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Christmas Reds: Bitcoin Drops By 10% Proving That The Bears Are Still Here

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In today’s cryptocurrency news, every trader is looking for Santa and the greens with a new surge led by Bitcoin. However, the reality is the very opposite, proving that the bears are still here in a new downward trend that brings Bitcoin back to the $3,800 margin.

At press time, Bitcoin (BTC) is trading at $3,813 after a steep fall in the overall market that wiped around $10 billion from the market cap which is now valued at $128.8 billion. Even though BTC tried hard to break the $4,200 level, it failed miserably and lost its momentum.

Right now, Bitcoin is struggling to find support but is not the only cryptocurrency that is weak. Ethereum (ETH) and Ripple (XRP) have fallen by more than 12% losing more than a tenth of their value. Currently, Ethereum is trading at $129 and Ripple is at $0.38.

Bitcoin Cash (BCH) has also failed to sustain the momentum and dropped by more than 18% to a current price of $168, followed by EOS (EOS) and Stellar (XLM) which also fell by more than 10% and are trading at $2.60 and $0.12 respectively.

No one knows if this trend will continue on the Boxing Day (day after Christmas) tomorrow. However, what is certain is that the drop is big and may even lead Bitcoin to a new yearly low just before 2019 knocks on our doors.

 

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

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Bitcoin Gold Got 51% Attacked, Now Surges By 19%

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One researcher at the MIT Digital Currency Initiative recently discovered that Bitcoin Gold got attacked by 51% on January 23 but in the last 24 hours, the cryptocurrency has increased by 19% in price.A report published on the code repository GitHub, the MIT DCI research assistant James Lovejoy said that two separate attacks were carried out on Bitcoin Gold blocks within a span of two days.As you may know if you have read our altcoin news, a 51% attack is quite possibly the most serious form of attack against a cryptocurrency. If carried out successfully, it allows attackers to re-organize blocks and charge data within a blockchain.Moreover, analysts show that a 51% attack can cause dire consequences for a cryptocurrency. It is not cheap or easy to carry out a 51% attack. The attack itself requires a lot of control over a blockchain network's hashpower.For a major coin like Bitcoin or Ethereum, a 51% attack is quite impossible. One could do it but there would not be any incentive to do so and the attacker would end up losing money. As Lovejoy said, the orders of tens of blocks on the cryptocurrency are not enough to eliminate the incentive of launching a 51% attack against it.
“Based on Nicehash market price data for Zhash we estimate the cost of generating each reorg at around 0.2 BTC (~$1,700) and the attacker would have recouped around the same value in block rewards. Therefore, it is possible that the attacks were profitable if the double-spends succeeded at defrauding the attacker’s counterparty, or break-even if the double-spends were unsuccessful. This suggests that a confirmation requirement on the order of tens of blocks for BTG is still far too few to make the budget constraint to launch an attack significant,” the report read.
However, this is not the first time Bitcoin Gold got 51% attacked in the crypto news. In May 2018, it experienced a similar attack and reports indicated that $18 million were affected. Despite all of this, the price of Bitcoin Gold has been up by 20% in the past two days and is now trading at $12.06 with a 17% increase today, alone. As such, it proudly holds the 34th place on the market cap and could soon increase more.
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Financial Institutions Start Using Stablecoins In 2020: Report

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The word "stablecoin" is still a mystery for many people. For others, it is something that immediately links them to Tether (USDT) or Facebook's Libra project which is scheduled for 2020. However, there are many versions of stablecoins nowadays and as reports show, financial institutions start using them more and more.For those of you who don't follow our altcoin news section, a stablecoin's main aim is to solve the problem of volatility by being a digital asset that is tied to another asset with a stable value.The new year is turning out to be an exciting time for stablecoins. Aside from the fact that financial institutions start using them, the Libra news already showed excitement in many people. Likewise, government financial institutions are now playing out, stating that they will be either researching or discussing a stablecoin as a potential solution. International entities such as the G-7 Working Group in partnership with the International Monetary Fund and the Bank for International Settlements have also released a report investigating the impact of stablecoins.Furthermore, banks and financial institutions start using them - Banco Bradesco, Bank of Buscan and Rizal Commercial Banking Corporation are proof for that. Also, there are many stories in the latest cryptocurrencies news showing that the future of stablecoins is shaping up well.Right now, the stablecoins are a very interesting topic in the news. According to Biser Dimitrov who is the co-founder of BlockEX digital asset platform, they "just make sense for any type of financial services company." As he also added:
“For example, in a retail or investment bank, a stablecoin can facilitate faster intra-day settlements, full transparency. More to that, a bank can offer better and faster services on top of a blockchain network with a stablecoin and enable things like loyalty points conversions, faster mortgages and generally efficient loan origination process.”
As financial institutions start using stablecoins more and more, we can expect many big things in the future. As much as the issue of regulation can be a problem for them, experts believe that most of the issued stablecoins will get a more relaxed regulation in the future - and the majority of them will be used for internal purposes. 
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OneCoin Co-Conspirator Tries To Get His Sentencing Postponed

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It seems like the OneCoin co-conspirator is trying to get his sentence postponed until the 21st of April, according to the recent filings by Mark Scott’s counsel so let’s find out more in the altcoin news today.There are a lot of scam reports in the crypto space and most of them took place back in the days when bitcoin was surging to the $20,000 all-time high. One of the frauds that started in 2016, slightly before the popular surge, involved a company named OneCoin whose conspirators were eventually arrested and put on trial. The OneCoin co-conspirator Mark Scott was convicted back on November 21 in 2019 and the court found him guilty on two counts- conspiracy to commit bank fraud and the conspiracy to commit money laundering. All that remained for him is to get a sentence that was supposed to happen in February this year.However, before that happens, the court gave him time to file any Rule 29 or Rule 33 motions so Scott can now use this time to request a retrial which he can do until February 3rd. After that, the government will have three weeks to respond. In a new development, Scott seems to have used his opportunity as his counsel decided to file a letter that seeks to postpone the sentencing date. According to the letter, Scott and his representatives will like to push the sentencing date for April 21st, 2020. This postponement will allow the defense with the needed time to complete briefing regarding the post-trial motions while in the meantime it will allow the court enough time for a review. In addition to that, the delay will allow the defense counsel to prepare for sentencing and this letter also pointed out that the government has no objection to the new schedule.As some may know, Scott was a partner at the law company Locke Lord LLP and back in 2016, he formed a lot of fake private equity investment funds in the British Virgin Islands. The funds have become known as the Fenero Funds. It is also estimated that he laundered around $400 million in proceeds filing them down as the investments from wealthy families in Europe. Of course, the money was coming from the OneCoin scam and Scott paid $50 million for his services. He used his money to purchase a lot of luxury cars, yachts and houses.
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Uniswap DEX Sees Huge Growth After Additional Token Listings

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The Uniswap DEX is among the leading decentralized exchanges which have seen huge growth over the past week since it cleared all-time highs in terms of the liquidity of the platform and ETH that was locked in the reserves as we are looking into it some more in the crypto news today.Achieving widespread adoption of DeFi requires most of the users to be capable of accessing the entire financial stack in a decentralized and permissionless manner. Thanks to this, most of the decentralized exchanges are now hailed as an integral part of the forward development. The centralized exchanges will continue to thrive in the future but for the DeFi narrative to speed up, there has to be more traction on the decentralized counterparts and now that is slowly happening.The Uniswap DEX is leading in terms of reserves, usage, and liquidity. The network effects are extremely important for protocols that rely on liquidity to grow. The exchanges, for example, are chosen by the investors and traders based on their ability to facilitate the trades. Order book depth and the trading engine of the exchange determines the efficiency of the platform. More liquidity accruing to the exchange leads to more users leading to more liquidity thus creating a circular effect. The ETH reserves in Uniswap sat at 45,320 before increasing by more than 68 percent to 76,260 coins in just days.The price of ETH surged by about 16 percent and Caleb Sheridan co-founder of Blocklytics noted that Uniswap added a record $10 million of liquidity in just one day. As the price of Ethereum increased, the demand for ETH derivatives also joined the rally. Uniswap liquidity is the highest for sETH at $13.88 million and this sum makes up about 30 percent of Uniswap’s total $46 million of liquidity. Some of the other tokens that are traded on the platform include Augur, Maker and Synthetix Network as well as other stablecoins.USDC, DAI, and SAI represent a total of 13.4% of Uniswap pool liquidity which makes it the best for the traders in terms of minimizing slippage. The larger traders usually prefer the use of DEX aggregators to reduce the slippage on their orders. Once the liquid reserves deepen for Uniswap, the slippage will have reduced dramatically.
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