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Bitcoin Price SInks Below $6,800, Crypto Market Plunges Below $300 Billion

The Bitcoin price just fell below $6,800 as the market endured a major sell-off. This Sunday, the Bitcoin price was even lower than $6,700 at some moments and at approximately 17:30 UTC, the support for that level began to evaporate – with Bitcoin rapidly careening as low as $6,630 before experiencing a minor recovery to $6,724.

Bitcoin was down nearly 11% for the day, and most of the large-cap altcoins followed this bearish trend – falling by more than 12%. Ethereum, for example, dropped 14$ to near $514 and Litecoin fell more than 11%,  plunging to around $104.

The downfall trend also pulled the cryptocurrency market cap below $300 billion – and currently, it is valued at $296 billion.

According to some experts, the significant decrease in trading volume over the past two months is one of the factors for the volatility of Bitcoin – which signals short-term uncertainty among investors and primes the market for more violent price swings.

This is a two-month low for the leading cryptocurrency. When it comes to the reasons why this occurred, many people point out to the Coinrail hack (a South Korean cryptocurrency exchange).

The low of $6,647 was the lowest level of the Bitcoin price since April 9th, according to the Bitcoin price index – and continued with a major sell-off. Currently, the largest cryptocurrency by market cap remains about 50% lower for the year.

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Stefanie has been a Bitcoin Specialist for over 5 years. Providing daily news and updates for DC Forecasts.

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Analysis: Bitcoin And Ethereum Record New Gains After Mid-Week Drops

The past 12 hours have been positive for both Bitcoin and Ethereum. The two largest cryptocurrencies by market cap have risen more than 6% in value. Still, some analysts think that this is still not a confirmation that a positive short-term trend is coming.

The quick recovery was actually a correction which made the Bitcoin price climb to $6,445 and the price of Ether, the native cryptocurrency of Ethereum, to reach $295 (at press time).

Ether, which plunged by nearly 20% two days ago, has been in a stronger movement than Bitcoin and increased from $250 to $295 in less than 24 hours. Investors think that moving above $300 is the crucial level that ETH needs to secure right now. For Bitcoin, they believe that going anywhere near $6,700 will be a confirmation that a positive short-term trend is on its way.

Willy Woo is one of the investors and analysts who were right about the price of Bitcoin dropping below the $6,000 mark since May this year. As he recently stated, the market will likely experience another drop before the next mid-term rally.

Woo said that Bitcoin will test the $6,000 support level in the near future, even if it recovers beyond the $7,000 mark. As he stated:

“Leveraged short positions now near all time high. Anyone got a spare $35m in their trade account? Should be enough to trigger all those stops for a payday.”

Based on Woo’s analysis, a new drop would be a likely scenario for Bitcoin and the entire crypto market, before a proper rally comes on the way. This is mainly due to the lack of momentum, volume, and stability in the market.

Arthur Hayes, the CEO of BitMEX, has expressed his thoughts on the future of Ethereum, naming it a “sh*tcoin” and predicting “double-digit price levels” soon – mostly because of the market and its inability to support a huge spike with the current price trends.

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Bitcoin News

Pantera Capital CEO: ‘If Bitcoin Is Rat Poison, Banks Are The Rats’

Pantera Capital, which is one of the leading investment firms in the crypto space, seems to have an optimistic look at cryptocurrencies despite the current market downturn.

As the CEO and chief investment officer at the firm Dan Morehead stated during a digital asset funds conference this Tuesday, blockchains are the next step in the evolution of equity. In that way, cryptocurrencies are a superior form of currency.

Morehead also called Bitcoin “the biggest disruption of this generation”. As a well-known optimist who stated that the combined crypto market cap could climb to $40 trillion one day, he also pointed out some statements towards the regulation and adoption of cryptocurrencies by banks.

He addressed his thoughts in the same way as Warren Buffett did earlier this year, noting the ‘rat poison squared’ rumor about Bitcoin, stating:

“It is rat poison; it’s just the banks and credit card companies are the rats.”

When asked if now is a good time to buy crypto, Morehead stated:

“That’s actually a good time to increase your position. It is highly likely to be the low point for the industry. My normal view is that it is going to return to its trend”

Morehead remains positive and optimistic about the long-term scenario of blockchain technology and cryptocurrency. As he said, blockchains are the “final piece” of the protocol structure that describes the Internet – and a way to move funds without paying high fees.

Bitcoin, according to him, is not a category killer but a “serial killer” which means that it will affect many different use cases.

“I think we’re heading towards a post-capitalist era. Now, we’re going to have ‘cooperatively owned’ technologies that are very valuable.” Morehead concluded.


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Altcoin News

Crypto Market Struggles Around $200 Billion, Bitcoin And Ether Lack Momentum

The crypto market has slightly recovered over the past 24 hours but is still in the red, after the prices of Bitcoin and Ether led a new drop which saw the market go below $200 billion.

At press time, the total cryptocurrency market cap is somewhere around $203 billion, a number which can soon change. Since August 14th when every major cryptocurrency in the market has plunged, investors are finding it difficult to record gains off their investments.

Still, this may be a good time for buying cryptocurrencies – which is probably what has been happening over the past 24 hours – hence why the prices of Bitcoin and Ether rose. Currently, Bitcoin is standing still at $6,348 while Ether remains below the $300 mark, standing at $282.

Bitcoin Cash, EOS, Litecoin, Ethereum Classic, Ripple and other cryptocurrencies recorded a drop in the range of 15% to 20%, which was triggered by a massive sell-off across the major cryptocurrency exchanges.

There were three major drops in the cryptocurrency market this year. In February, April and June, Bitcoin tested the $6,000 support level and surged to the region of $9,000 to $11,000 over the past few months, only to fall back to $6,000 which is its current position.

If Bitcoin now falls below the $5,800 mark and moves below to the $5,000 region, it is expected that other major cryptocurrencies will suffer and follow the downside trends as well.

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Altcoin News

$30,000 Penalty + Lifetime Trading Ban: SEC Smacks Fraudulent ICO Founder

The US Securities and Exchange Commission (SEC) recently issued an officer and director bar, a penny stock bar as well as a fine of $30,000 to one fraudulent ICO founder. As the official press release noted, SEC smacked David T. Laurence for taking part in deceitful security offerings.

As the LinkedIn profile of David T. Laurence shows, he is the president and CEO of the oil drilling company named Tomahawk Exploration LLC. He has been working in the company for over eight years.

In June 2017, Laurence started creating “Tomahawkcoins” in an attempt to raise $5 million in an initial coin offering (ICO). The project which he planned would then use the capital to drill ten wells in California.

What the SEC found suspicious here was the false information provided in Laurence’s ICO. As they stated, the ICO statements ”

used inflated projections of oil production” and claimed that Tomahawk had already obtained leases for drilling on the sites. The firm also tried to portray Laurance as a principled individual by claiming that he had a “flawless background”.

Even though the ICO was not successful in raising money – the company set up a bounty program to trade the Tomahawkcoins with online promotional services. As a result, both Laurance and Tomahawk were given cease and desist orders – and they chose to avoid denying or accepting the claims.

The SEC is now confident that scammers are luring people in their projects by offering high returns on investment (ROI) and this ‘trend’ is on the rise. This is why the agency also created a search tool at which contains all the details of various investment professionals – as well as a tool named SEC Action Lookup – Individuals (SALI) which will identify investors convicted by the SEC.


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