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Bitcoin News

Bitcoin Corrects To $8k, Gold Hits Its Highest Point Since April

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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.

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Altcoin News

New Crash Of $35 Billion Makes BTC Revisit Four Figures

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New Crash
A new crash of $35 billion is in the latest cryptocurrency news, leading the market to a downward trend. The crash shows that Bitcoin lost thousands and was forced to visit the $9,000 regions. The weekend has been a long and painful one for BTC and crypto assets as the markets continue to bleed out - and a whopping $35 billion has been dumped from the total crypto market capitalization, erasing the growth of BTC and altcoins from last week. In the new crash, Bitcoin slid by 10% but its dominance remained high at over 65%. The altcoin news show that a lot of cryptocurrencies are bleeding out. The BTC dominance levels definitely paint a sad picture for altcoins this morning. During the Sunday trading session, BTC could not manage to hold ground above $11,000 and fell back into the tens. However, the major selloff was not there until Bitcoin finally fell back into four figures, trading below $9,900. The good thing now is that Bitcoin managed to correct a bit and is now above $10,000 and at five figures again. Still, the new crash made the market lose $35 billion which is more than 10% of the entire market cap - overnight. Since BTC is up by 175 this year, analysts are not that pessimistic about the coin. However, the popular trader and analyst Josh Rager was featured by many best cryptocurrency news sites for his stance in which he says that Bitcoin often makes moves like these and yesterday was no different.
“And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally,” he said in a tweet.
The weekly candle closed heavy and ignited the new crash further. As BTC tested the 50 day moving average which is currently serving as a level of support, all signals are indicating a continuation of this correction. So, Bitcoin visiting the $8,000 region is definitely a possibility - but Rager added that even like this, four figure BTC is a gift.
“Said it once and will say it again, 4 digit Bitcoin is a gift, whether it hits $9ks or even $8ks," he concluded.
In the coming altcoin news, we can see that the new crash and Bitcoin retreat has hurt the altcoins even more, with some of them losing as much as 20% of their value.
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Bitcoin News

Trump Banning Bitcoin Could Happen But It Is Unlikely: Economist

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Trump Banning
One economist is featured in the latest cryptocurrency news because of a recent statement on Trump banning Bitcoin - something that is only a rumor right now but could be a possibility in the future. According to the economist and trader Alex Krueger and his statement on Twitter on July 15, the US president Donald Trump would cause a Bitcoin (BTC) price crash if he banned it - but the law would likely prevent him. Trump, who announced his distaste for cryptocurrency last week, initially failed to impact the market sentiment. A subsequent breakdown over the weekend has resulted in Bitcoin going below $10,000. By publishing a dedicated thread on the chances of Trump banning Bitcoin, the economist said that this could theoretically have some success. https://twitter.com/krugermacro/status/1150638163293036545 By targeting the entry and exit points for retail and institutional investors, the president would turn Bitcoin in an isolated, more illiquid asset as it is used by lay consumers, Krueger said. In the coming altcoin news, he also summarized:
“Trump could also go after fiat onramps, by simply forbidding banks to service crypto exchanges, or by requiring banks to not service exchanges unless conditions XYZ are fulfilled (and make that practically impossible).”
In reality, however, Trump would need to convince the Congress of the need to ban Bitcoin and lawmakers could overturn his demands - even if they occurred via an executive order or similar emergency measures. So, Trump banning Bitcoin is feasible at this point - but the probability of it becoming law is extremely low, Krueger concluded. https://twitter.com/krugermacro/status/1150638173837516800 Krueger's comments went viral on many best cryptocurrency news sites several days after the mainstream media suggested that Trump had inadvertently made Bitcoin a campaign issue for the upcoming 2020 presidential elections. https://twitter.com/krugermacro/status/1150638180800090112 As Forbes also noted, some of the competing hopefuls (among which Andrew Yang) have long held an opposing view which shows that Bitcoin is in fact something to embraced at national policy levels. Krueger's comments on Trump banning Bitcoin showed thaT US regulators could arguably determine that crypto assets are too volatile to be sold to retail (non-accredited) investors. In the last tweet, Krueger noted that Trump could issue an executive order banning US people from dealing in Bitcoin - and that he has already done so with the Petro cryptocurrency.
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Bitcoin News

Wells Fargo Claims It Won’t Allow Customers To Purchase Bitcoin

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Wells Fargo, the giant traditional bank that was founded in 1852 recently stated that it won’t allow the customers to purchase bitcoin with their own funds so we are finding more about it in the altcoin news below. The decision of the banking giant diverges from some of the other major financial institutions who are becoming more involved into crypto and blockchain technology. For example, the CEO of Nasdaq Adena Friedman believes in the cryptocurrency value and predicts that bitcoin could be the next global digital currency of the future. The CME group also saw Bitcoin promise when they started exchanging bitcoin futures contracts back in 2017 in December. After bashing bitcoin in the past, now even JPMorgan CEO Jamie Dimon changed his mind and now the banking giant is also looking into releasing their own cryptocurrency. During the second day of the testimony in the United States Senate, Jerome Powell also legitimized Bitcoin as a store of value. In contrast, Wells Fargo takes the totally opposite direction. The company has a major anti-bitcoins stance by not allowing its customers to perform transactions that involve cryptocurrencies. The prohibition goes contrary to the bank’s vision which states:
 “Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.”
As noted in the best cryptocurrency news sites, Wells Fargo banned the purchase of Bitcoin and other crypto assets by using the bank’s credit cards. The company’s spokesperson stated:
 “Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency […] We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”
When Wells Fargo claimed that Bitcoin is risky and volatile, they didn’t look back to the 2008 financial crisis when all of the markets collapsed. As a result, millions lost their homes and jobs and an economic disaster started around the world. The bank was the contributor to one of the world’s largest financial crises but it did receive about 25 billion USD of Emergency Economic Stabilization Act funds and as CBS put it:
 “Wells Fargo hit the jackpot. It was one of the first banks to get bailout funds – the biggest amount awarded in a single shot: $25 billion tax dollars.”
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Bitcoin News

Did Donald Trump Make Bitcoin A 2020 Election Issue?

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Did Donald Trump
Many best cryptocurrency news sites are featuring the statement of Donald Trump and how it was directed to Bitcoin. However, in other news, analysts are asking themselves “did Trump make Bitcoin a 2020 election issue?” Trump branded Bitcoin and other cryptocurrencies as “unregulated assets” which are “based on thin air” as he said. However, the Bitcoin price rose slightly following his comments as Bitcoin traders and investors bet that the president’s acknowledgment of Bitcoin will bring greater awareness of crypto too. So - did Trump actually help Bitcoin in this case? Well, he has definitely catapulted the major cryptocurrency and other cryptocurrencies into a presidential issue. What’s more valuable is the fact that he gave valuable recognition to the burgeoning Bitcoin technology with some 2020 US presidential election plans already designed by Bitcoin and cryptocurrency fans.
"Possibly the largest bull signal for [bitcoin] ever," said Jeremy Allaireo Twitter, the head of the Bitcoin/crypto exchange and payments group, Jeremy Allaire. "Crypto now a presidential/global policy issue. People everywhere will embrace a mix of sovereign and non-sovereign digital currency."
The Bitcoin and cryptocurrency community is also asking themselves “did Trump increase the hope in Bitcoin” as they are ready to embrace a new bull run by the most dominant cryptocurrency. Many people took Trump’s tweets as an endorsement of Bitcoin and the underlying blockchain technology.
"Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago," Coinbase chief executive Brian Armstrong tweeted in the latest altcoin news. "'First they ignore you, then they laugh at you, then they fight you, then you win.' We just made it to step three y'all."
Again, did Donald Trump push the BTC price higher? The market is not sure about that - but there are many market watchers who think that there will be a positive boost from Trump giving Bitcoin and crypto airtime.
"Even though Donald says he's not a fan of bitcoin, the fact that he's mentioning it at all is hugely bullish for the entire crypto market," wrote Mati Greenspan, senior market analyst at eToro.
Now that Trump has made Bitcoin a valid issue, there is nothing stopping the major cryptocurrency from pushing forward and becoming a bigger part of many campaigns
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