The latest Bitcoin news on our DC Forecasts Bitcoin news site show that the large sell-off from the $3,400 region has pushed the Bitcoin price to a new bottom and a yearly low at $3,200. As the most dominant cryptocurrency declined in value, other major altcoins such as Ethereum, Stellar and Bitcoin Cash experienced large losses against the US dollar.
Bitcoin Cash (BCH) has even fallen by more than 11% recently and more than 80% in one month alone. Within a week, the BCH price has fallen from $116 to $89 in a 25% increase despite dropping nearly half of its value last week.
Bitcoin’s performance has been reviewed by many analysts so far. According to one of the most prominent ones called “The Crypto Dog” this may be a risky period to initiate trades on the short-term trend of the dominant cryptocurrency, mostly due to its volatility in a low price range.
As he wrote on Twitter:
“BTC lowest daily close year to date. Is there still a chance of recovery before more lows? Well, maybe. But I am not betting on it.”
Another analyst named DonAlt echoed a similar sentiment and said that until the price of Bitcoin breaks out of the resistance levels at $3,600 and $3,800, drops like this will be expected.
“Closed below the swing low – harsh rejection followed. There isn’t much support on the daily time frame still. So far prior support areas have flipped into resistance. Until that changes – stay away from longs,” he wrote.
So far, Bitcoin has been able to maintain a range of $3,000 to $4,000 for over three weeks, from November 24th. Until the asset begins to demonstrate signs of a multi-month consolidation period and a high level of stability, any form of a gradual recovery is unlikely to happen.
Bitcoin has recently consolidated from the yearly low of $3,200 and is now trading at $3,301.
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Cameron And Tyler Winklevoss: It’s Bitcoin’s Bottom Of The First Inning
"We still think it’s the bottom of the first inning."The Winklevoss twins first invested in bitcoin back in 2013 and they said that at first bitcoin didn’t sound like a good idea but after a few tequila shots it started making sense. Now, they have about 1 percent of all bitcoin outstanding. The twins reportedly plowed millions from their settlement with Facebook into bitcoin of course. After they saw that the investment balloon will be estimated for billions of dollars, they claim to have taken away the sting from having Facebook kidnapped from them. The Wall Street Journal apparently asked them what happens when the twins meet with Zuckerberg at a crypto conference and the twins answered:
“Welcome to the party, what took you so long?”Regarding Libra, Facebook’s cryptocurrency is looking less as a cryptocurrency. David Marcus who works at the development center for Libra reportedly wrote to the lawmakers:
"We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received.”Meanwhile, the policymakers have a hard time to understand and to find a way how to handle Libra but they can’t stop bitcoin at least not anymore. Cameron and Tyler Winklevoss noted:
"To shut down bitcoin you have to shut down the internet...like North Korea. Countries will have to play with it."As per the coming altcoin news, the twins see future where Zcash and Ethereum will have a very important role mainly because of their privacy features. As for Gemini, the competitive landscape is only warming up. Poloniex, for example, allowed purchasing cryptocurrency by using credit and debit cards, Binance is coming to the United States and CEX.io also opened a new US office.
ECB Official Warns: Libra Could Be Very Dangerous Without Rules
‘’It’s out of the question to allow them to develop in a regulatory void for their financial service activities, because it’s just too dangerous. We have to move more quickly than we’ve been able to do up until now.’’The entire ECB executive board believes that digital currencies will represent the ‘’wake-up call’’ for regulators around the world. He believes that this could result in regulatory entities making improvements in their operations. Facebook’s plan is to launch a digital currency which will trigger central banks and all policymakers across the world. The U.S. congressional committee asked the social media giant to stop the operations regarding Libra. Also, the House Financial Services Committee noted issues that touch the security nature of the cryptocurrency and Facebook’s troubled past regarding data privacy:
‘’Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action.’’The House Financial Services Committee also warned that if Facebook decides and launches Libra prior to the legislative solutions, the result will be a new ‘’Swiss-based financial system that is too big to fail.’’ The committee also stated that it will further hold public hearings on crypto-related matters next week. As noted in the latest cryptocurrency news, the Reserve Bank Of Australia Governor Philip Lowe indicated there are a lot of regulatory issues regarding Libra. In Asia, the Bank of Japan also warned that Libra poses a huge threat to the current financial systems.
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