13th, more than five percent of all residents of Moscow that use non-cash payment methods are open to exploring the use of cryptocurrencies such as Bitcoin. Carried out by the Russian payment service Yandex.Money as well as the Moscow Information Technology Department (ITD), the poll surveyed more than 1,000 Moscow residents of various age categories over the phone. The researchers found that among the residents who use non-cash methods, 5% are willing to start using cryptocurrency to pay for their purchases - while 1% already use digital currencies. Among the most common forms of non-cash payments in Russia are bank cards (96%) followed by mobile bank apps (40%), Internet banking (32%) and e-money (16%). The head of the analytics department at ITD, Ivan Buturlin, recently stated that “34 percent of Moscow residents use primarily non-cash methods of payment, wherein 63 percent conduct electronic transactions at least once a day.” When asked why they refrain from using cashless payment systems, about 40% of the respondents pointed to security concerns, 22% of them said they don't want to pay extra fees and 11% said they did not understand how to use the non-cash payment services, while 9% said that they don't know what cashless payment methods are. As the CEO of Yandex.Money summed up following the publish of the results of this survey:
“In order for non-cash payments to penetrate into the lives of a larger number of citizens, people should also change their perception to understand that this is a safe method of payment.”
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Altcoin News

Crypto Market Capitalization Has Fallen To A New 2018 Low

The latest news on our DC Forecasts crypto news site clearly show d0wnward movements for both Bitcoin and many altcoins in the market. The prices of major cryptocurrencies have dropped significantly. Currently, Bitcoin is trading at around $5,639 falling by more than 12% on the day and showing big signs of volatility as a leader in terms of market capitalization. Speaking of which, the market cap behind Bitcoin dropped below the $100 billion level for the first time since November 12th last year. In the past 12 hours, the total market capitalization fell from $210 billion to the current $180 billion, depreciating by 15% and leading the market to the lowest value since October 31st of last year. There are many other major cryptocurrencies that are reporting declines in excess of 10% on the day. Some of them are Ethereum, Ripple (XRP) and Bitcoin Cash - the latter of which holds the record for its continuous decline over the past week. What's also important to note is the fact that Ripple (XRP) is now the second largest cryptocurrency by market cap - overcoming Ethereum (ETH) overnight. No one knows if the situation will continue like this. Analysts believe that if a quick bullish run initiates, everyone might be able to 'forget' this sad Thursday for crypto. However, an action like that would force Bitcoin to immediately gain control over $6,000 and altcoins to follow, which is beyond impossible at this moment.
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Analysis

Bitcoin Drops 11% In 24 Hours, Sinking To A New Yearly Low

In the latest Bitcoin news, we have a new bloodbath on the market which led the price of Bitcoin, the most dominant cryptocurrency, to below $6,000 and to the lowest price it has ever seen this year. The yearly low was $5,280, after which the Bitcoin price managed to correct. However, the BTC/USD index managed to fall more than 12% ahead of the US trading session and is now trading at $5,647. It seems like the pair was trading comfortably inside a narrow trading range since September this year, leading many to believe that Bitcoin had established a bottom around $6,000. However, the latest selling action showed the very opposite. In the crash, the market lost more than $26 billion and digital assets managed to drop by additional 15% to 20%, led by the downward trend set by Bitcoin. The flash-crash, as the analysts label it, managed to change the dynamics and technical indicators of Bitcoin. According to some fresh analysis, Bitcoin has a potential to fall to as low as $4,500 before it attempts a brief rebound towards the upper trend line of the wedge formation. What's safe to say is that the BTC/USD pair has established a new yearly low which serves a decent interim support level. In case Bitcoin breaks above the $5,650 resistance level, a long position towards $5,750 looks achievable. Nonetheless, a breakdown action is definitely possible at this moment - and no one knows how far this downtrend can go.
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Altcoin News

Crypto Market Suffers From A New $26 Billion Wipeout

In the latest cryptocurrency news, we have a new wipeout that has the crypto market suffering - and being one of the most intense daily sell-offs in all of 2018, where the market lost more than $26 billion in one single day. The price of Bitcoin, which demonstrated a high level of stability over the past 3 months, recorded a 11% drop within 12 hours, which was a decline that brought down many other altcoins and digital assets, triggering downward movements in the entire market. One of them was Bitcoin Cash (BCH) which suffered most yesterday, falling by more than 19% and losing about a fifth of its value. Over the past week, this altcoin has managed to drop by over 50% and lose half of its value against the US dollar and 40% of its value against BTC. The intensity of yesterday's selloff reached a point in which Bitcoin saw its trading volume doubling from $4 billion to $8.1 billion. Even though the volume rarely surpassed the $4 billion margin over the past few months, it now demonstrated a high trading activity because of the selloff. One respected crypto trader and analyst going by the handle DonAlt commented on the latest drop, stating: https://twitter.com/CryptoDonAlt/status/1062687627340587008 The price trend of Bitcoin has played out similarly to the trend that DonAlt laid out and small market cryptocurrencies managed to suffer against both Bitcoin and the US dollar. Throughout the first two quarters of 2018, however, tokens and small market cap assets recorded losses from 40% to 80% against Bitcoin. The recent losses of 15% to 20% managed to bring their total yearly losses to around 95% percent. Bitcoin is now trading at $5,645 - and analysts believe that a quick rally to $6,000 could recover it from this situation.
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