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Bitcoin Stabilizes From The Steep Decline, No Major Recovery In Sight

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Over the past 24 hours, the latest cryptocurrency news shows that the market has slightly rebounded by about $3 billion, going from $123 billion to $125 billion in terms of its market cap. Bitcoin (BTC) which is the most dominant cryptocurrency out there, has avoided a potential decline to the $3,600 region and managed to rebound to $3,850.

Even though BTC reached a daily low of $3,800, it rebounded by a small margin. Other major cryptocurrencies also recorded large losses against the US dollar over the past two days. Ethereum (ETH), Stellar (XLM) and Bitcoin Cash (BCH) were all among them, demonstrating losses in the range of 1.5 to 8 percent on the day.

Since November 29th, the Bitcoin Cash price has dropped from $200 to $142 by more than 29%. Even though the asset did not experience a major single-day drop, it continued to lose its value against Bitcoin and the US dollar.

The Bitcoin price, on the other hand, has struggled to show any sign of a major short-term reversal or a bullish run. According to “The Crypto Dog” who is a prominent technical analyst in the crypto space, a consolidation event following a strong move is likely to result in a continuation than reversal.

“It is my opinion that Bitcoin is in the final stages of this bear market. I expect the price to range between an absolute low of $2000 to an absolute high of $6,200 (more likely, $3000-5400) for a substantial period of time,” the analyst said, confirming that a several-month-long accumulation period may likely introduce Bitcoin to the bottom.

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Bitcoin News

Bitcoin Better Than Gold: Investment Firm Outlines The Reasons

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Bitcoin better than gold
Is Bitcoin better than gold? Well... The pseudonymous creator of Bitcoin (BTC), Satoshi Nakamoto, has always been featured in the latest cryptocurrency news - and always expressed an ink of mistrust and cynicism towards centralized institutions such as Wall Street and the incumbent government. This theme was only accented when the first every crypto diehard enthusiast embedded a Financial Times headline which first showed the link between Bitcoin and gold. Over the years, the underlying value proposition of Bitcoin has been misconstrued through 'get rich quick' schemes. A lot of people argue that now, the primary use for Bitcoin is not the media of exchange but its speculation intrustment. On the question if Bitcoin is better than gold, it is easy to see that gold has been an integral part of human society - but its go-to value store has gotten a new rival in the likes of Bitcoin. According to Grayscale Investments which is a subsidiary of the crypto industry conglomerate Digital Currency Group, there is a new report which answers the question - isBitcoin better than gold? In an extensive report, the company showed all the good reasons behind Bitcoin as a store of value. https://twitter.com/GrayscaleInvest/status/1120758420636938242 Grayscale also noted that metal remains a viable store of value against inflation but Bitcoin does that too. However, it also noted that gold is affected by “hyperinflation, currency wars, and imprudent monetary policies" as its main flaws - and that the value of gold is only accented when you realize that a government issued currency is at an average of 30 years. So, is Bitcoin better than gold? According to Grayscale Investments and their report which made news on many best cryptocurrency news sites, the most dominant cryptocurrency is better because of its:
  • Low cost storage, transferability, shipping
  • Divisibility and micro transactions
  • No counterfeiting
  • Decentralized nature
  • Bitcoin is both borderless and weightless
  • Fast value transfers
  • Easy to verify
  • Limited supply
  • No government freezes or confiscations
  • Limited controls
  • Good for buying products such as coffee
The question 'is Bitcoin better than gold' gets a new perspective with this. The potential that Bitcoin holds is certainly massive.
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Altcoin News

European Crypto Poll: 63% Of Europeans Believe Crypto Will Be Alive In 10 Years

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european crypto survey
A new European crypto poll is in the coming altcoin news, showing that 63% of the 10,000 questioned Europeans believe that crypto will still be around in 10 years. However, the polled respondents were not that confident about Bitcoin (BTC) with only 49% of them said that BTC will be around in a decade's time. Carried out by the Japanese cryptocurrency exchange BitFlyer, the poll took into account 10,000 residents from various countries such as Norway, France, Belgium, Germany and other regions. The biggest question of the poll asked participants if they believe that cryptocurrencies will still exist in 10 years. Out of the entire lot, 63% of the respondents in the European crypto poll said that crypto will be here to stay after 10 years. Residents from Norway were among the most optimistic ones. Even 73% of them believe that digital currencies will continue to trend in the future, followed by residents of Italy, the Netherlands, Poland, Spain, Denmark and Germany. A lot of best cryptocurrency news sites have re-shared the crypto poll mainly because of the spike in optimism towards Bitcoin and crypto coming from residents in Europe. According to the COO of Bitflyer Europe Andy Bryant, this European crypto poll shows that people are looking past the prior cryptocurrency hype and digital assets have become more established. As Bryant stated after publishing the poll:
“It’s very easy to forget just how new cryptocurrencies still are; we’ve only just celebrated bitcoin’s 10th birthday, so for the majority of consumers to believe in crypto’s future is without a doubt an achievement.”
Residents in Poland were among the most positive in the crypto poll - seeing that Bitcoin will still exist as an investment in the next decade. However, only 11% of them feel this way considering that people in Poland are the most optimistic in this manner. Meanwhile, the price of Bitcoin has plummeted. As the latest cryptocurrency news show, BTC's market dominance is now at around 54% after staying above 78% for seven years. The decline showed that Bitcoin has been wavering between 33% and 56% since January last year. The European crypto poll has just stated the general belief to it from the public.
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Altcoin News

Crypto Market Blackout Showed $8 Billion Was Wiped Out In Minutes

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crypto market blackout
A new crypto market blackout is in the latest cryptocurrency news today, where the valuation of the crypto market dropped $8 billion in matter of a couple of minutes. The news had a lot to do with the office of the New York Attorney General's office with it filing a lawsuit against iFinex and alleging that Bitfinex was mismanaging about $850 million in Tether funds. As a result, Bitcoin fell by 7.5% on the day to a new low point. The crypto market blackout affected the entire market. Aside from the coming altcoin news which show a lot of coins bleeding, it managed to affect the Bitcoin price negatively and allow it to drop from $5,500 to $5,085 as many investors sold the money out of panic. However, Bitcoin has managed to retrace despite the blackout and recovered to $5,200 which is its current price now, closing the day (yesterday) with only a 5% loss. As the lawsuit showed, Bitfinex's $850 million loss had a lot to do with it, mostly because it is related to the stablecoin Tether. On the other hand, Tether's lack of public audits and transparency have always been a topic of critics. However, some suggested that the scandal proved that Tether did have sufficient cash reserves to back its stablecoin at an equal ratio (1:1) with the US dollar. Therefore, Tether is definitely linked to this crypto market blackout, mostly because of the fact that it is backed by the US dollar. Bitfinex came with an official statement, claiming that "both Bitfinex and Tether are financially strong - full stop." We all know that Tether has been a key stablecoin for long. This crypto market blackout definitely sees it as such - mainly for its fundamental pairing abilities for most cryptocurrencies. Even though the lawsuit portrayed malpractices of the company, it showed that it is backed by US dollars. Right now, analysts remain cautious about the results from the crypto market blackout and the short-term outlook on the crypto market in general. Some of them have suggested that purchasing Bitcoi's dip on April 25 could be risky given that it is unclear how the case would move forward. Based on the current reaction, the crypto market blackout did not affect the cryptocurrencies strongly. In fact, many best cryptocurrency news sites are now reporting  big signs of recovery.
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Altcoin News

Bitfinex Lost $850 Million, Allegedly Covered Its Loss With Tether Funds

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The latest cryptocurrency news show that the New York Attorney General's office recently alleged that the crypto exchange Bitfinex lost $850 million and has used funds from affiliated stablecoin operator Tether to cover the shortfall. According to an official announcement which is in the crypto currency news lately, the Attorney General Letitia James and her office obtained a court filing alleging that iFinex Inc. (which is the operator of Bitfinex) as well as Tether Limited and their associated entities were all in violation of the New York law, going in connection with the activities that may have defrauded the New York-based crypto investors. All of this is linked to the fact that Bitfinex lost $850 million. According to her:
“Our investigation has determined that the operators of the ‘Bitfinex’ trading platform, who also control the ‘tether’ virtual currency, have engaged in a cover-up to hide the apparent loss of $850 million dollars of co-mingled client and corporate funds. New York state has led the way in requiring virtual currency businesses to operate according to the law. And we will continue to stand-up for investors and seek justice on their behalf when misled or cheated by any of these companies.”
The filings which show that Bitfinex lost $850 million, as reported on many best cryptocurrency news sites, show that Bitfinex never revealed the loss to its investors - with executives of the exchange and Tether being engaged in a series of conflicting corporate transactions where Bitfinex got access to up to $900 million of Tether's cash reserves. The reports also show that Bitfinex took not less than $700 million from Tether's reserves and used the funds to hide its losses and its inability to handle the clients' withdrawals. The court has reportedly ordered the operators of all the companies to immediately cease the dissipation of the US dollars that back tether tokens - and produce investigation-related information and documents. The news that Bitfinex lost $850 million went in the altcoin news and were re-shared by analysts on Twitter too, where one crypto entrepreneur named Alistair Milne noted that Bitfinex will pay a fair interest rate on what is - in effect - a loan. On top of this, 60 million shares of Bitfinex stock were traded as collateral.
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