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Cryptocurrencies Don’t Have A Perspective As A Currency Model: Finance Minister Olaf Scholz

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Just as the entire market seems to stabilize and get in the green zone, rumors that the market will be shaken, are in the crypto news again because the Finance Minister of Germany, Olaf Scholz claims that cryptocurrencies aren’t eligible to replace traditional fiat currencies.

Mr. Olaf briefly said:

‘’ I would doubt today, whether it has a perspective as a currency model.’’

He also made a comparison between cryptocurrencies and the tulip fever bubble that happened in the Netherlands back in the 17th century said that this is a much bigger stake in the game and that the danger of such tulip inflation is far greater.

He addressed that the main issue is the incredible amount of energy computers use to process crypto transactions and also the costs that occur with that spending. The process is highly energy-intensive, but as a matter of fact, he was not happy to explain his views about this issue in 10-20 years time.

According to Scholz, regulators should be over their heads with work trying to regulate and observe cryptocurrencies since they are the perfect tool for money laundering and financing terrorism. He also noted that cryptocurrencies don’t really have any kind of economic significance today.

Just a few weeks ago, European legislators met in order to share their concerns over cryptocurrencies and also the possible solutions that can be applied to problems with digital currencies. They also discussed the possible regulation of ICOs saying that they are a very interesting instrument for raising capital. They all agreed that crypto needs further regulation and that regulation is in the best interest of cryptocurrencies.

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Bitcoin News

Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run

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dr. doom
The price of Bitcoin is all over the latest cryptocurrency news for its bleeding over the past few days. On July 11, a lot of analysts warned investors that the price of BTC could decline due to the Senate hearings and related things. However, now that Bitcoin bounces back, the same analysts are questioning themselves if the bear market is over. Currently, Bitcoin is at $9,872 and the market participants are still optimistic for a new 2019 high. However, the price of BTC is far from those levels and needs to regain position first. As Bitcoin continues to show signs of weakness, it could drop by another 20% approximately - and could even hit $7,400 before resuming its uptrend. Bitcoin bounces back which is the only thing that is important and re-shared on many best cryptocurrency news sites. It seems like the momentum is strong despite the difficulties encountered over the week. Analysts immediately sounded the alarm about a possible sentiment change for Bitcoin but found it hard to reach consensus about whether the price declines were part of a long-term bearish trend.
“Bitcoin had a nice bounce that tapped the previous 4hr chart low and I honestly think it needs to push up more before continuation down,” investor and trader Josh Rager wrote in his Bitcoin price update on Twitter late Wednesday.
In the altcoin news, we can see that the increased momentum and the fact that Bitcoin bounces back has made a lot of altcoins wake up. It seems like Bitcoin's move to the upside has a more profound impact on the altcoin markets which had long failed to halt their declines. A lot of tokens in the top 20 cryptocurrencies by market cap showed improved performance on Thursday, with Ethereum (ETH) gaining 6.1% to hit $217. Litecoin (LTC) has also been growing as Bitcoin bounces back - it managed to post 15% gains while the embattled Bitcoin SV (BSV) also achieved double-figure growth. Previously, the bearish warnings had appeared - specifically from Brandt - suggesting that altcoin markets would not recover at all after the Bitcoin gains eclipsed them in 2019. The price of Bitcoin is stormy and its dominance sits at 65.3%. The total market cap has also regained a bit, and is currently at $268 billion.
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Bitcoin News

Bitcoin 30-Day Trading Volume Hits Records High Of $770 Billion

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bitcoin 30-day trading volume
Bitcoin 30-day trading volume reached a record high back on June 26 but the indicators are still managing to keep the record level in terms of monthly volume as we can read in the latest cryptocurrency news below. The number one cryptocurrency is trying to break past the support level at $9,000 and the trading volume is keeping a steady level. This shows that the bears are very strong and the number one cryptocurrency on the market has still not found the temporary low yet. According to the data from CoinMarketCap, Bitcoin’s trading volume from June 17 to July 16 was standing at $769.8 billion which was the biggest 30-day figure recorded. The daily average for the same period was about 25.6 billion. In comparison, the daily average volume year-to-date stands around 42% lower which is at $14.8 billion. The monthly volume figure from the recorded daily high that was reached on June 26 was over $45 billion. The lowest daily volume figure was also in June at more than $15 billion. Year-to-date, January has been the worst month regarding the Bitcoin price and the trading volume since the latter indicator was at 167.3 billion over the month with a $5.4 billion daily average. Despite the current high-level monthly volume recorded, bitcoin is far away from the traditional forex market which has an average daily turnover of over $5 trillion since 2016. It is worth to mention that the volume data from Coinmarketcap does not include the volume from BitMEX which boosts the highest bitcoin trading volume. The users at the exchange are allowed to engage in margin trading which means that the volume figures are slightly distorted and the platform’s XBT/USD pair is acting more like a derivative product than something else. BitMEX total trading volume in the last 30 days was standing at 207.2 billion and it was mainly driven by XBT/USD. Over the past week, the exchange has liquidated over $1 billion of long positions against the $174.4 million. This could impact the position on Bitcoin’s current price and could expect to extend the losses of the asset even further. The Bitcoin 30-day trading volume is expected to also increase steadily as noted in the altcoin news previously.
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Bitcoin News

Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC

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bridgewater founder
Bridgewater founder Ray Dalio, the billionaire investor, and hedge fund manager initially predicted that gold will become a major investment option during the ‘’paradigm shift’’ in the global markets. However, he forgot at that time about bitcoin, so let’s find out what he thinks now about this crypto asset in the latest cryptocurrency news below. Dalio explained in a LinkedIn post that many people have invested in stocks and equities which is why this asset class is in danger of reaching a major drop in returns. In order for people to balance out their portfolios, they will have to turn to assets such as gold. He explained:
 “Additionally, for reasons I will explain in the near future, most investors are underweighted in such assets, meaning that if they just wanted to have a better balanced portfolio to reduce risk, they would have more of this sort of asset. For this reason, I believe that it would be both risk-reducing and return-enhancing to consider adding gold to one’s portfolio.”
The Bridgewater founder advocated that gold is the only right option to choose for everyone that is looking to diversify their portfolio just in a time where most of the world seems to be investing in equities. This is not the only reason why Dalio believes that gold will witness a major surge in inflows. According to him, the global conflicts and the depreciating value of money will force them to go on the way back to safety. Gold will be the only asset to choose from for all the investors that are looking to store their wealth at a time when the central banks are trying to keep the interest rates low. Dalio’s comments could make sense a decade ago when bitcoin was first launched. Gold is universally considered to be a safe-haven asset that the investors buy in order to protect their wealth in difficult times. Bitcoin, on the other hand, is gaining the confidence of institutional investors and there are only a few people who believe that the cryptocurrency will replace the gold. Dalio somehow forgot that the times have changed and bitcoin is now considered as the perfect replacement for gold as noted in the coming altcoin news previously.
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Altcoin News

Bear Euphoria Continues As Bitcoin Plummets Below $10,000

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Bitcoin Wraps
The coming altcoin news and Bitcoin news too show a negative decline in the crypto markets, leading to billions of losses on a weekly level. The bear euphoria managed to 'steal' away more than $60 billion over the past 7 days and Bitcoin is now down by more than 26% in the same period. The recent tumbling of Bitcoin's price of 15% triggered the altcoins to post new losses too. Instead of optimistic targets, the latest cryptocurrency news show bearish targets - with the one of $8,800 that is currently in sight. Since the weekend, the bear euphoria made BTC dump more than 30% as the selloff accelerates. From an intraday high of $10,750 seen yesterday, Bitcoin is now at $9,500 losing a lot of its value in the past 24 hours. A very slight recovery has made BTC fix its sentiment and go from $9,260 to $9,500 which is the price point at press time. We can definitely attribute the decline to the latest altcoin news where Facebook's Libra is a main point of interrogation and investigation from the US Treasury Secretary. On top of this, it seems like Trump's comments on Bitcoin accelerated a further decline in the long run - despite the House Representative Kevin McCarthy who admitted to 'liking Bitcoin'. This did not stop the bear euphoria as the slide back to four figures resumed. According to the expert trader and analyst Alex Kruger, pullbacks should be welcomed in a bull market. As his optimistic tweet showed:
“Bull market corrections are unavoidable and should be welcome. Assets that go too far up too fast tend to crash the hardest. As everyone who speculated with the price of bitcoin during 2017 and 2018 well knows.”
We can also see the Bitcoin hater Nouriel Roubini who is featured on many best cryptocurrency news sites for his pessimistic statement towards BTC and optimistic towards the Trump-Congress hearings. He said:
“Bitcoin has crashed by almost 30% in the last week and over 15% in the last day. As Congress, Mnuchin, Trump and myself point out that the criminal scams of crypto shitcoins-land will be cracked down on, the scammers and criminals know their days of unregulated casinos are gone!”
As a reminder, the bear euphoria has made BTC correct more than eight times during the previous bull run - and Bitcoin lost more than 30% in the same period before reaching the all time high close to $20,000 at the end of 2017.
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