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Bitcoin Claims A New 2019 High, Other Altcoins Left In The Dust

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Bitcoin Claims

Bitcoin claims a new 2019 high since investors that did not generate any returns in 2019 are looking into buying the largest cryptocurrency. We take a closer look into the price analysis in the coming altcoin news below.

Over the weekend, btc reached a new high to nearly $9,400 and the other assets were having trouble following it. The gains across the stock market and commodities are pale in comparison to Bitcoin so the investors are now sorry for not investing in the crypto. There is also no explanation of what fuels the price of the number one cryptocurrency despite the many claims that this could be a consequence because of the U.S.-China trade war or Facebook’s new stablecoin.

The Wall Street Journal explained the disparity in returns saying that BTC is up by 150% year-to-date but the broader stock market is far behind. Bitcoin’s gains seem to be taking the market share away from the precious metal-gold and as previously reported, even the most stubborn gold supporters turned bearish on this commodity in 2019 while bitcoin continues to shine with no signs of ever slowing down.

One of the people that shook things up for gold is the CEO of Digital Currency Group Barry Silbert. His company is behind the #dropgold campaign and it seems that there couldn’t have been a worse time for this precious metal. Digital currency group’s bitcoin trust reached a value of $2 billion which Silbert says this was roughly the size of Bitcoin’s value in 2014. He noted:

 “The asset class is here to stay…I think it’s now being looked at potentially as an important part of a diversified portfolio…I think the asset class is really ready for the next phase.”

Silbert also pointed out to the crypto industry that its infrastructure including the ‘’institutional grade custody solutions trading software’’ is one big sign for the maturing of the ecosystem. There are multiple catalysts that show how big the demand from institutional investors is but not one includes geopolitical tensions between the US and China. Bitcoin claims still the position that it holds as one of the best-performing assets. As noted in the latest cryptocurrency news, Anthony Pompliano noted:

 “In May, BTC had a nearly perfect negative correlation with the S&P 500.”

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OKEx Expands Product Offering With Tether-Margined BTC Futures

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Okex expands its product offering by starting to include Tether-margined Bitcoin futures and the launch comes after the successful simulation period that started at the beginning of the month as we read in the blockchain news before.The malta-based OKEx describes itself as ‘’the world’s largest futures crypto exchange’ and now the BTC/USDT futures product represents a virtual derivative that is settled in Tether. It has a value of 0.0001 BTC and all of the traders can long or short position with a leverage of 0.01 and 100x. however, the question remains why trade with Tether and BTC/USD futures or at all use Bakkt’s Bitcoin settled futures?OKEx expands its number of advantages as well in a press release. The linear contract shows that there is no need to hedge the margin risk of an inverse contract but the Tether altcoin removes the need to change between fiat and crypto thus improving efficiency and reducing cost. OKEx claims that the trading experience is also much more intuitive and makes it much easier for the users to learn about it. The system is described as ‘similar to spot trading, with the addition of leverage.’ Following the successful simulation period, the CEO Of OKEx Jay Hao stated that he has seen some positive feedback from the traders. However, he claims that this was only the beginning of Tether-backed futures products:
‘’At OKEx, we’ve developed a safe, reliable, and stable environment for cryptocurrency trading, and strive to offer new services based on our customers’ interests.’’
After the addition of the USDT linear futures contract, there are a few other plans to add the pairing to the OKEx perpetual swap market and some of the other cryptocurrencies such as ETH, LTC, BCH, and EOS will be launched on the USDT-margined futures market soon. OKEx claimed more than $2.4 billion of crypto derivatives and traded in less than 24 hours back in March surpassing BitMEX and kicked it off the top spot. However, it has also faced accusations that up to 90 percent of claimed spot-volume which was wash-traded.The CEO HAO put up a 100BTC bet that he can prove that about 10 percent of the exchange’s volume was real.
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Bitcoin Difficulty Drops, Can The Miners Survive The Halving Event?

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Bitcoin difficulty drops for the first time this year but does this mean that the industry goes forward or the miners will face even more problems. Let’s find out in the Bitcoin news today.Back on Monday, the Bitcoin difficulty level adjusted down by 7 percent and made it easier for the miners to solve algorithms and mine blocks. As to why this occurred, it seems to be in conjunction with the recent price drop of the leading cryptocurrency. The mining difficulty will reconfigure itself every 2016 blocks or about every two weeks. The difficulty modulates based on how long it takes for the miners to discover the previous 2016 blocks. It if takes about two weeks, the difficulty is tuned down.Dovey Wan, the founder of primal ventures, suggests that the difficulty alternation could be present because of the end of the rainy season in China. Bitcoin’s hash rate dropped to more than 90 exahashes per second from the previous high of 100 EH/s. China is best known for its bitcoin mining and cheap electricity which supplements the previous one and has witnessed a gradual end to the rainy season. Dovey and other analysts believe this to be the main reason for the falling hash rate.China’s southwestern provinces such as Sichuan, have some of the cheapest electricity tariffs and they even reach as low as $0.02 per kWh. During the rainy season, these regions gather the power of mother nature and utilize hydroelectricity plants to produce more energy. With the relative drought getting into the country, the miners will have to close the shops and go somewhere else.Also, the recent price drop contributed the most to the bitcoin difficulty adjustment. The miners stop all operations because of the high price levels and once they do the power in the bitcoin network itself declines. This is also registered by the network and this adjusts the difficulty in order to re-incentivize the miners.  Bitcoin’s creator created this protocol via the autonomous monetary policy better known as bitcoin halving and every 210,000 blocks on about four years, the mining reward halves. This makes sure that the circulating supply is under control.
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Zimbabwe Believes Bitcoin Is The Best Solution For Hyperinflation

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Zimbabwe believes that in their current situation, bitcoin could be the right answer for hyperinflation in the country because they no longer trust their government. Bitcoin seems to be the perfect solution since it eliminates the need to trust an authority such as the government. Let’s find out more in the Bitcoin news now.Trying to diminish the effects of hyperinflation, Zimbabwe believes bitcoin is the right option but also, they decided to launch their own new generation of the Zimbabwe dollar. The government of the country plans to distribute 1 billion ZMB dollars over the course of six months and they launched the new currency on Tuesday. The citizens lined up for hours outside the banks and tried to get the new currency notes but they ended up with empty hands. The bank prohibited withdrawals of more than 300 ZMB dollars per week. The inflation rate in the country hit 380% so 300 ZMB dollars is not enough to buy anything.The cash shortages and the increased fuel costs and hyperinflation only show how the country is desperate for a currency that will be immune to the black market speculation and increased government influence. This also comes at a time when Zimbabweans moved to mobile money transactions and it seems as the conditions are perfect for the entry of the most dominant cryptocurrency on the market right now.The government of the country clearly mismanaged the fiscal policy of the nation and over ten years ago the country spiraled into one of the worst financial periods of hyperinflation in recorded history. The hyperinflation rate reached its peak in November 2008 when the rates reached to 80 trillion percent. The government also had to give the nation’s currency in order to fight the hyperinflation but the trust in public governance has been broken ever since. The African nation tried to cope by using foreign currency but it never brought it any good. Ten years later, Zimbabwe faces the same problem.The writer Kabweza believes that bitcoin could save his country and he conceded that the leading cryptocurrency is extremely volatile but it seems to be a better alternative than any other type of money controlled by the government:
Bitcoin is notoriously volatile, but nowhere close to the unpredictable nature of Zimbabwe’s current government, perceived or real.’’
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FED Added $12.7 Million Bitcoin To Financial System As Bailout

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FED added the equivalent of $12.7 million bitcoin to the financial system this week as an attempt to provide banking bailout so let’s find out more about it in the cryptocurrency news today.The US Federal Reserve banking bailouts are getting stronger currently and that’s why the FED added the equivalent of 12.7 million Bitcoin and according to the reports in the Wall Street Journal, the intervention came in two parts; a 14 day repo that totaled up to $34.9 billion and also overnight repurchase agreements that totaled up to $76.9 billion. The federal reserve had to loan banks in order to stabilize the financial system.The repo interventions usually take in Treasury and mortgage securities from the banks which are basically a short-term loan that is collateralized by the bonds. The goal is to ensure that the financial system is liquid enough and that the short-term borrowing rates will remain under control. In the report, we can also read that the FED is also buying Treasury bills to increase the size of the balance sheet and to make the financial system more liquid. These agreements have also been going on this year since the financial system started breaking in September.The situation arose when piles of cash and securities met and resulted in more than $3 trillion in debt being financed every day. The banks are running low on cash reserves so now the repo market mess is clearly showing that the banking system lacks the boosters that are needed in times of turmoil since they are now relying on the FED to keep printing money to bail them out.There is also currently an additional conflict between the central bank and the POTUS who is still trying to bring negative interest rates. The FED Chair Jerome Powell told the congress that the negative interest rates that are demanded by President Trump are not quite appropriate for the US economy since the FED has already cut rates three times this year. These signals cause the safe-haven assets such as gold to drop down this week and since the month started, the precious metal lost about 3 percent from 2019 high. Bitcoin followed and slid more than 5 percent this time last week.
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