The coming altcoin news today show that all of the top coins are in the green and Bitcoin (BTC) is the only one that declined overnight. As we can see now, Bitcoin corrects to the $8,000 mark after changing hands with $8,200 the past day, recording new losses.
Even despite this, the leading and most dominant cryptocurrency out there, Bitcoin, has almost tripled this month. On the other hand, as Bitcoin corrects we can also see that its price was even lower during the correction – when it hit $7,800 – and this new increase to $8,000 is actually a positive retracement.
On the weekly trading chart, Bitcoin had the lowest price point at $5,942 on May 8, while its highest price point was established at $8,265 on May 14. As Bitcoin corrects, many popular analysts are featured in the latest cryptocurrency news.
One of them is Erik Voorhees, the CEO of the instant cryptocurrency exchange platform ShapeShift, who recently argued that the volatility seen in Bitcoin and altcoin markets over the years is a phenomenon for a nascent asset. As he stated, bubbles are an essential part of the industry’s growth.
The second largest cryptocurrency by market cap, Ethereum (ETH), is gaining while Bitcoin corrects. In fact, ETH has nearly 15% growth over the past 24 hours. As the stats show now, the price of Ethereum has ballooned to $262 while Ripple (XRP) is also positive and trading at $0.44.
For what we know so far, this could be one of the best weeks for cryptocurrencies this year. Many best cryptocurrency news sites are reporting about the $60+ billion added to the market in only a week, and the FOMO (fear of missing out) is strong for both individuals and institutional investors investing in Bitcoin and gold.
After starting the day yesterday at $231 billion, the total cryptocurrency market cap is now at $254 billion, recording an increase of more than $23 billion in one day. The 24 hour trading volume is at $112 billion right now.
What’s also interesting is the fact that spot gold was up 0.1% recently, trading at $1,298 per ounce which is the highest level since April 11 when it was trading at $1,303.
As Bitcoin corrects, its dominance also corrects and is now at 56% which is nothing but good altcoin news for the community. No one knows how the pace of Bitcoin will move in the coming days and weeks. While some say that the resistance is strong now, others believe that BTC could jump to $10,000 very soon.
Bitcoin’s Price Goes To $8K Again, Bullish Indicators Are Returning
Trump Rival Presidential Candidate To Make US A Bitcoin Nation
“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.
AT&T Telecom Giant Starts Accepting Bitcoin Payments For Your Phone Bills
‘’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.
Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%
“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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