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Bitcoin Plunges To $3,456, Rebounds Slowly But Is Still Beneath $4,000

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Coinbase as well as other major fiat cryptocurrency exchanges have seen Bitcoin dropping to a new yearly low of $3,456, right after the downward trend took over the market. Speaking of which, the latest crypto news show that BTC demonstrated a drop of over 12% and showed weakness in the short-term momentum.

The volume of BTC is in the focus, since it rose to $6.1 billion mostly due to an overwhelming amount of sell orders. The drop in price of the most dominant cryptocurrency remains a troubling sign for the short-term trend of the market since the sell-off was materialized with low volume.

One of the most popular traders and a prominent technical analyst, Peter Brandt, recently stated that Bitcoin entered a phase during which newcomers and casual retail traders capitulate while strong hands continue to accumulate more BTC. As he tweeted:

“BTC is entering the stage of its life cycle when stale and weak money capitulates and strong hands accumulate strategically.”

The abrupt decline of the US stock market and the impact on the global economy is another major factor subsequent to the fight between Bitcoin Cash and Bitcoin Cash SV – triggering a major sell off in markets such as China, South Korea and Japan and leading markets to suffer as a consequence of that.

At the end of the day, cryptocurrencies are still an asset class that is infant and has low liquidity and volume. In order for Bitcoin to operate as an inversely correlated hedge against the global financial market, it needs to achieve a multi-trillion dollar market valuation. Until this happens, cryptocurrencies are expected to be vulnerable to instability in the global economy – especially during periods of uncertainty and doubt.

Currently, the price of Bitcoin is trading closely below the $4,000 mark.

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Analysis

Bitcoin Nearing $4,000: The Chances Of A Larger Breakout Are Increasing

The latest Bitcoin news show that the price of the most dominant cryptocurrency is now coming closer to the $4,000 mark, which is interesting because just a few days ago, it was changing hands with the $3,500 region. Bitcoin is now trading at $3,946 at press time, rising by another 5% over the past few hours and increasing its market cap to a few millions short of $70 billion. With that, the chances of Bitcoin are continuously increasing and the BTC/USD pair showed a nice bullish momentum recently. The clear bullish break noted above the $3,800 resistance and the 100 hourly simple moving average is linked to Ethereum as well, which rallied towards the $150 resistance level and helped BTC climb towards the $4,000 area. Currently, the downside margin for Bitcoin is set at $3,800 and the price could easily test the $3,720 support if things go haywire. However, a bullish action is much more expected than this as the price stays above $3,900. The main resistance on the upside is at $4,200 which analysts see as a potential increase. On the positive note, if this is soon achieved by Bitcoin, there is a possibility for an even larger increase and possibly a breakout to the $5,000 region.
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Bitcoin News

Bitmain Has Reportedly Lost $500 Million In Q3: IPO Document

The latest company document by Bitmain is in the digital currency news - outlining that the Bitcoin (BTC) mining giant Bitmain could have made losses of around $500 million in the third quarter (Q3) of last year, according to CoinDesk. Meanwhile, the company is currently attempting to launch an initial public offering (IPO) under the auspices of the Hong Kong Stock Exchange (HKEx) and submitted a report into its earnings that is in line with the listing requirements. The report indicated that for 2018 as a whole year (without Q4 of course), the revenue was $3 billion and profits were $500 - which contrasts with previous figures for the first half of the year during which the profit was $1 billion. If the information is correct, the assumption is that Q3 cost Bitmain $500 million in losses, pushing through a theory that the accelerating Bitcoin bear market late last year took a serious toll on the mining sector. Meanwhile, Bitmain's IPO filing process has been fraught with difficulties since the plans made their way into the public realm in Q2 of 2018.
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Altcoin News

Bitcoin Goes Over $3,750 As Total Market Cap Rises To $126 Billion

The latest Bitcoin news showed what we all knew - that the next strong move is here and building up slowly. After days of green on the market with minimal rises, this Monday starts with great news for Bitcoin, Ethereum and other coins which are all in the green and have surged by at least a few percentage points. Ethereum managed to surge by 13% which brought the biggest altcoin to a price of $138 and increased the market cap difference it has with Ripple (XRP). Speaking of, XRP has also surged by less than 3%, growing stable at $0.309. The most dominant cryptocurrency out there, Bitcoin, has surged to $3,754 while adding billions to the market cap - setting the bar higher once again and coming close to the $4,000 mark. The market is now used to greens like these especially because since 2018, Bitcoin has been constantly registering the red candles and is now in a positive trend which may recommence and mimic some of the best days of the most dominant cryptocurrency. When it comes to the Bitcoin network, the transactions are ever increasing and the average fee is taking a downward shift. According to Blockchain.com, the biggest block with an average size of 1.305 megabytes has been mined which has seen the result of ever-increasing adoption of the Segregated Witness (SegWit) which now accounts for 40% of all the Bitcoin transactions. This new surge continues to spread the Bitcoin awareness and adoption worldwide, and those who really need it are investing in this uncensored and borderless cryptocurrency. Even institutional investors are jumping in the bandwagon - in the form of Nasdaq, Bakkt and Fidelity as the three biggest names so far which made the crypto news this month. The total cryptocurrency market cap also increased and is right now circulating with $126 billion.
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Altcoin News

Japanese e-Commerce Giant Rakuten With A New App That Will Probably Support Crypto Payments

One of the largest e-Commerce firms in Japan, the giant Rakuten, recently announced that a major update of its Rakuten Pay mobile app is coming and will be released on March 18th, as the digital currency news headlines outlined. According to the firm's 2018 earnings release which was published on February 12th, the app will have a new structure that will probably support Bitcoin and other cryptocurrency payments in addition to fiat. As the company noted in the presentation material, the new version of the app will feature “all payment solutions embedded into one platform.” Known as "Japan's Amazon" - Rakuten has recently restructured in terms of its corporate structure. The new company includes the firm's cryptocurrency exchange named "Everybody's Bitcoin" (which Rakuten acquired in August 2018 for $2.4 million) as part of the newly established payments subsidiary, Rakuten Payment. Moreover, the firm's earnings release specifies that the app will support QR code payments and will use the corporation's prepaid card service, Rakuten Edy. Even though the app does not explicitly note anything about crypto support, the specification that "all payment solutions" will be supported on it implies support for crypto payments as part of its subsidiary, Rakuten Payment. In its earnings release, Rakuten reported a net income for 2019 of about 141.9 billion yen which is $1.3 billion - increasing by 28.4% when compared to 2017.
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