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Altcoin News

Crypto Bubbles & Why Traders Think Altcoins Are Overpriced

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Crypto Bubbles &amp

The topic of crypto bubbles has been a long one, stretching to many sections of our latest cryptocurrency news. The truth is, cryptocurrency is a community that is no stranger to accusations of it being a bubble. If we go back in time, we can see that the entire bubble trend started in 2014 when people described Bitcoin (BTC) as a bubble – after a Financial Times article from September (that year) contained the ill-fated prediction saying “We’re going to stick our neck out at this stage and call this the end of Bitcoin.”

However, that obviously did not happen. Many best cryptocurrency news sites showed that crypto bubbles are only a discussion and a rumor. Bitcoin certainly did not end in 2014 – instead it came back stronger and continued to rise over the following years. And while certain mainstream observers regard the entire market as one giant balloon – others see altcoins as crypto bubbles which are reflecting the biggest bubble out there, Bitcoin.

One veteran trader and author named Peter Brandt was in the coming altcoin news recently for comparing the altcoin market to the dot-com bubble and claiming that Bitcoin’s recent strong rallies won’t be replicated by other cryptocurrencies. Similar to him, the CEO of ShapeShift Erik Voorhees argued last year that Bitcoin and altcoins form two separate markets.

The crypto bubbles may be there – but they are not as strong as many describe them. For instance, what’s stronger is the fact that Bitcoin increased its price by around 130% over the last three months – and Ethereum grew by 81% in the same period.

However, Brandt thinks the opposite and believes that altcoins are crypto bubbles. As he said in a tweet at the end of June:

“I believe that the advance in late 2017 and early 2018 in altcoins will prove to be bubbles. I am of the firm belief that 95% of alt-coins will eventually be worthless and that BTC will occupy 80% to 90% of the total market cap of cryptocurrencies. No doubt several of the altcoins and macro-cap coins will find utility in specialized niches. It remains to be seen which coins these will be.”

Another believer in this theory is Max Keiser, who was featured in a CNBC interview for stating:

“The dominance index is at 60% again, and it’s going back to 80% or 90%. Because that’s the only logical place for anyone who wants to be in crypto to be. But the short answer is, in my view, the altcoin phenomenon is finished.”

However, it is worth considering the question of whether the cryptocurrency market is a whole unity and draw conclusions from it – instead of distracting ourselves with crypto bubbles.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Altcoin News

Facebook’s Head Of Blockchain Expects Libra To Be Governed By Swiss Law

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Facebook’s Head Of Blockchain announced that he expects the new crypto project to be governed by Swiss law since the European country is known for its friendly attitude towards crypto as we previously mentioned in the altcoin news. David Marcus, Facebook’s head of blockchain who has been a major enthusiast over the years, stated:
 “Because the (Libra) Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association.”
Marcus also explained that the association wants to register with the U.S. Treasury Department’s Financial Crimes Enforcement Network but it is still unclear why does Libra want to settle in Switzerland and not in the United States. The Laws in both countries have similarities. They both allow digital currencies and exchanges, they try to protect the citizens from extortion, money laundering or any kind of illicit activity, they both use their financial legislature to cover the digital currencies and are still trying to determine what exactly is the best regulation for this sector. One of the main differences between the countries is the attitude they have towards crypto. The United States is always looking at crypto with caution while Switzerland has always been welcoming and open. The Federal Assembly which is the legislative branch of the Swiss government voted in favor of the motion to be guided on the application of current laws towards crypto. Also, the country decided to regulate digital currencies within the framework of their existing laws so they do not have special laws for crypto and ICOs. They chose to be flexible and to govern the different types of currencies depending on each case. On the contrary, in the United States, the small business owners, corporations and legislators have been calling for clarity on crypto regulation for many years. In the meantime, President Donald Trump has shared his opinion that he does not find bitcoin as an asset that you should invest in. the US Treasury Secretary Steven Mnuchin spoke at the press conference which we reported about in the latest cryptocurrency news saying:
“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, ransomware, illicit drugs, human trafficking … This is indeed a national security issue. I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.”
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Altcoin News

27 Libra Partners Pressured To Dump Facebook’s Crypto By Activists

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27 libra partners
It seems like everyone is trying to kill Facebook's over-hyped Libra crypto project. In the coming altcoin news, we can see that 27 Libra partners are being pressured by four liberal activist groups which penned an open letter urging all of them to dump the Facebook cryptocurrency. After being bashed by the president Donald Trump and the US Congress, the Libra stablecoin which was expected to launch soon has hit a new roadblock. The foursome, as explained above, cited their fears over the social media monopoly and its feckless leadership. In a letter, they urged 27 Libra partners to dump the Facebook cryptocurrency. The four groups of liberal activists include the following:
  • Open Markets Institute, a think tank that opposes corporate monopolies
  • Public Citizen, a left-wing consumer-rights organization
  • Demand Progress Education Fund, an internet activist group
  • Revolving Door Project, an anti-Trump Democratic consortium
As their fiery missive shows, the quartet warned the 27 Libra partners to withdraw from the crypto initiative. Specifically, they noted that Facebook cannot be trusted and is trying to monopolize the budding digital money industry. More specifically, the latest cryptocurrency news show that activists state that Facebook wants to control the market - rather than use Libra to democratize financial services. The group says that Facebook is trying to fool the public with this and urges the 27 Libra partners to re-think their decision. As the letter states:
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”
In reality, Open Markets, Public Citizen, Demand Progress Education Fund and the Revolving Door Project say that Facebook merely wants to promote its own market dominance.“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear," the letter featured on many best cryptocurrency news sites reads. The quartet urged all 27 Libra partners to withdraw from the project before they become accomplices in what they describe a "sinister scheme led by Zuckerberg."
“We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful,” the letter concludes.
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Altcoin News

Bank Of Thailand Is Open To Discussions With Libra

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Bank Of Thailand
The governor of the Bank of Thailand, Veerathai Santiprabhob, was in the altcoin news recently for stating that the institution is open to discussing Facebook's Libra stablecoin with the company. According to reports from the local media outlet Xinhuanet on July 19, the governor of BoT made his remarks at the Bangkok FinTech Fair on July 19. He also pointed that Facebook had already contacted the central bank a lot of times and noted that the institution had established a new team to study Libra's whitepaper but their analysis will apparently take time. "We are not going to rush into a decision of Libra as yet,” the Bank Of Thailand governor Santiprabhob noted, continuing to emphasize the importance of security and his concerns over it. He also said:
“All kinds of new digital money have been emerging, therefore the Bank of Thailand monitors all and don't give favoritism to any particular financial service. Security in financial services is the bank's top priority. It will take time.”
The Bank of Thailand governor also said that Libra cannot simply replace the Thai baht, concluding that “Libra cannot just step in and replace all currencies and digital money.” As we reported in our latest cryptocurrency news not a long ago, Libra will likely run up against difficulties entering Thailand mainly because of the local financial legislation which currently exists - and how Libra is seen through that perspective. Aside from the Bank of Thailand, a lot of institutions are ready for Facebook's stablecoin Libra and are apparently accepting it well. The same goes with countries and people - all of which are eager for the release of the Libra stablecoin. For now, the Bank of Thailand governor is not the only one who speaks with concerns over Libra. Facebook's cryptocurrency was also a major topic in the US Senate and our coming altcoin news for its regulation, potential threat to the dollar and the economy in general. In other news, the cryptocurrency market seems to have stabilized and gained a couple of billions. The total valuation now is $291 billion and the 24 hour trading volume is at $62 billion.
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Altcoin News

Activist Groups Are Urging 27 Libra Partners To Ditch The Project

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Activist groups gathered around to write an open letter to more than 27 Libra partners in order to dump the Facebook venture and to give up on the project. As the bashing continues for Libra, we are reading more about what the groups want in the coming altcoin news below. After the US President Donald Trump bashed the crypto project Libra, now the activist groups are urging the partners of the social media company to dump the project. They claim that Mark Zuckerberg cannot be trusted. The four groups wrote in the letter that they fear the social media monopoly and leadership. The group that signed the letter include the Open Markets Institute which is a think tank that opposes corporate monopolies, Public Citizen which is a left-wing consumer’s organization, Demand Progress Education Fund, and the Revolving Door Project. The activist groups warned that Libra and Facebook cannot be trusted and they are trying to monopolize the expanding digital money industry. Rather than to use Libra as a financial service that will democratize the sector, the group says that Facebook is trying to fool the public into something very shady and make only a benefit for itself:
 “Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”
The anti-Facebook activist groups suggest that the CEO of Facebook is lying when he says that he only wants to launch Libra to help the 1.7 billion people without access to traditional banking services. The groups say that the social media giant only wants to promote its dominance:
 “Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear. We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful.”
The libra project, as noted in the latest cryptocurrency news, is constantly under attack mainly because people believe it could be used to facilitate money laundering and drug trafficking.
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