The slow bleed out of the crypto market, as reported this week on our DC Forecasts crypto news site, seems to have continued over the past 24 hours as well. Major cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) as well as Ripple (XRP) extended their losses and dropped from 2% to 8%.
Bitcoin Cash was again a big loser. The price of the BCH altcoin dropped from $236 to $215 by nearly 9%. Over the past few hours, some of the major cryptocurrencies demonstrated a slight recovery in volume and price – but not what everyone expected.
Some tokens, however, have been recording (unexpectedly) large gains. For example, the Basic Attention Token (BAT) which is the native cryptocurrency of the browser named Brave, increased from $0.16 to $0.185 and demonstrated a surge of around 16.5%. BAT has performed well against both Bitcoin and the US Dollar.
Speaking of Bitcoin, the price of the leading cryptocurrency is now 35% down over the past week – as the market’s total wipeout is now estimated at more than $60 billion.
According to analysts, there are two major factors for the continuation of the downward trend. One of them is the extremely oversold conditions on the market – while the other is the recent caution towards initial coin offerings (ICOs) as monitored by the SEC.
The market is demonstrating oversold conditions and a steep decline in valuation. If Bitcoin manages to find support in the low range of $4,000 to $4,500, it could lead to a consolidation period over the next weeks and months.
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MakerDAO Token Holders Vote On Whether To Lower Stability Fees By 2%
"The Maker Foundation Interim Risk Team has placed an Executive Vote into the voting system, which will enable the community to enact a new Dai Stability Fee of 17.5%. The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote," is what the announcement shared in our latest cryptocurrency news notes.If the decision is approved and the vote comes out positive, the proposal would decrease the stability fee by 2% to 17.5% per year. As the announcement outlined, the need to decrease the fee was discussed by the project's governance and now the MakerDAO token holders need to decide on it. For those of you who don't know, MakerDAO is looking to change the yearly stability fee in an attempt to improve the token's peg to the US dollar - especially after the exchange price has been hovering above the $1 level. The stability fee was a hot topic in the altcoin news and is seen as a charge that is levied by Maker participants when DAI is used for loans. In March, the MakerDAO token holders already decided to raise the stability fee (even twice), first to 3.5% and then to 7.5% per year. In April this year, this fee was further increased by another four percent in the fifth such vote this year which brought it down to 11.5%. The further votes brought the rate up to 19.5% at the beginning of the current month. As we already reported (and many best cryptocurrency news sites did too) at the end of the previous month, DAI has been struggling to maintain its peg. Aside from the MakerDAO token holders and their decisions, the president and chief operating officer claimed that DAI's value had been stabilized as of the beginning of May. On top of this, at the end of April, the chief technology officer at MakerDAO, Andy Milenius, published an open letter dated April 3 to explain his concerns over the project's internal conflicts.
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Ripple’s CEO Says 6% Of SWIFT Transactions Involve Human Intervention
“.. instead you can use a digital asset to have global liquidity on demand now we build upon a tech stack of an open-source technology called XRP”Brad praised the digital coin of Ripple and stated that XRP is much cheaper and faster on a ‘’per transaction basis’’ than Bitcoin ever was by a ‘’thousand times.’’ According to him, global payments today are not into the age of the Internet. He also pointed out in the latest cryptocurrency news that the blockchain technology has the ability to change all of the existing payments settlements dynamics by removing the ‘’central counterparty’’ and due to its unique ability to ‘’transact without the need for trust.’’ While he was explaining the subject of interoperability, Garlinghouse said that it was an important factor and noted:
“We’re trying to solve a problem, selling technologies to banks and financial institutions to solve a cross-border payments problem.”Ripple’s CEO outlined that the company is not focused on the Central Bank Digital Currency issuance and said that interoperability is much more important. Garlinghouse argued that in a world full of central bank digital currencies, interoperability is much needed to solve the cross-border transactions dealings issue. He had earlier dismissed the JPMCoin by the financial giant JPMorgan saying that it suffers from lack of interoperability.
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