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eToro Exchange CEO: ‘The Correction Of BTC Is Positive For Long-term Growth’

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The CEO of the major multi-asset trading platform eToro, Yoni Assia, recently stated that the correction of Bitcoin is positive for the health and growth of the crypto market – despite the recent drop.

Meanwhile, Bitcoin recorded its third major correction in 2018 which saw the price falling from $8,500 to $5,850. Currently, Bitcoin is breaking the $6,500 resistance level and is still holding onto its support level of $6,000, according to analysts.

In an interview with NewsBTC, Assia said that the market correction is in order for the crypto market to mature, establishing a foundation for potential rallies in the future. He also pointed to the demand for Bitcoin and cryptocurrencies which has not declined even after the 78% correction of the crypto market.

As he stated:

“In our view, the recent market correction is good for the long-term development of the market. Cryptoassets are still a relatively nascent market; emerging technologies like this often see swings in their value in the early days. Market adjustments like those we have experienced recently help to stabilize prices, and make the industry more robust. Despite these adjustments, however, we have not seen a significant dip in demand for digital assets.”

Assia also added that the demand for Bitcoin will not slow down in the near future, based on the data pulled from the eToro trading platform:

“As the market matures, more investors are expanding their portfolios to include cryptos, while new investors are opening portfolios to trade crypto assets. We do not expect this demand to slow down any time soon, as more people recognize the potential of crypto assets.”

On top of this, he also explained the potential of the blockchain technology and how it aligns with the potential growth of the crypto market, stating:

The potential of blockchain technology is becoming increasingly clear to governments and financial institutions worldwide, as we have seen in recent attempts to incorporate this technology into their existing structures. We also know that institutional investors are waiting for regulatory clarity to move from the side-lines to the centre of the playing field. As we see developments move forward in these areas, we expect the price of Bitcoin and other cryptoassets to climb higher, though we may see some volatility as investors respond to short-term market news.”

Right now, Bitcoin is stable, circulating around the $6,500 level.

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Altcoin News

Tim Draper Believes Crypto And Libra Are Bridges To A Bitcoin World

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The legendary billionaire and crypto fanatic named Tim Draper is in the latest cryptocurrency news again. His comments this time were geared towards Facebook's stablecoin project (Libra) as well as cryptocurrencies in general. As the news show, the billionaire Tim Draper believes that both of these projects are bridges to a world dominated by Bitcoin. Draper was a guest in an interview with CNBC on July 19, where he voiced his opinions on Libra, crypto and Bitcoin. If you are following our altcoin news, you probably know that Libra is a hot topic everywhere because of the regulatory concerns. Known as a Bitcoin advocate, Tim Draper believes that both Libra and Bitcoin are special and should not be pressured by the governments - especially in the United States. When asked if the world is now in a post-Bitcoin environment, the billionaire investor argued that Bitcoin represented a true innovation from the cryptocurrency world. Tim Draper believes that Bitcoin will also be ultimately the tool that reshaped borders, finance and government power.
“I think all these other cryptos are bridges to where we have a Bitcoin environment,” he said.
Appearing in the unique trademark Bitcoin tie, Tim Draper believes that US regulators were too heavy-handed dealing with innovations like Bitcoin, blockchain and related fields - which is what he told CNBC. He did not say anything about other altcoins which might have been featured in our altcoin news section. When it comes to Libra, he said that there was no need to demand regulatory assurances before the product had even launched.
“We’re putting regulation before the innovation — Facebook’s just announced Libra; they haven’t even been able to ship it yet, and the regulators are all over them,” he continued.
Currently, many best cryptocurrency news sites explore the link between Libra and Bitcoin. At press time, Bitcoin looks stable and is trading more predictably after a turbulent week which saw a lot of price swings as the Congress debated a cryptocurrency policy. Tim Draper believes that there is lack of Bitcoin support against government. He is in a lot of interviews recently, talking about being a Bitcoin bull, his investments in the crypto space as well as his outlook on the future of the crypto space.
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Bitcoin News

BTC Network Is Now 8x More Powerful Than It Was At $20,000

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The network surrounding the most dominant cryptocurrency, Bitcoin, is apparently getting more and more powerful than it was before. The BTC network now has more computing power backing its security than ever before, passing another crucial milestone as the hash rate reaches a new all time high. According to data from the monitoring resource Blockchain, the BTC network is in the latest cryptocurrency news for a new hash rate high of 79 tera hashes per second (TH/s) on July 20. This is a very important milestone for Bitcoin - and a measure that is broadly accepted, referring to the robustness of Bitcoin's transaction security. The hash rate of the BTC network has broken multiple records in the recent weeks and months. As we reported along with many other best cryptocurrency news sites, more recent all time highs were established in June (65 trillion TH/s) as well as the first day of July, when the BTC network hit an all-time high at that point, reaching a rate at 70 trillion TH/s. In the coming altcoin news, we can also see a positive incline because of the BTC network high. However, this record comes at a pause in the gains for the Bitcoin price - when the cryptocurrency is reconsolidating and falling off from the yearly highs at $13,800 weeks ago. Ever since then, it was the regulatory pressure which affected the price of Bitcoin as well as the BTC network in general. The most dominant cryptocurrency dipped to as low as $9,125 and the altcoin news showed bleeding in the other coins, too. The good news is that the decline failed to weigh on the BTC network performance. As we previously reported, the network behind Bitcoin is getting stronger and more powerful and the transaction fees remain low despite the fluctuations in price and volume. Last but not the least is the mining performance, which has turned a corner since the bottom of the Bitcoin bull market during December 2018. As we can see, this performance will now revolve around the May 2020 block reward halving. Analysts predict it to be the strongest at this point. Bitcoin's mining difficulty (which also hit new highs recently) will probably increase in the future too, mostly because of the hash rate getting stronger and expanding.
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Bitcoin News

Bitcoin Is One Correction Away From Reaching $13,000: Analysis

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Bitcoin is one correction away from reaching the $13,000 price goal since the price briefly reached the $11,000 level but later corrected towards the key support level at $10,500 as we could see in the coming altcoin news analysis. The price correction is not influencing the investors since they noticed a couple of past days has been nothing but a rollercoaster ride. As noted in the analysis previously, the bitcoin price since the beginning of July shed about 20 percent from its value when it started closing in on the $13,000 price range. Also, the largest cryptocurrency dived to some of the lowest levels in July and breached the $9,000 level before forming a new low of $9,080 which allowed for a faster bounce back to the $10,000. The bitcoin price still doesn’t have the capacity to sustain growth above $11,000 but by looking at the hourly charts for the BTC/USD pair, there is a clear upward trend that is continuously going towards the $9,000 support line. The immediate upside is limited by the 50 simple moving average. The slide from the previous high of $11,096 managed to sustain a balance confluence that formed at the 100 SMA and the 61% Fibonacci retracement level which was taken between the last swing towards the $11,096. At the time of writing, a slow bullish momentum is building above the $10,600 range so bitcoin is one correction away from the previous 50 SMA in order to reach a key resistance of $10,800. If it goes past these levels, It could reach a price above $11,000. In addition, there is also a bullish trend line forming close to the $10,450 so if a break occurs under this trendline, more declines towards the $10,000 will come in the next sessions. The technical charts show that the number one cryptocurrency will likely struggle some more since the Moving Average Convergence Divergence has zero divergences while the Relative Strenght Index shows levels below 40. According to the crypto trader Josh Rager, bitcoin closed the week with no movements that between the primary support levels and resistance levels. As noted in the latest cryptocurrency news, there is a breakout expected after the $10,000 range due to the buyer’s exhaustion and demoralization.
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Bitcoin News

Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money

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Fiat money is used 800 times more in money laundering cases than bitcoin according to the newest report published by Messari and we are about to read more in the latest cryptocurrency news below. The recent research conducted by Messari shows that Bitcoin is not really a financial threat as some claim. They performed the research after the recent remarks by the U.S. Treasury Secretary Steven Mnuchin. The data from Chainanlysis and the United Nations Office on Drug and Crime reveals that traditional money is used far more than Bitcoin in money laundering cases on the darknet. The results do not take into account the money laundered via conventional markets. The statistics provided by the UN are very different than the statements of Steven Mnuchin who overestimated the problem up to the point where he described cryptocurrencies as ‘’national security issue’’:
 “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cybercrime, tax evasion, extortion, ransomware, illicit drugs, and human trafficking. Many players have attempted to use cryptocurrencies to fund their malignant behavior. This is indeed a national security issue.”
The results of the Messari research show the same thing that Europol already concluded in their report ‘’Why Cash Is Still King?’’ where they talk about fiat money is the number one tool used in crimes. In the reports they also describe how criminals still use fiat money in their operations rather than bitcoin and cryptocurrencies:
 “Although not all use of cash is criminal, all criminals use cash at some stage in the money laundering process … While the world is looking with concern at the possible misuse of virtual currencies by criminals, this report may seem somewhat unusual in that it is not highlighting a new phenomenon or an emerging risk…money laundering schemes detected by law enforcement are still largely characterized by traditional techniques, in particular, the use of cash.”
As noted in some of the best cryptocurrency sites and reports, bitcoin is still considered as stable rather than fiat money since in the last decade the FED increased the currency supply by more than 12.664% which is more than Bitcoin did.
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