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Bitcoin Cash, Litecoin And Ethereum Prices Drop 20% As Cryptocurrency Market Corrects

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Litecoin and Ethereum

There has been a major decline in the prices of three altcoins over the past 24 hours. Bitcoin Cash, Litecoin and Ethereum are the cryptocurrencies that were victims of a new price correction.

To begin with, Bitcoin Cash declined to the $1200 mark for the first time since November 12th, while the price of Ethereum dropped below $400 after surging to $500 a couple of days ago. Litecoin was the last in the list of altcoins with a drop in their prices, falling from $103 to $79 in twelve hours.

According to experts, this is a normal price correction with no significant movements. Even though the 20% fall caused a lot of panic on the market, experts say that the reason for these drops is the rapid 1500% rise in 2 years and especially the past 3 months. Similar to Bitcoin, most of these cryptocurrencies such as Ethereum, Bitcoin Cash and Litecoin have demonstrated exponential increase over the past few months.

A great example that this is no time for a panic is Bitcoin’s price, which surged to $11,300 after standing still at $6,300 in November alone. The price of Ether, on the other hand, easily surpassed the $400 mark for the first time since September.

The price of the leading cryptocurrencies has exploded and surged very rapidly in a one-month span – causing a correction or a sharp decline in its value. As of today, a lot of news publications tried to justify the dropping prices of these altcoins, comparing them to Bitcoin and its massive surge over the past month. A lot of that has to do with the acceptance of Bitcoin in many countries which is probably about to happen in 2018.

The lack of endorsement Bitcoin has from the European central bank is still a major issue. However, there is (probably) no possibility that it is going to play a vital role in the price trend. This is primarily because of the fact that the European cryptocurrency exchange markets account for a fraction of the global bitcoin exchange market.

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Analysis

Bitcoin’s Price Goes To $8K Again, Bullish Indicators Are Returning

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Bitcoin's price goes to $8K, btc
Bitcoin’s price goes to $8K price level again and continues to follow a steady ascending triangle pattern. The altcoin news today will give you some more detail on the price analysis of the number one cryptocurrency. The Bulls managed to go past the $7,500 price level yesterday and will now focus on the psychological $8K level.  On the daily BTC/USD charts we can see that the ascending triangle is continuously forming since the asset made a strong recovery off the uptrending pattern yesterday. Currently, the $8,000 level seems to be making slight friction in the uptrend as selling pressure from the short-term traders is reaching the market. Bearish signals on the MACD indicators are seemingly worsening since the analysis made a day ago despite the price surge in Bitcoin by 5.24% in the last 24 hours. The selling volume is also growing and the 12-MA has yet to show signs of converging above the 26-MA point. We should also consider that the MACD is a lagging indicator so the signals can often trail behind the current price activity. If the bulls come close to the $8K price point, we could expect a bullish convergence to appear during the early hours of the day. But if BTC ends the day below the said price point, we could see another bearish breakout which will take Bitcoin’s price below the uptrending support near the $7,600 mark. Bitcoin's price goes to $8K level strongly despite the insignificant bearish sentiment. As noted in the latest cryptocurrency news, the RSI indicator shows that the sentiment remains bearish as the momentum shows a slight decline along the support line. From this, we can all see that the buying momentum is weak and could result in a reversal trend unless new support comes. On the 4-hour charts, the BTC/USD pair shows a totally different picture. Here it appears that the price action is breaking out of the bullish pattern. The indicators also track the price action closely and will give the traders a better idea of the bitcoin’s price movements. Over time, traders will be able to see smaller changes in momentum clearly which is why the bullish signals are appearing on the MACD and RSI. Overall, we could expect to see Bitcoin test the $8,100 level in the new few days if the momentum continues to improve.
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Bitcoin News

Trump Rival Presidential Candidate To Make US A Bitcoin Nation

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Trump rival presidential candidate from the Democratic Party Eric Swalwell aims to make the US a bitcoin nation. He is even accepting BTC donations for his dark-horse bid to get the current president off his position and we find out more in the latest cryptocurrency news today. The congressman aims to use the blockchain technology in every part of the government after he removes Trump from the White House. Swalwell is also accepting six cryptocurrencies one of which is the White Standard-a stablecoin that has $0 in USD reserves. The White company is now running his campaign contribution site which explains his decision. The other cryptocurrencies include Bitcoin SV, Bitcoin, Bitcoin Cash, Stellar and Ethereum. The Trump rival reportedly aiming for mass blockchain adoption after he pointed out:
 “Blockchain can change the world if we let it. […] Our nation pioneered the Internet. We use smartphones all day every day to move money, to buy goods and services, to share our innermost thoughts, and participate in public life. So it’s pure cognitive dissonance to believe that we cannot extend this further into our democracy and our economy.”
Another presidential candidate Andrew Yang is also accepting crypto donations but he is slowly losing his support after tweeting that ‘’cash is king.’’ Both of the candidates are a long-shot in the race against Trump but they are hoping to get the vote of the crypto community. Swalwell offers broad ‘’support’’ for the blockchain technology and Yang has an entire policy platform based on the idea of crypto. As mentioned in the coming altcoin news, Swalwell will not accept corporate ‘’PAC money’’ in his campaign. Politicians were quick to demand a well-regulated and established crypto economy while there was almost no improvement in the regulatory sector in the country. The nature of the federal government towards cryptocurrencies has made other countries become the perfect crypto hub for crypto companies. Experts around the world think that a summary ban on crypto could increase the prices for cryptocurrencies and the demand would also increase. However, the more things are urging to change, the more nobody does anything about the crypto climate.
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Bitcoin News

AT&T Telecom Giant Starts Accepting Bitcoin Payments For Your Phone Bills

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at&T telecom giant
AT&T Telecom giant which is the largest US mobile carrier started accepting bitcoin payments for mobile phone bills and the decision is expected to bring the mass adoption for the number one cryptocurrency at a higher level. We read more about this amazing news in today’s altcoin news. The United States telecom giant AT&T announced that the customers can now pay their bill in crypto. This decision makes the telecom giant the first to offer this option and the vice president of Communications Finance Business Operations of the company Kevin McDorman noted:
‘’We’re always looking for ways to improve and expand our services [and] we have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.’’
Currently, crypto payments are only limited to bill payment and AY&T didn’t explain whether the customers will be able to use their crypto to purchase smartphones and other accessories online or at the stores. All of the customers who are interested in making a crypto payment should simply select the BitPay option as a preferred payment option when they login to their accounts or simply go through the myAT&T app. As reported in the latest cryptocurrency news previously, AT&T is not the first US-based titan corporation that started accepting crypto payments. Some of the companies that allowed this option include Overstock, Subway, Shopify, Expedia and Microsoft which only makes up the small percentage of multinational corporations which accept crypto payments. Recently, Whole Foods and other major food retailers started accepting bitcoin through a third-party payment partnership. AT&T telecom giant and its dominance on the market and brand recognition in the telecom sector will surely make a positive influence on the market for the entire crypto sector, not just bitcoin. As we can expect, not everyone is thrilled about the new decision of the company. For example, Morgan Creek Digital co-founder Anthony Pompliano tweeted the news earlier and expressing his support and a number of skeptics bombarded his tweet disagreeing with him and the aT&T announcement. However, this decision is expected to increase the level of mass adoption for Bitcoin but we could also expect to see some movements in the price for the cryptocurrency giant as well.
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Analysis

Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%

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Expected bitcoin drop that happened over the past 24 hours has led the other major crypto assets to plunge by 7 percent. Bitcoin’s price dropped by around four percent against the US dollar and we find out more in the coming altcoin news. The anticipated drawback of both bitcoin and all of the other major crypto assets comes after the technical analyst Josh Rager proposed that a healthy bitcoin pullback will surely come due to the coming off a massive 100 percent gain. He pointed out:
“BTC 30%+ pullback coming? Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak all-time high. There were at least nine 30%+ pullbacks from last cycle accumulation and uptrend Plenty of buying opportunities ahead, don’t let it shake you.’’
Over the night, the value of the entire crypto market dropped by around $12 billion from the previous $249 billion and reached $237 billion. In the past 30 days, the price of the number one crypto asset started climbing from $5,100 and reached $8,000 which an increase of $3,000. This is a massive monthly gain against the US dollar by 56 percent. On another occasion, bitcoin came out as a winner in the short-term gains since it corrected itself by 20-30 percent as mentioned in the latest cryptocurrency news. The 20-30 percent correction could have meant a drop to the $6,000 price range which some technical analysts believe could happen in the previous weeks. Similarly, another crypto trader better known as ‘’Mayne’’ suggested that a drop below the $7,500 could lead the major asset to plunge below the $7,000 support level. He said:
 “BTC – Need to hold $7,884 and red OB for upside target $9k+. Break below red OB I expect $7,300 and maybe lower to $6,400. ETH – USD pair needs to break and close thru $260 to get to $300. BTC pair had a nice reaction of range low if we can hold EQ and flip grey OB looks good.’’
The expected bitcoin drop from its position is considered as a healthy step for bitcoin that could strengthen the foundation for the market to start a strong upside movement soon. The founder of Morgan Creek Digital stated that the average return for bitcoin over the past years could appeal to institutions that have billions of dollars to pour in the asset.
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