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Bitcoin Hits $11k Less Than 24 Hours After Reaching $10k

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FO6E3842CAC44 - Bitcoin Hits $11k Less Than 24 Hours After Reaching $10k

Bitcoin (BTC) has managed to cross the $11,000 line for the first time since March 2018. As Bitcoin hits $11k, the leading cryptocurrency proves that it is in a bullish momentum and is the main topic on many best cryptocurrency news sites.

Right now, BTC is approaching $11,000. However, while many believe that Bitcoin hits $11k confidently, the dominant cryptocurrency showed some signs of a correction and went down to $10,800 which is its current level.

Anyways, what is important is the fact that Bitcoin managed to approach $11,100 which is a gain of 13% in only 24 hours – going up from the $9,000 price levels and being featured in the latest cryptocurrency news.

As Bitcoin hits $11k, Ethereum (ETH) is also seeing a multi month high which is over $300. The 24 hour trend has been very important for all cryptocurrencies – and just like Bitcoin, the coming altcoin news showed a lot of gains, too. Speaking of, the current total cryptocurrency market cap is at $325 billion – a level that was not seen in more than a year.

One analyst and professional trader named Peter Brandt commented the “Bitcoin hits $11k” headlines and tweeted that the BTC price is currently taking aims at the $100,000 targets. In his tweet, Brandt noted that Bitcoin is on its fourth parabolic growth phase and is a market like no other, stating:

“Bitcoin takes aim at $100,000 target. $btcusd is experiencing its fourth parabolic phase dating back to 2010. No other market in my 45 years of trading has gone parabolic on a log chart in this manner. Bitcoin is a market like no other.”

While the Bitcoin price is very short of $11k, analysts are showing that the dominance levels of Bitcoin are also at new highs. As we speak, Bitcoin’s dominance is at 59% – a level that is very important for the cryptocurrency and the traders using, storing or trading with it.

In his tweet, Brandt also published a table which contains data about the growth of the Bitcoin price. As that data shows (in the image), BTC managed to increase its value by 9,765 times from October 2011 to December 2017. In other words, $1 worth of Bitcoin in 2011 was $9,765 worth of the same cryptocurrency six years later.

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Bitcoin News

BTC Lightning Network Is Vulnerable To Simple Disruptive Attack

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BTC Lightning network is vulnerable
The BTC lightning network is vulnerable to a simple, disruptive attack according to the latest research paper that we have in our Bitcoin news now.The research paper was written by Saar Tochner, Aviv Zohar and Stefan Schmid and it describes a denial-of-service (DoS) attack that can be used to stop or slow down a huge percentage of the payments on the Bitcoin network and although this behavior has not been seen recently and the BTC lightning technology is still in progress, it is considered a major flaw in the network as it stands today. The paper entitled ‘’Hijacking Routes in Payment  Networks’’ and it was published in the middle of September. Tochner and Zohar both come from the Hebrew University of Jerusalem while Schmid works at the University of Vienna:
 “The attack allows for a disruption of payments on the lightning network.’’
It could be true that the BTC Lightning network is vulnerable since each network payment is passed across a network of nodes just so they can reach its destination. If one of the middle nods is a bad actor, it can slow the entire payment network rather than easily pass along the payment as it is supposed to. What is also more interesting, it currently doesn’t take too much to execute the denial of service attack according to Zohar:
 “It is extremely easy to execute. It takes opening a few lightning channels to key points, promising zero fees, and then not relaying any payments.’’
This attack according to the researchers has not been seen in the wild but it could potentially make the lightning payment network harder to use. When a user sends payment via the lightning network, it takes a path based on the factors including the node that requires the lowest fees. Despite the fact that there are hundreds of nods in the LN, one bad actor can use this attack to make sure there is high profitability that their node will be selected. Zohar explained:“We can open channels that offer short and low-cost routes in the network which then are selected (almost always) for the route.’’
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Bitcoin News

Bitmain Opens Doors To ‘World’s Largest’ Bitcoin Mining Facility

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bitmain opens doors
The major Chinese cryptocurrency hardware manufacturer Bitmain opens doors to the largest mining facility for Bitcoin (BTC) mining in Rockdale, Texas. The latest cryptocurrency news also bring a news release that was published on October 21 where Bitmain revealed that the project had been completed together with the Rockdale Municipal Development District as well as the Canadian technology firm DMG Blockchain Solutions.The news release is now viral. What's interesting is the fact that it places a strong emphasis on working with the local economy of Rockdale, which is located in Milam County and is east of Austin.Bitmain opens doors to a facility which is currently developed to a current 25MW capacity, has a 50MW facility remaining under construction. It also sits on a 33,000-acre site and can expand to a capacity of over 300MW in the future.Owned by the Aluminum Company of America named Alcoa, the facility formerly served as the location for a smelter. DMG, which is a firm that will provide hosting and management services for the Texas facility, will cooperate as Bitmain opens doors to the facility - and expand its capacity as well as ensure the efficiency of the site and its mining operations.The reports in the Bitcoin news updates also show that the firms will work closely to establish the facility's on-ground team together with the local workforce commission - the Rockdale MDD.As Bitmain opens doors to this facility, it also says that it is committed to seeking local Rockdale suppliers supporting the ongoing construction work. The giant will also purchase energy directly from Rockdale and its electric grid operator - the Electric Reliability Council of Texas.Aside from giving a major push to the local economy, this move proves that Bitmain also plans to launch educational programs and training on blockchain technology and mining data center operations along with the Rockdale school district.As we previously reported, the plans for Bitmain were first announced in August 2018. At the time, the mining giant said that it expected to create more than 400 local jobs in the first two years, quoting more than $500 million as its total planned investment in the economy over an initial period of seven years.Local reports from this January alleged that the project was being downscaled. There were reports of staff layoffs and suspended operations too. The details showed that adverse market conditions were apparently the main reason for the purported cooling-off.As Bitmain opens doors to this major mining facility, the Lead Project Manager Clinton Brown revealed that the launch is "significant to Bitmain's global expansion plans” and that the state has stable and efficient energy resources which will be fundamental to supporting what he believes is the inevitable scale of growth of the mining industry.
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Bitcoin News

The Fed Printed More Money Than Bitcoin’s Entire Market Cap

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The latest Bitcoin news show that Bitcoin proponents are voicing fresh alarm after the United States Federal Reserve, known as The Fed, printed more than the entire BTC market cap in new money this month.As noted by the cryptocurrency social media pundit Dennis Parker on October 21, the Fed managed to inject around $210 billion into the economy since mid-September. All of this was part of the newly revitalized quantitative easing (QE) strategy and a move that dwarfs the total market cap of Bitcoin which is now at $148 billion.Currently, QE refers to the buying up of government bonds in order to provide a good economic stimulus. The Fed has a balance sheet which recently saw a spike, as Parker noted. From what we can see now, the balance sheet jumped from $3.77 trillion last month to $3.97 trillion. It had previously been higher, while the Fed and its own projections call for a balance sheet worth $4.7 trillion by 2025.For holders of assets which cannot have their supply inflated including gold and Bitcoin, money printing has continuously sparked calls to decrease the reliance on fiat currency.Parker and his suggestion that investors should buy more Bitcoin comes amid warnings from even the fiat establishment itself about the potential ailing health of the banking system. In an official speech at the International Monetary Fund and its general meeting last week, the former Bank of England governor Mervyn King told attendees that the world was "sleepwalking" into a financial crisis that is even worse than the one of 2008.
“By sticking to the new orthodoxy of monetary policy and pretending that we have made the banking system safe, we are sleepwalking towards that crisis,” he said in the crypto news today.
The concept that interventionist economic practices on the part of governments and central banks leads to financial destruction - and forms one of the central tenets of the Saifedean Ammous "The Bitcoin Standard."The book, which was released in March 2018, focuses on Bitcoin as it compares to fiat currency and commodities including gold. As we noted, the Fed and its increase comes in not so good times for Bitcoin. At ten years old, the most dominant cryptocurrency has now lasted 40% of the average fiat currency's lifespan.
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Analysis

Bitcoin Sellers Get Aggressive, The Price Could Drop To $7,000

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bitcoin sellers
The Bitcoin sellers started massively selling and the price has continued to trade sideways around $8,000 after slightly recovering from the recent drop to the upper $7,000 region. However, the bulls have failed to gain any notable upwards momentum after the slight recovery which may cause some trouble for the near-term price action as we are about to see in the bitcoin news now.Analysts are now explaining that Bitcoin’s ‘’bedrock’’ support in the near-term is now hovering around $7,000 and the aggressive selling of Bitcoin could mean that it will revisit this level in the near future. At the time of writing, Bitcoin was trading down reaching a price of $8,040 which marks a slight recovery from the recent low of $7,900 that was set earlier this week. It is important to note that the upper $7,000 region has proven to be a very strong level of support for the past few days but the BTC bulls didn’t manage to post any notable extensions of the upward momentum.The popular crypto analyst on Twitter DonAlt tried to explain the bitcoin sellers and their decision to start selling aggressively and he even said that he believes Bitcoin’s near term ‘’bedrock’’ support will stand at $7,000 which may be the ideal price region for the traders:
 “$BTC update: Still no close above $8750. Still looks pretty shitty. I’m bearish until BTC starts reclaiming levels instead of getting rejected by them. Next resistance: $8200. Next support: $7700. Next support that I’d trust to trade on the long side: $7000,” he explained.
Another popular crypto analyst Cantering Clark was supporting DonAlt’s notion that bitcoin could soon incur further downside and he noted that the selling pressure that bitcoin is facing has been quite significant in recent times:
 “I have gone ahead and highlighted imbalances between buyers and sellers >250% $btc. Look how disproportionate the market selling volume is to the buying volume. Sometimes 5-10x as much. Negative delta circled red. Positive delta circled green. This is aggressive ass selling,” he explained.
If the massive selling pressure persists, it is very likely that Bitcoin will drop lower until it reaches a significant support level of $7,000 which could be a long-term bottom that precedes the next bull run.
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