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Crypto Wipe-out: The Global Crypto Market Lost $6 Billion In The Past 48 Hours

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In our latest crypto news, we can see that since November 7, over the past 48 hours the entire crypto market lost $6 billion of its value, dropping to $214 billion. Bitcoin, on the other hand, managed to remain stable.

Four days ago, all major cryptocurrencies including Ethereum, Ripple, Bitcoin and Stellar recorded gains starting from 4 to 31 percent while Bitcoin Cash was the only one to surge by more than 40 percent in just two days.

However, most of the major cryptocurrencies retraced which is actually an expected movement among all of the traders in the community.

When the value of Bitcoin Cash dropped and also many other small tokens demonstrated a decline as well, the crypto market recorded a drop of 2.5 percent of its value but looking at the monthly performance the valuation is actually up by $16 billion which means that it grew from $198 billion to $214 billion.

To continue, the crypto market added an additional $22 billion which is an 11 percent increase. The volume of all cryptocurrencies remained relatively high for example; Bitcoin’s trading volume remained above the $4.5 billion price mark.

Many traders believe that the BTC futures market will act as a huge catalyst for the next BTC rally which actually will lead to institutional investors making a large impact of Bitcoin’s price in a good way.

It’s important to know that tokens could go through a correction movement in the following months if the US Securities and Exchange Commission decides that the tokens will go under the existing regulations.

The SEC explained:

 “While many tokens have recorded gains in the range of 5 to 20 percent over the last week, regulatory uncertainty around tokens and their regulatory nature could lead to a decline in the value of tokens in the weeks to come.’’

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QuadrigaCX Victims Request To Examine Cotten’s Death And Body

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The law firm from Canada, Miller Thomson, which is involved with the QuadrigaCX victims and case in general has made a specific request to the Royal Canadian Mounted Police (RCMP) to conduct an exhumation and post-mortem autopsy of the body of Gerald Cotten who is the deceased owner of the now-defunct crypto exchange.On December 13, a letter to the RCMP sent from Miller Thomson lawyers explained that the request to exhume and examine Cotten's body was appropriate given the “questionable circumstances surrounding Mr. Cotten’s death and the significant losses” sustained by the users of the cryptocurrency exchange which is no longer in operation.The law firm also pointed to the publicly available information about the debacle which surrounded the Canadian crypto exchange. The QuadrigaCX users are still in shock but the law firm highlighted “the need for certainty around the question of whether Mr. Cotten is in fact deceased.”Over the past year, the QuadrigaCX exchange has been engaged in a lengthy court case with its creditors. Some of them have speculated wildly to the fate of the lost cryptocurrency and some were convinced that Cotton could have faked his own death.For those of you who were not following the crypto news at the time, Cotton reportedly died in India from a fatal disease in December 2018, taking the private keys and passwords to the crypto wallets along with him. This resulted in users losing around $190 million and the exchange being engaged in lengthy court cases with its creditors.In October, the widow of Gerald Cotten named Jennifer Robertson handed over $9 million in assets to the users of the QuadrigaCX cryptocurrency exchange. As she announced in a personal statement, she would be transferring the majority of the estate assets to EY Canada, the Big Four auditing firm which acted as the bankruptcy trustee for QuadrigaCX users during the insolvency hearings.
"I have now entered into a voluntary settlement agreement where the vast majority of my assets and all of the Estate’s assets are being returned to QCX to benefit the Affected QuadrigaCX victims," Robertson explained.
For now, we are awaiting a response from the RCMP which will be crucial for the next events.
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Lagarde Suggests ECB Has To Set Objectives For Digital Currencies

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Lagarde suggests that the European Central Bank will have to determine objectives for the cryptocurrencies taskforce in 2020 according to her speech at the first policy meeting. The ECB president Christine Lagarde is known to be one of the major supporters of crypto in the community.Following our latest cryptocurrency news, Lagarde suggests that the ECB will have to reconsider its status on crypto. The Governing Council met to decide about the interest rate and the monetary policies and Lagarde held her first press conference there along with the ECB Vice-President Luis de Guindo. She said that the central banks want to figure out new objectives for a digital currency before the first half of the year saying that the ECB will have to get ahead of the ‘’curve’’ on that matter.The ECB has to also set new priorities and determine what it wants to achieve with the new taskforce and Lagarde said:
‘’Are we trying to reduce costs? Are we trying to cut out the middleman? Are we trying to have inclusive finance at no cost? There is a whole range of objectives that can be pursued.’’
Lagarde admitted to the increased demand for stablecoins ignoring Bitcoin and referred to the interest shown by the Canadian and British counterparts as well:
‘’My personal conviction is that given developments we see, not so much in bitcoin but in stablecoins projects… we’d better be ahead of the curve because there is clearly demand out there that we have to respond to.’’
Last month, the bank was thinking about launching a digital currency and the proposal was a part of the new draft that seeks to ban the high-risk crypto projects. At that time, a target for ECB was Libra and the global digital currency projects developed by some entities such as Facebook which have been repeatedly criticized by European leaders. With a digital currency that will be parallel to the euro, the consumers will have a cheaper means of payment option and this will also have a huge impact on the bank’s fiscal policy.  The Central bank will also be able to inject funds into the economy to achieve inflation targets which the ECB left unchanged so far.
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Square Crypto Gives Grant To A Talented Network Developer

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Open source funding is a challenging thing in the cryptocurrency ecosystem, which is why well placed grants can make a huge difference. This is something that the Square Crypto initiative knows and how it decided to give a grant to one talented developer.As the crypto news show, the developer who is working full time on the Lighting Network (a proposed second layer scaling solution for Bitcoin) has been awarded with a grant and the team welcomed him and his pseudonymous 'ZmnSDPxj' nickname into the fold on December 11th.The actual identity behind the 'ZmnSDPxj' nick was not relevant for receiving the grant. In fact, Square Crypto gives a grant but still knows nothing about the person besides the fact that he or she lives somewhere in Asia.However, the important thing is that Square Crypto has acknowledged the quality of the work in the Lighting ecosystem and went on to explain it in their announcement, stating:
“ZmnSCPxj has been a part-time contributor to Lightning and C-Lightning for two years. With this grant, he’ll be able to leave behind his day job of 14 years and go full-time on Lightning and bitcoin. This is the first financial support he’s received for his bitcoin work … ZmnSCPxj is well-known for his prolific posts on lightning-dev email lists, ability to analyze and respond to proposals in excruciating detail, and doing both while generating comprehensive proposals of his own.”
This grant is another tangible step in the direction of helping the fledging Lighting Network mature. In that manner,  'ZmnSCPxj' will now be able to devote the entirety of their professional focus to contributing to the improvement of the experimental scaling tech.https://twitter.com/sqcrypto/status/1204815615678177280The grant to 'ZmnSCPxj' comes a few months after the Square Crypto team doled out $100,000 in a grant to the BTCPay Foundation, a non-profit organization backing the BTCPay Server project which has recently become something of a darling in the BTC community offering a permissionless Bitcoin payment rail.Square Crypto gives grants and remains a team that is lean, independent and fully open-source. Ran by the CEO of Twitter, Jack Dorsey, the team is determined to shine in the future. As Dorsey stated before:
"The world ultimately will have a single currency, the internet will have a single currency … I personally believe that it will be bitcoin."
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BitMEX Exchange Enables Native SegWit Support

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It seems like the cryptocurrency news today and this morning are mostly focused on exchanges. After we saw that Binance launches its new fiat gateway for Latin America, we can now also see that the BitMEX exchange enables native support for its segregated witness (SegWit) addresses for Bitcoin withdrawals. This lets users pay lower transaction fees.An official announcement on December 12 showed that the BitMEX exchange now allows its users to withdraw Bitcoin to Bech32 addresses, which are the ones that natively support the SegWit standard.The announcement fully explains how and why BitMEX exchange enables this support. It also details that the Bitcoin network currently supports three address formats. The first one is Bitcoin's original address format which is pay to public key hash (P2PKH) which starts with a 1.On the other hand, the second format is the pay to script hash (P2SH) which lets users send BTC to addresses secured through a script without even knowing details about it. This works like a multi-signature wallet. Lastly, the Bech32 format is the third and known as the native SegWit format which starts with bc1 and allows users to take advantage of SegWit's higher efficiency and lower fees.As BitMEX exchange enables its native SegWit support, it also showcases the potential benefits in an announcement which reads:
“The key advantage of Bech32 addresses is that transaction fees can be saved when spending Bitcoin, which was already sent to a Bech32 address. Therefore this upgrade will not directly result in fee savings when customers withdraw from BitMEX, however in the next transaction, when the bitcoin already withdrawn from BitMEX is spent again, our customers may benefit from lower transaction fees.”
The exchange also explains that when spending from an address which is not in the Bech32 format, the user adds around 20 bytes of data to the transaction. The lack of data in the native SegWit transactions saves fees and allows the network to scale and expand more.As analysis shows, native SegWit spending saves about 37% when compared to traditional transactions as well as 17% when compared to non-native SegWit transactions. The next wallet upgrade planned by BitMEX is enabling non-native SegWit support on its P2SH addresses.
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