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Altcoin News

New Market-Wide Correction Takes $6 Billion From Total Crypto Market Cap

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A new market wide correction is in the Bitcoin news today, bringing the market from $184 billion to $178 billion and the resistance areas at this point. Nearly all of the top cryptocurrencies have declined and corrected lower.

The retreat saw Binance Coin, NEO, Cardano, Bitcoin SV, Ethereum Classic and Maker dumping. The only altcoin that “survived” was Tron (TRX) which managed to sustain its price point.

On a side note, this move was not unexpected given the high trading volume and the ballooned gains. Many analysts predicted a pullback for Bitcoin (BTC) too as it approached some heavy resistance.

After reaching the new 2019 high, total market capitalization has dropped back below $180 billion again. Here, Bitcoin hit an intraday high of $5,300 before correcting to $5,199 which is its current price. BTC efforts are now around focused on fighting the $5,200 margin and there is some big resistance looming ahead of us.

Ethereum, on the other hand, has lost 3% on the day and fell back to $176 from its 2019 high. As experts stated, ETH appears to have hit pivotal resistance at its 200 day moving average yesterday which it failed to sustain.

Right now, analysts believe that if Bitcoin fails to hold above the $5,000 margin, it will also fall along with the rest of the markets. Meanwhile, the top ten is a sea of red right now and altcoins have started dumping. The biggest losses were seen by Binance Coin (BNB) and Cardano (ADA), both of which dropped by 6% on the day. Bitcoin Cash (BCH) and Litecoin (LTC) have lost 4% respectively while Ripple (XRP) and Stellar (XLM) are both about 3% down on the day.

The top twenty losses are even bigger when we put Bitcoin SV (BSV), NEO (NEM) and Ethereum Classic (ETC) on the table, all of which have dropped by around 7%. Maker (MKR) also dropped 7% despite being listed on Coinbase Pro.

The only altcoin that managed to record gains was TRON (TRX) which surged 3% following the news that its founder, Justin Sun, recently launched his own network.

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Altcoin News

BNB Coin Analysis: Altcoin Remains In Uptrend Despite Recent Decline

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bnb coin analysis
BNB coin analysis shows that the coin managed to stay on the uptrend despite the recent decline due to the ban for US customers from the main exchange. The price tested the key resistance support at $30.00 and we read more about it in the coming altcoin news. The binance coin price declined sharply due to the US customer ban but later recovered above $34.00. There seems to be a crucial bullish trend line forming near the support line at $32.50 on the 2-hour chart. The price still remains in an uptrend and could easily make another attempt and surpass the $35.00 support range. The major crypto exchange banned all United States customers from their main exchange and this was one of the reasons that led the price to a sharp decline. The exchange later announced a separate exchange for US customers. Although the BNB coin analysis shows a heavy decline, there was a positive movement for both Ethereum, Bitcoin, and Ripple which turned out to help Binance Coin to find the nearest support area at $30.00. If you take a look at the 2-hour chart of BNB/USD, the pair declined heavily after it failed to clear the $36.50 resistance level after it had previously broken down the $32.00 support area which acted as a strong buying zone. As a result, the price bounced back above the $32.50 and later to $34.00. The BNB price also managed to break the $35.00 support level but it has, however, struggled near the $35.40 area. On the downside, as reported in the latest cryptocurrency news, there are many support levels near the $33.50 and $32.50 levels. The 50% Fib retracement level of the latest upward move from the $31.60 low to $35.43 high is also close to the $33.50 level and will act as a support with the 25 moving average. Also, there is a crucial bullish trend line that is now forming near the $32.50 on the same chart. Therefore as long as the price remains strong above the $32.50 it will remain in an uptrend. On the upside, the binance coin price resistance level will be near $35.50 which could help revisit the $36.50 area.
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Meet Libra: Deep Technical Analysis Of Facebook’s Cryptocurrency

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meet libra
Meet Libra, Facebook’s new cryptocurrency that spiked controversies among the crypto community and in today’s altcoin news we dive deeper into the technical analysis of the coin. When talking about privacy, Facebook is considered the little stalker of social media who was accused in the past for luring into people’s lives via their profiles. And while the social media giant has information on many people, the one thing that it lacks is the financial transaction of every person. In that name, meet Libra: the cryptocurrency which will get that side taken care of. The project is basically a stablecoin by Facebook in order to facilitate real-time cross border payments by creating an open source blockchain which will support the cryptocurrency. Libra is very similar to Tether since it is fully backed by reserved funds. The project was rumored during 2018 and it was finally confirmed today. The idea behind the project is that this stablecoin will be used to pay for services and transfer money and you can read all that in the newly published whitepaper. The whitepaper explains how Facebook aims to launch a cross-border payment service with its current services. The main mission of Libra is:
“Enable a simple global currency and financial infrastructure that empowers billions of people”
According to Facebook, the Libra project is decentralized but on its basis is actually semi-decentralized since it is controlled by a handful of corporations. The founding members of the crypto project include payments with the help of Visa, PayPal, PayU, and Mastercard. Also, technology and marketplaces helped by eBay, Farfetch, Lyft, MercadoPago, Spotify and Uber Technologies. Next, telecommunications with the help of Vodafone group, blockchain with the help of Coinbase, Xapo Holdings Limited and Bison Trails. The new project is also supported by venture capitalists such as Breakthrough Initiatives, Ribbit Capital, Andreessen Horowitz, and Thrive Capital. As mentioned in the latest cryptocurrency news, the whitepaper says that the ultimate goal is to become permission less blockchain but prior to this Facebook will set up the validators in order to make sure they create a monopolistic position over the network. Any company with a $1 billion valuation can now join the Libra’s affiliation.
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Famous Coincheck Theft Was Masterminded By Russian Hackers: Report

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famous coincheck theft
The famous Coincheck theft, which led the exchange to lose around $530 million worth of New Economy Movement (NEM) tokens was a hot topic in the altcoin news in January 2018. A new report recently emerged, showing that the hack had been finessed by an unknown group of Russian hackers. Even though it is widely believed that North Korean hackers stand behind the famous Coincheck theft, the Japanese newspaper Asahi Shimbun is in the latest cryptocurrency news today with a new report - showing the Russian breadcrumbs in the Coincheck crypto exchange hack. According to the Japanese newspaper, the examination of a Coincheck employee's personal computer revealed a malware which was associated with Russian hackers. The hack, on the other hand, was a result of the crypto exchange's employees and the fact that they installed infected software on their computers. The famous Coincheck theft had the hackers sending emails to the employees (full of viruses such as Mokes and Netwire) which installed the malware on their machines and caused the massive financial loss. These viruses took over the infected computers and allowed the hackers to operate them remotely, gaining access to the private keys and executing the famous Coincheck theft. Russian hackers have been known for leaving breadcrumbs of their misdeeds in the past. Therefore, it is not surprising to see many best cryptocurrency news sites reporting about them doing a shoddy job of covering the tracks once again - when they hacked the crypto exchange last year. Despite the famous Coincheck theft, the crypto exchange was recently resurrected and now operates with a cryptocurrency license, unlike last year when it was hacked into. At that time, the exchange was awaiting a license and had poor checks and balances in place to prevent the massive theft knocking it into the ground. Moreover, the inefficiency of Coincheck to protect its customers' funds means that the hackers had to loot a fort with no defenses. If this was the Russians, it would have been a walk in the park - the country's hackers are known for hacking the DNC server during the 2016 elections s well as many other cases of hacks, Bitcoin scams and more. Below is a proof of one. https://twitter.com/nathanielpopper/status/1017816145397796865
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Ripple And MoneyGram Join Forces: $50M Investment On The Way

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The latest cryptocurrency news show a new partnership on the horizon - between Ripple and MoneyGram - which seems to be a strategic collaboration that makes the most of blockchain based payments. The two firms have agreed to become partners in the cross-border payments and foreign exchange settlements with digital assets. As the official announcement shows, MoneyGram will be able to get up to $50 million dollars from Ripple in exchange for equity in the firm. Both Ripple and MoneyGram have agreed to use each other's products. The press release shared by many best cryptocurrency news sites shows that MoneyGram will use Ripple's xRapid liquidity product which allows money to be sent in one currency and instantly settled in the destination currency. Using the XRP token for such transfers, xRapid is a technology that can settle such transactions faster and better than with standard fiat currencies or other cryptocurrencies. As the CEO of MoneyGram Alex Holmes noted when announcing the Ripple and MoneyGram partnership:
“Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”
As the website shows, MoneyGram is the second largest payments firm in the world. The coming altcoin news and its partnership with Ripple will also help the blockchain firm to gain presence in more than 200 countries (where MoneyGram actively operates). Much of the company's business lies in the remittances market, which value is estimated at around $600 billion. The CEO of Ripple, Brad Garlinghouse, also shared his excitement about the new Ripple and MoneyGram partnership, stating:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies."
Payment processing and sending money globally through the blockchain are definitely something that can be improved with this new partnership. By joining Ripple's growing and global network, financial institutions can process their customers' payments anywhere in the world instantly, reliably as well as cost-effectively.
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