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Crypto Newsletter: Can Ripple Push The Value Up To $5?

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Ripple fell all the way down from a great price point of $4.5. Experts have divided opinions whether the price will get back on its feet or would it be impossible for it to come back.

Those who think that ripple will jump right back believe that not only will it come back but also it will reach new highs as well. This is why ripple is considered to still be a great investment opportunity. There is a lot of room for improvement though. Ripple is growing its user base constantly and consistently and it’s not only gaining new single users but also is growing its bank user base around the world. Financial institutions around the world are very keen on the Ripple protocol in order to transfer money across the world. Ripple is still however pretty undervalued. If it continues to grow and add new users to its base, ripple will likely increase in market cap and value as well.

This is why some experts believe that Ripple can end the year around the $5 mark and it is considered to be 10 times increase from where it is today. Ripple is considered to be the investment option for this year in particular.

As far as price predictions are concerned, if Ripple stays true to its promises on scalability, low transaction costs and speed we can sure expect the price to rise. However, it is very unlikely that a very extreme, sudden jump in price will be healthy for this cryptocurrency but keeping a steady course and slowly development will bring the desired results.

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Altcoin News

New Crash Of $35 Billion Makes BTC Revisit Four Figures

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New Crash
A new crash of $35 billion is in the latest cryptocurrency news, leading the market to a downward trend. The crash shows that Bitcoin lost thousands and was forced to visit the $9,000 regions. The weekend has been a long and painful one for BTC and crypto assets as the markets continue to bleed out - and a whopping $35 billion has been dumped from the total crypto market capitalization, erasing the growth of BTC and altcoins from last week. In the new crash, Bitcoin slid by 10% but its dominance remained high at over 65%. The altcoin news show that a lot of cryptocurrencies are bleeding out. The BTC dominance levels definitely paint a sad picture for altcoins this morning. During the Sunday trading session, BTC could not manage to hold ground above $11,000 and fell back into the tens. However, the major selloff was not there until Bitcoin finally fell back into four figures, trading below $9,900. The good thing now is that Bitcoin managed to correct a bit and is now above $10,000 and at five figures again. Still, the new crash made the market lose $35 billion which is more than 10% of the entire market cap - overnight. Since BTC is up by 175 this year, analysts are not that pessimistic about the coin. However, the popular trader and analyst Josh Rager was featured by many best cryptocurrency news sites for his stance in which he says that Bitcoin often makes moves like these and yesterday was no different.
“And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally,” he said in a tweet.
The weekly candle closed heavy and ignited the new crash further. As BTC tested the 50 day moving average which is currently serving as a level of support, all signals are indicating a continuation of this correction. So, Bitcoin visiting the $8,000 region is definitely a possibility - but Rager added that even like this, four figure BTC is a gift.
“Said it once and will say it again, 4 digit Bitcoin is a gift, whether it hits $9ks or even $8ks," he concluded.
In the coming altcoin news, we can see that the new crash and Bitcoin retreat has hurt the altcoins even more, with some of them losing as much as 20% of their value.
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Tether Minted 5 Billion USDT By Mistake – And Immediately Burned Them

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tether minted
The stablecoin operator Tether is in the coming altcoin news for accidentally minting and subsequently burning 5 billion in USDT tokens. A Twitter profile named Whale Alert showed that Tether minted 5 billion USDT by mistake in a tweet published on July 13. https://twitter.com/whale_alert/status/1150161710587764737 Commonly known in the crypto community because of the reports linked to moved funds, Whale Alert is a Twitter account dedicated to reporting large cryptocurrency transactions. As the profile noted, 50 million USDT tokens were transferred from the cryptocurrency exchange Poloniex to the Tether Treasury via the Omni protocol on the Bitcoin (BTC) blockchain. The account subsequently reported that Tether minted 5 billion USDT on the Tron blockchain which is why it burned them afterwards. After that, Tether minted another 50 million USDT on the same chain and burned another 4.5 billion USDT. Finally, Tether transferred 50 million Tron-based USDT tokens to a wallet that presumably belonged to Poloniex.
"Official news is that the amount printed should be have been 50M as part of a swap from Omni to Tron Tether. This was corrected by burning the full amount in two subsequent transactions," the Twitter profile of Whale Alert added later on.
In a tweet, the CTO of Tether Paolo Ardoino explained that Tether meant to perform a swap of 50 million Omni-based USDT tokens to the Tron blockchain. However, a mistake was made with the decimals which is how Tether minted something extra and why they burned these coins.
"While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals. Please check the burn transactions below," he noted.
https://twitter.com/paoloardoino/status/1150164876138037249 The cryptocurrency exchange Poloniex confirmed this in a tweet, stating:
“Paolo is correct - this occurred while Poloniex was conducting a USDT chain swap with the help of Tether. An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.”
As many best cryptocurrency news sites reported earlier this week, the New York based Metropolitan Commercial Bank shut down the accounts associated with Tether. The bank reportedly closed the accounts after a request last year. The altcoin news today show a lot of red on the market and a market cap that lost more than $30 billion overnight, dropping to a new point at $278 billion.
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Dogecoin Surged 40% After Binance Exchange Listing

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dogecoin surged
Dogecoin surged by more than 40 percent after it was listed on the Binance exchange earlier today so in the latest cryptocurrency news, we read more about the price action of the coin. Despite the sarcasm behind the creation of the coin, Dogecoin surged post-Binance listing. The technology behind the coin is legitimate despite being created just for fun. Nowadays, the coin is widely used across the community for tipping and micropayments and is even gaining more traction with the latest announcement. The major crypto exchange noted that Dogecoin will be available for trading and the CEO of the exchange Changpeng Zhao tweeted:
‘’This one is an exception, as there isn't much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous "ex-CEO" (cough @elonmusk) helps!’’
Right after Musk’s famous comment, Coinbase added Dogecoin and made it accessible for all crypto newbies and experienced traders which further validated the coin’s legitimacy. The price did, however, drop from its high of $0.045 to $0.0035 but the Google searches for the coin spiked and news erupted in almost every crypto media outlet out there. The real question is whether this media attention helped dogecoin or injured the cryptocurrency and the entire economy. The crypto universe is still relatively small so any media attention is deemed useful for gaining traction for new users. This is why Dogecoin’s history behind it should not make a difference in terms of the current value. Cryptokitties for example also showed that the blockchain technology can be used to create games and apps so no matter the reason for its creation, it still has a huge impact on developers and investors and increased the drive towards mass crypto adoption. Despite the current use of Dogecoin in tipping and micropayments, it is still relatively hard for the cryptocurrency to grow out of the name it created for itself. The coin is still perceived as a joke and this doesn’t really help it become the worthy leader for the greater crypto economy. The current listing is still not enough for some investors to be reassured of the fears that burden cryptocurrencies such as volatility, security and headline risks. As noted in the altcoin news previously, some speculated that dogecoin and other projects will help the crypto economy in the long run towards mass adoption.
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Tether Keeps On Churning As 50 Million Tokens Enter The Market

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tether minted
Tether keeps on churning out new currency since about 50 million USDT tokens entered the market while the downward slide for Bitcoin continues. In the altcoin news today we take a closer look at the analysis. Bitcoin spent most of the day yesterday in a downward slide and bottomed out at $10,800. From that position, it rapidly rebounded and surged above $11,500 again where the 50-hour moving average stands. Since then, the major cryptocurrency started to fall back again and is currently trading at $10,900. Bitcoin lows are getting lower but on the monthly overview, Bitcoin is still within its range and is trading sideways. This move was maybe linked to Tether since Tether keeps on churning new currency and now the Whale Alert twitter account reported that mint of 5 billion tokens are sparking a dose of speculation. The popular crypto trader Alex Kruger noticed the 5 percent increase and noted:
“Quick 5% $BTC pump following fake tether news on top of oversold intraday charts. Actual minted tether was $50 million, not $5 billion.”
The weekly charts indicate that the things could be turning into a bearish mood for bitcoin. There have already been long wicks through resistance but it was never a closure above it. The horizontal support line stays in the $8,000 region so the larger correction could be heading there as well. Tradingview analysis company issued a report that shows that bitcoin’s 14 percent pullback the market dominance still remains a solid 67.7% at the moment. About $10 billion was lost from the entire market cap over the past 24 hours which is now at $307 billion. The charts are red this morning as most of the crypto assets are continuing the downslide. Bitcoin SV took the biggest dump today losing over 7% and falling below $150. As noted in the latest cryptocurrency news, most of the altcoins are in meltdown apart from the ICON (ICX) token.
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