The cryptocurrency market has been reporting nothing but negative crypto news over the past week, and it seems like there are no signs of stabilization. Overnight, the market lost about $16 billion and dropped in valuation from $123 billion to $107 billion.
Aside from the market losing billions, Bitcoin has slid to a new yearly low of $3,310 – to later correct to the current price of $3,400. The group of cryptocurrencies that went in the red included Ethereum which has fallen to the $80 region, deleting all of the gains recorded throughout the bull market of late last year.
The price of Bitcoin Cash also fell to a double-digit and was trading at $96, after which it corrected to the current price of $100. However, the 20% drop definitely made investors take a beating and added up to the 80% monthly loss that this altcoin has suffered.
Previously on our DC Forecasts crypto news site, we reported that the Bitcoin price could be heading towards the $3,000 region which turned out to be true. The assets also continued their decline – altcoins such as Ripple, EOS, Stellar and Bitcoin Cash have fallen more than 91% from their all-time highs.
Throughout the past nine years, the crypto market experienced five major corrections with 85% drops in value on average – and this is definitely one of them. For Bitcoin to record a 85% drop alone, it needs to go to a price of $2,950.
To sum things up, it is safe to say that the market is in a bad place and Bitcoin falling to a new yearly low is not a good sign of a recovery. If this situation continues, a proper bottom could be set at even lower prices for Bitcoin and the entire market.
Coinbase Adds PayPal Withdrawals To Its Platform (For U.S. Citizens)
“There is new technical work to make this possible, and that was done in conjunction with PayPal.”However, this Friday Osgood wrote that the partnership provides Coinbase customers an alternative to the traditional federal wire or automated clearing house (ACH) network that they were required to use. As he said:
“These traditional finance networks can add up to two business days to a withdrawal. We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”The service is for now only available to customers in the United States, but could continue to be added to other nations across 2019, as Osgood wrote.
Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.
TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week
“This week, the 24-hour transaction number for Dapps reached 1.04M, a 48% increase compared with last week; the 24-hour trading volume hit 640M TRX, an 151% increase compared with last week. We have seen significant increases in both indexes […]”One of the most interesting projects built on Tron is Seedit which is a decentralized platform that lets users contribute funds to the content creators that they most appreciate. Project Atlas is also a well-known project which incentivizes people to seed content on the BitTorrent protocol, which was acquired by Tron back in July this year.
Bitcoin Cash Drops Again By 15 Percent While Other Cryptocurrencies Take A Stronger Hit
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- Coinbase Adds PayPal Withdrawals To Its Platform (For U.S. Citizens)
- Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
- TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week
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