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BREAKING: Bitcoin Falls Below $5,000 With No Signs Of Support

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In the latest Bitcoin news, we are reporting a new massacre and a massive loss in the price of Bitcoin which today fell below the $5,000 margin. After hitting an all-time high and trading at around $20,000 in December 2017, a year afterwards we see the largest and most dominant cryptocurrency in shock.

The BTC/USD index is now at 4886-fiat and the price of Bitcoin has recorded a loss of more than 11% and the price action bled through crucial support levels that had a history of reversing bearish trends.

Obviously, the Bitcoin Cash hard fork has set the market on fire and big mining pools jockeyed to decide the fate of the BCH protocol. Currently, mainstream media is also promoting a negative side of Bitcoin. For example, a recent report from Bloomberg predicted that Bitcoin would bottom out at near $1,500, and many analysts also slashed their predictions for the most dominant cryptocurrency.

Meanwhile, it seems like the US Dollar is also taking a beating – as it sled down to a two-week low compelled by the negative comments from the Federal Reserve. While a bearish dollar like this could prove bullish for stocks and commodities, its impact on Bitcoin  would definitely be a thing to watch out for in the months to come.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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City Of Zermatt (Switzerland) Officially Accepts BTC For Tax Payments

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The city of Zermatt, known for the ski resort and the wonderful Matterhorn is now the second location in Switzerland where taxpayers can use Bitcoin (BTC) to pay their taxes. The Bitcoin news now also show that in order to unlock the new tax payment option, the authorities of Zermatt have partnered with Switzerland's major crypto financial services company, Bitcoin Suisse.An official announcement by Bitcoin Suisse shows that Zermatt started accepting Bitcoin as a means of payment for local taxes and transactions starting from January 28, 2020. By partnering with BTC Suisse, the authorities in Zermatt will now be able to convert taxpayers' Bitcoin into Swiss francs through the intermediary - which will then transfer the amount in fiat currency to the bank account of the municipality.Local taxpayers in the city of Zermatt, Switzerland will now be able to pay their taxes in Bitcoin through a point-of-sale tool which is installed in the Zermatt town hall or an online payment portal. In order to pay taxes with Bitcoin online, however, the taxpayers will have to apply directly to the Zermatt Tax Office for a payment solution as the announcement notes.According to the mayor of Zermatt, Romy Biner-Hauser, the new tax payment option aims to meet increased demand for Bitcoin based tax payments.
“An innovative, pioneering spirit is one of the trademarks of Zermatt, which is why we are happy to support residents in providing them with the solutions they require,” he noted.
As you may know from our crypto news before, the city of Zug became the first city in Switzerland to accept Bitcoin payments in 2016 as Bitcoin Suisse announced. The capital of the "Crypto Valley" in Switzerland started accepting Bitcoin payments for certain city services such as public utilities in May 2016. The payment was reportedly signed at 200 CHF worth of BTC.The city of Zermatt is now next in the news, as one of the most innovative cities which expand their crypto financial services industry in terms of Bitcoin powered tax payments. In the rest of the world, we can see that many global authorities deem such an option too risky due to Bitcoin's high volatility.
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If BTC Breaks Through $9,500, This Q1 Will Be The Best Since 2013

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A lot of Bitcoin analysts are featured in the latest cryptocurrencies news now for following the recent price action and the latest Bitcoin surge which took the cryptocurrency to new heights of $9,300. As findings from one statistic resource named Skew Markets show, if BTC breaks through $9,500, this quarter (Q1 2020) will be the best one in the past six years.Moreover, Q1 tends to be an underwhelming period for Bitcoiners from what we saw so far. In 2014, there were 39% losses, while 2015 and 2016 saw BTC/USD drop by 24% and 3%, respectively.Only 2017 and 2019 managed to produce some positive moves. However, at around 11%, neither performance comes close to this year's. In 2011 and 2013, we saw that the Q1 returns were strongest at 165% and 570% accordingly, as the BitInfoCharts price index shows.All of these impressive stats show that Bitcoin has a long-term potential and many analysts expect the Bitcoin price news this year to again go viral in the mainstream world, proving that the cryptocurrency is not dead and can again visit its all-time highs.The aggregate open interest across futures products is also impressive - and if BTC breaks through new levels, it is expected to be much higher. What Skew Markets recorded so far is a total of around $3.7 billion as of January 28 which is the volume across futures products.
"Volume tells all,” says the trader Scott Melker as he expects more progress for the dominant coin versus the volume in 2020.
In contrast to this, a lot of regular consumers appear only a little interested in Bitcoin and its recent price rise over $9,000. According to what we see in the latest Google search results, the search requests for "Bitcoin" remain flat now.However, we can see many good news on the horizon. The higher price is also subject to a lot of speculation from commentators. An analysis shared on Tuesday showed the trader Tone Vays demanding the $9,000 level hold for at least several days before he considered a bull market in effect.Another indicator called the Bitcoin Fear & Greed Index which charts Bitcoin and its likely price trajectory based on investor sentiment, which is flashing bearish. Currently, with a score of 57, this metric is slanted towards suggesting that the market is "due for a correction."
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Bakkt BTC Options Volumes Are Dull One Month After Their Launch

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A little more than a month after their launch, we can see that the Bakkt BTC options are lackluster and the contracts on the Intercontinental Exchange's platform appear to be receiving sluggish uptakes. The latest reports in the cryptocurrency news today from January 24 and January 27 shows that 11 days have elapsed since the last trade.As we previously reported, Bakkt launched the new BTC options contract in early December - a short while after it rolled out the cash-settled Bitcoin (BTC) futures offering in November.For those of you who don't know, the Bakkt BTC options are basically derivatives which are designed to provide traders with more flexibility hedge against the price swings of an asset in both directions. Therefore, an options contract gives users the chance to purchase either a right to buy (a call option) or sell (a put option) the given asset at a specified "strike price" which is determined on or before the contract's expiration date.Both of the new options contract and the cash-settled futures followed after Bakkt's existing physically delivered Bakkt Bitcoin (USD) Monthly Futures contract - which is basically a pioneering product that was the first in the industry to give futures traders direct exposure to the underlying cryptocurrency.As we reported before, the physically-settled futures contract had met with many underwhelming volumes in its early days. This was a fact that was unfavorably compared with the BTC futures on CME which first went to the market in December 2017.However, the uptake for the product eventually rose which came in correlation with a period of volatility in the Bitcoin price and the spot market valuation at the time (during October and November 2019).Aside from the Bakkt BTC options, there are other market participants including the Malta-based cryptocurrency exchange OKEx and CME which have both launched or plan to launch the Bitcoin options contracts this year.Meanwhile, the Bitcoin and altcoin news today show that the price action is solid as Bitcoin rises to new highs at $9,292 and Ether follows, now stable at $176 with a 2% surge. The only loser in the top 10 today is Bitcoin SV (BSV) which lost 4.44% of its value and is now sitting at $288.
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Iceland’s Bitcoin Mining Giant Gets £6 Million Lawsuit

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Iceland’s bitcoin mining giant Genesis Mining Iceland EHF has just got a lawsuit from the London-based Digital Capital LTD as we are reading further in the latest bitcoin news today.The London-based company uses the bitcoin mining giant because it failed to pay the development and maintenance of the software. According to the reports Iceland’s Bitcoin mining giant Genesis Mining Iceland EHF didn’t pay the digital capital LTD for further maintenance and development of the banking card processing software. The lawsuit shows that Genesis was experiencing major financial issues and stopped processing the plaintiff’s invoices for a number of months but this seems to be far from the first problems that the companies encountered along the way.Digital Capital’s lawsuit filed the lawsuit to the High Court about a week ago and states that Genesis’s failure to launch the project on time is not a responsibility to Digital Capital. Instead, Genesis itself supposedly failed to provide technical specifications that the company required in order to complete the project on time. The company claimed that it assisted Genesis with matters regarding regulatory compliance and Digital Capital eventually build the software for the mining giant to allow the customers to purchase goods on a debit card using various cryptocurrencies.The response of Genesis was that they stopped providing payments as far back as in November 2018 which created a 2.4 million debt plus the future lost profits until 2022. According to Digital Capital’s calculations which amount to more than 6 million. Genesis argues that they are not obliged to keep following the payment schedule that as established because of the fact that the project missed the agreed date of completion. Without the system maintenance, the company allegedly decided to close the deal. Digital Capital claims that the Iceland-based firms stopped providing payments because of money troubles caused by a crash in the bitcoin price.Genesis started the crypto mining operations in 201 and it quickly became one of the largest BTC miners in the world. it operates in North America and Europe with almost 2 million users worldwide. The defense of Digital Capital states that Genesis has to terminate the agreement and that it was not under obligation to continue making payments.
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