Altcoin News

Cryptorrency Markets Lost $40 Billion With The Drop This Week

Published

2 weeks ago

November 27, 2019

The cryptocurrency markets lost more than $40 billion over the course of the last week when Bitcoin (BTC) dropped below $7,000 for the first time since May 2019. According to data and the latest Bitcoin news, we can see that the prices are still struggling to recover.

What actually happened is a situation where the markets were experiencing a downtrend for the past week or so and major cryptocurrencies were in the red. Bitcoin has dropped to $6,930 at its most minimal point and lost more than 20% in the last seven days.

On a wider scale, the cryptocurrency markets lost more than $40 billion and Ethereum which is the second biggest cryptocurrency dropped to $136, the lowest point since April. ETH reached $148 later on and corrected well.

A situation like this one would definitely have analysts weighing off different opinions. Famous for their “HODL” or not shorting digital assets, analysts believe that the downtrend might continue. Peter Brandt is one of them – he wrote that the BTC price might still go down soon.

I actually do not think this is a valid H&S top, but one never really knows until history is written. $BTC pic.twitter.com/5cHTUb0qHf— Peter Brandt (@PeterLBrandt) November 25, 2019

Brian Kelly from CNBC called this “an important low” commenting on the Bitcoin price movement on Friday at the FastMoney CNBC show. He also said that he believes growth in the Bitcoin addresses by 5% in the past 30 days is a good sign of a reversal and that “the fundamentals are improving on a selloff” as he said. However, the cryptocurrency markets lost a lot this week.

Bitcoin breakdown? The cryptocurrency just dropped 15% in a week. Here's what @BKBrianKelly thinks of the move. pic.twitter.com/n9kHpRrYDN— CNBC's Fast Money (@CNBCFastMoney) November 22, 2019

The co-founder of Ethereum, Charles Hoskinson, wrote a post saying that the price of the leading cryptocurrency will reach $10,000 again and even $100,000. He remains optimistic despite the fact that the cryptocurrency markets lost $40 billion in a week.

Bitcoin's price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that's going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future pic.twitter.com/9vlgH4S7u2— Charles Hoskinson (@IOHK_Charles) November 22, 2019

There are many different speculations over the reasons behind the recent fall of crypto. According to Bloomberg, for instance, the cryptocurrency markets lost that much because of China’s recent decision to halt cryptocurrency operations.

According to Oliver Renick who is a lead anchor at TD Ameritrade, prices are down because people are starting to realize that “they don’t need Bitcoin.” Still, all of these are personal opinions and there is no big and general cause for the recent drop.

At press time, the cryptocurrency news show that the market is recovering and has a total of $196 billion.

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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Stefan

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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Altcoin News

Markets Fight For Support While Cosmos Outperforms Again

Published

2 hours ago

December 12, 2019

Stefan

The markets fight for strong support since a few days ago the vast majority of the cryptocurrencies tested below the critical technical support level as we read in the previous altcoin news.Bitcoin moved past the $7,000 barrier as a bearish triangle breakout is still hovering around the BTC/USD pair and the short-term technical. The benchmark cryptocurrency posted a very short recovery since. Litecoin, on the other hand, moved in the range of a touching distance since the November 24 low while Ethereum started going towards the $142.00 level and traded about 4.5 percent lower on a monthly basis.While the markets fight for a better position, Cosmos is outperforming most of the coins on the market alongside Tezos since the ATOM/USD pair added more than 8 percent to its value. The total cryptocurrency market cap is circling around $190 billion as measured by TradingView with a less of $12 billion since Monday.Cosmos is now undergoing a slight technical pullback after it staged a rally towards the $4.00 level. The crypto pair has the ability to withstand the recent crypto bear market and is one of the most impressive characteristics of the coin. The price is now settled around the ATOM/USD pair 200-day moving average with the cryptocurrency maintaining a bullish short and medium-term outlook.According to the trendline analysis, the breakout above the $4.10 level could boost the pair’s price much higher. The new medium-term price prediction for Cosmos could even extend towards $5.00 to $8.00. The charts for Cosmos and the total market capitalization on the lower time frame shows that a bearish head and shoulders pattern breakout could happen soon.A slight decline below the $187 billion levels could trigger the pattern and even cause mass crypto selling. The $180 to $175 billion levels is the likely downside objective and the rally above the $205 billion levels is now needed to deny the bearish pattern. According to the latest sentiment data, the crypto market is quite neutral at 50 percent. Ethereum has a strong sentiment among the top 10 at 73 percent while EOS has the weakest at 44 percent.

Altcoin News

BitMEX Faces $300 Million Lawsuit Over Lost Equity

Published

8 hours ago

December 12, 2019

Stefan

The crypto news today show that a former JPMorgan derivatives trader sues one of the largest cryptocurrency exchanges and BitMEX faces $300 million in potential losses after it allegedly failed to deliver the trader's equity.An official filing with the Superior Court of the State of California in San Francisco dated December 4 shows that Frank Amato and RGB Coin are alongside pursuing action against the exchange. As BitMEX faces a new lawsuit, the CEO Arthur Hayes and owner HDR Global trading are looking to deal with this problem.On the other hand, Amato's claims show that he was among the first seed investors in BitMEX earlier in 2015 - and has contributed more than $30,000 on the understanding that he would later receive equity in the company. Amato alleges that this has never happened.Following his initial investment, the exchange apparently received another $30,000 from the startup accelerator SOSV which would trigger Amato and his contracted equity conversion. Still, as BitMEX faces a lawsuit the filing states that Hayes “sought to conceal information” from Amato specifically to “prevent recognition of his equity.”Unofficial reports also show that the share of the company that Amato has is now worth $50 million. So in total, the investor is seeking around $300 million as a settlement. The filing reads:

“Through this action, Plaintiffs seek damages representing the value of their equity interest in BitMEX, which is conservatively estimated to exceed $50,000,000, together with punitive damages of $250,000,000. Plaintiffs also seek injunctive relief and other remedies, together with their attorneys’ fees and costs.”

This move is definitely a headache and as BitMEX faces a new lawsuit, it is something that is piling up in the negative news as of recently. According to reports from earlier, the exchange has seen its popularity enduring despite a major data leak in November. Bitcoin news outlets showed that executives at the exchange appear a little concerned by the blunder which saw a lot of email addresses sent out to other users.However, what still remains good is business - and daily trade volumes for the Bitcoin (BTC) derivatives are unchanged and currently at $1.6 billion. From this point, BitMEX is solid and remains one of the top exchanges in the world.

Altcoin News

Circle Lays Off 10 More Employees, Rejects Connection To CEO Leaving

Published

9 hours ago

December 12, 2019

Stefan

The global payments company Circle recently laid off around ten employees after the cryptocurrency news showing that its CEO Sean Neville quit his position. However, events from the firm apparently show that the two cases are unlinked. As Circle lays off 10 more employees, we can see that the company denies the potential connections to the recent case where the CEO left.A Circle representative recently spoke and told the media, the company has "streamlined some departments and eliminated about 10 roles." The spokesperson also confirmed that the company was looking to focus on its stablecoin, USDC. Earlier today, we saw that the company minted another $2.8 million of the coin, too.https://twitter.com/whale_alert/status/1204727692677001217?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1204727692677001217&ref_url=https%3A%2F%2Fbeincrypto.com%2F2-8m-worth-of-fresh-usdc-has-just-been-minted%2FThe news follows the recent transition of the co-founder and co-CEO of Circle, Sean Neville, to a post on the company's board of directors for January 2020. Still, a Circle representative recently told media that:

"None of this is related to Sean transitioning out of the co-CEO role. Sean will continue to serve on Circle's board.”

As a reminder, Neville launched Circle with Jeremy Allaire back in 2013. As Circle lays off 10 employees now but has been strong over the years. We can see that they directed many of the changes in the industry in the recent years, including a pivot away from Bitcoin (BTC) as well as the acquisition of the cryptocurrency exchange Poloniex back in 2018.Last month, two former executives at Circle, Daniel Matuszewski and Julien Collard-Seguin along with a third partner founded the proprietary crypto trading firm CMS Holdings. This firm plans to invest 30% of its capital in the most liquid cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and around 40% to 50% into less-traded digital assets.Matuszewski, who left the company in August, admitted that he would not have started a similar firm a couple of years ago because of risk concerns and explained:

“There was always a non-zero chance that bitcoin would gap down, die, and never come back. [...] It’s a lot safer now, in that it’s probably not going to disappear.”

Altcoin News

Andreessen Horowitz Lists Teachers For Its ‘Free Crypto School’

Published

9 hours ago

December 12, 2019

Stefan

The popular venture capital firm Andreessen Horowitz (also known as a16z) recently shared a full list of instructors which will be teaching students about cryptocurrency in its free seven-week crypto startup school. As you previously know if you read our crypto news at the time that this was announced, the school is scheduled to launch in February 2020.On December 11, the venture capital firm announced that all experienced entrepreneurs, builders, investors and experts in the industry will coach students by sharing lessons that they have learned. They will bring new project ideas, share information and help them get started in the crypto industry.Meanwhile, the list of crypto startup school teachers and instructors by Andreessen Horowitz includes top entrepreneurs and technologies including the general partner at the firm Chris Dixon, the professor of computer science at Stanford University Dan Boneh as well as Brian Armstrong, the CEO and co-founder at Coinbase, among others.The firm known as a16z previously noted that it will not take payments from students - in contrast, the crypto school is "for free" in an attempt to accelerate the development of existing blockchain-focused projects and encourage more talent to join the sector.Previously this year, we saw that France is also keen to introduce an educational module to its high school curriculum covering Bitcoin (BTC) and cryptocurrencies. In it, French educators will have a chance to teach an introductory course which will assist students in understanding the impact that Bitcoin has on the French and global economies.As research in the Coinbase news showed, 56% of the top 50 universities in the world offer one or more classes on cryptocurrency and/or blockchain technology. It also found that the number of students taking blockchain or crypto courses had doubled since 2018 and that many top universities also have student-run clubs related to blockchain technology or cryptocurrencies.Another good example which shows similar sentiment as Andreessen Horowitz is a Mexican high school which recently offered a chance for its students to follow a course named 'Blockchain for Business' and labeled it as a graded subject.

“This [course] includes using data analytics apps, creating trading bots and founding business models based on the blockchain. As a result, my students could one day achieve financial independence, which is my main goal,” the academy head Hatem Mabrouk at the American Institute of Monterrey Preparatory School in Mexico said when describing the project.