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Altcoin News

A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling

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Over the last 24 hours, we saw another drop as monitored on our DC Forecasts crypto news site. The prices of Bitcoin as well as many altcoins combined lost $4 billion in total, reducing the total market cap once again to a number of $181 billion.

After what seemed like one of the worst single-day corrections that occurred last Thursday (November 15th) and where the crypto market saw a wipeout of more than $27 billion, the drop is extending.

Bitcoin Cash is one of the main sufferers here. Even though the fourth largest altcoin forked into two new cryptocurrencies named Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC), it managed to fall by more than 7%. Before the fall, Bitcoin Cash managed to drop by more than 15% to $250.

Currently, analysts are asking if the $4,800 margin is the real bottom for Bitcoin – or it will increase in the coming days. While both major cryptocurrencies and small tokens started to demonstrate independent price movements by breaking their correlation with BTC, a new 12% drop could result in intensified downward movements for cryptocurrencies with lower daily volumes.

All in all, the sentiment around cryptocurrencies has been negative this week mostly because of the sheer intensity of the crash of the market in the past few days.

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Altcoin News

Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors

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One of the largest cryptocurrency exchanges in the world, Coinbase, is apparently launching new tools that will help entry-level crypto users to understand what seasoned traders do. Coinbase is rolling out the new data tools now - in a suite of signaling tools which broadcast the activity of the platform's top traders. The news are all over many best cryptocurrency news sites.
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours,” Coinbase explained in a blog post which went viral in the altcoin news. “This is updated approximately every 2 hours.”
Speaking to CoinDesk, one Coinbase spokesperson further noted that top holder activity would be aggregated from all of the individual Coinbase accounts across the exchange - excluding the ones set up by institutions. Beyond the sharing metrics on Coinbase power users, the fact that Coinbase is rolling out their data tools will apparently help retail users make more informed decisions. The Coinbase customers will also be able to see the median number of days an asset is held by traders on the exchange before it is sold or moved to another address, the latest cryptocurrency news show. Another tool which Coinbase is rolling out will gauge the popularity of assets on Coinbase as well as their relative price correlations to other crypto assets. All of the "exclusive" data tools are available to any user for free starting from today.
“For individual investors, especially those new to crypto, we hope these new signals will encourage more informed management of a diversified crypto portfolio. We want trading signals to help first-time investors build the right portfolio to suit their investment goals,” a spokesperson from Coinbase noted.
Now that Coinbase is rolling out these data tools, a senior engineer from the company named Will Drevo says that the platform's top crypto accounts have a tendency to buy rather than sell their portfolio positions.
“Historically, when top holders are either unusually bullish or bearish this has been indicative of changing market conditions, but not always," Drevo wrote in another post.
Founded in 2012, Coinbase has snagged a $8 billion valuation this year.
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Altcoin News

Web Search Stats Show Rising Interest For Facebook Libra

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With the recently unveiled Libra cryptocurrency by Facebook which is hot in the altcoin news all over the world, China has emerged as a perhaps surprising leader when it comes to the public interest about cryptocurrency in general. New web search stats show that despite the fact that cryptocurrency is banned in the country, the searches on it are soaring at press time. The top two hottest search trends on the web search giant Weibo address a Chinese film celebrity's jealous children as well as the first movement of Leonardo da Vinci and his iconic Mona Lisa painting outside the Louvre since 2005. Facebook Libra searches are currently ranking in third place and were in the second place before that. The web search stats also show that the regional fascination in Facebook's proposed stablecoin - which is meant to provide a means of payment initially - could expand to their use cases in time. The data shows that this is viral on many best cryptocurrency news sites but also a hot topic on Google Trends. As Google's web search stats show, there are more and more people looking for information on "Facebook Libra" which peaked around the time of June 18 when the Libra whitepaper was launched. This indicates that China is the number one ranked nation for that search term. Surprisingly, the US is down at number 14 on this list. We should add that Google is officially blocked in China which is why the web search stats come from Weibo, the leading search engine provider in the country. And while the growing concerns from global regulators have also dominated the headlines in recent days, the Google searches for "Facebook Libra regulation" are currently too low to indicate any regional preferences. Even though Libra may not see its launch to the public for a year or more (as the coming altcoin news show), plenty of people are searching for "Facebook Libra price" with Pakistan, Singapore and South Africa being the nations with the most searches on this term. Overall, the web search stats show that Facebook's token pales into insignificance when compared to Bitcoin, which appears an almost flat blue line dominated by the massive interest in the top cryptocurrency market value.
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Altcoin News

Bear Euphoria Continues As Bitcoin Plummets Below $10,000

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Bitcoin Wraps
The coming altcoin news and Bitcoin news too show a negative decline in the crypto markets, leading to billions of losses on a weekly level. The bear euphoria managed to 'steal' away more than $60 billion over the past 7 days and Bitcoin is now down by more than 26% in the same period. The recent tumbling of Bitcoin's price of 15% triggered the altcoins to post new losses too. Instead of optimistic targets, the latest cryptocurrency news show bearish targets - with the one of $8,800 that is currently in sight. Since the weekend, the bear euphoria made BTC dump more than 30% as the selloff accelerates. From an intraday high of $10,750 seen yesterday, Bitcoin is now at $9,500 losing a lot of its value in the past 24 hours. A very slight recovery has made BTC fix its sentiment and go from $9,260 to $9,500 which is the price point at press time. We can definitely attribute the decline to the latest altcoin news where Facebook's Libra is a main point of interrogation and investigation from the US Treasury Secretary. On top of this, it seems like Trump's comments on Bitcoin accelerated a further decline in the long run - despite the House Representative Kevin McCarthy who admitted to 'liking Bitcoin'. This did not stop the bear euphoria as the slide back to four figures resumed. According to the expert trader and analyst Alex Kruger, pullbacks should be welcomed in a bull market. As his optimistic tweet showed:
“Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.”
We can also see the Bitcoin hater Nouriel Roubini who is featured on many best cryptocurrency news sites for his pessimistic statement towards BTC and optimistic towards the Trump-Congress hearings. He said:
“Bitcoin has crashed by almost 30% in the last week and over 15% in the last day. As Congress, Mnuchin, Trump and myself point out that the criminal scams of crypto shitcoins-land will be cracked down on, the scammers and criminals know their days of unregulated casinos are gone!”
As a reminder, the bear euphoria has made BTC correct more than eight times during the previous bull run - and Bitcoin lost more than 30% in the same period before reaching the all time high close to $20,000 at the end of 2017.
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Altcoin News

Privacy And Trust Issues: Libra Hearing Continues In US Senate

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The ongoing hearing of Facebook's Libra cryptocurrency project with the Banking Committee of the United States Senate is continuing. The latest cryptocurrency news show that the US lawmakers and senators are mostly concerned about Libra's privacy and trust issues.

This is the main interrogation subject from them. As many best cryptocurrency news sites reported recently, the head of Facebook's crypto wallet Calibra is stressing the project's trust and regulatory compliance - but the regulators are not convinced.

For instance, Senator Jon Tester asked about Libra's privacy and trust issues. He questioned if Libra is able to make assurances against fraudulent purchases or loss of funds, along the line of credit cards or the Federal Deposit Insurance Corporation. As David Marcus from Calibra responded,  “we will do our best to resolve those types of issues and claims as quickly as possible.” Tester stated that “it is critical that that is resolved before it goes live.”

Another US Senator jumped in the altcoin news. Sherrod Brown of Ohio took a more critical stance towards the project and asked "do you really think people should trust Facebook with their hard-earned money?" Marcus said that Facebook “will have no special privilege,” at which point Brown interrupted: “Mr. Marcus, you know better than that.”

Brown also addressed the privacy and trust issues and asked Marcus if there is anything elected leaders can say that will convince Marcus and the company to not launch Libra. Marcus responded:

“If our country fails to act, we could soon see a digital currency controlled by others whose values differ radically from ours.”

When the chair of the Committee Mike Crapo asked Marcus why the Libra Corporation had chosen to register in Switzerland, Marcus said that they would also register with US regulators. He pointed out that social and financial data would be entirely separate on the Calibra Network and added "in order to earn people's trust, we will have to have the highest standards in terms of privacy."

Aside from the privacy and trust issues, the Senator and presidential candidate Elizabeth Warren (known as a big cryptocurrency critic) also jumped in the coming altcoin news and asked about Facebook's willingness to allow data portability. She asked:

“If a Facebook user wishes to use a wallet other than Calibra, will you make it easy to allow the export of other data?”

In response to this, Marcus answered "absolutely, Senator." She then followed up by asking for the same commitment for messaging apps WhatsApp and Messenger, on which Marcus hedged too.

The official hearing on Libra with the US House of Financial Services Committee is scheduled for July 17, 2019.

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