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Bitcoin News

Bitcoin Retreats To $4,270, Dropping 6% In A New $6 Billion Wipeout

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In the latest Bitcoin news, the most dominant cryptocurrency has dropped again and this time fell to $4,270, losing about 6% of its value. The total market cap also suffered from a $6 billion decrease and now has $137 billion in circulation according to data from CoinMarketCap.

Bitcoin has reached a new weekly low on fiat-to-crypto exchanges such as Coinbase, Kraken and Bitstamp, and has dropped by 21% in total against the US dollar over the past few weeks. Similar to Bitcoin’s strength from August to November despite the intense sell-off, bears are struggling to bring BTC below the $4,000 support level.

Right now, analysts believe that if Bitcoin continues to defend the $4,000 level in the weeks to come, it is possible for BTC to end the year with a positive sentiment, possibly around $6,000 which is now the major resistance level for the dominant cryptocurrency this year.

However, an alarming trend is that the prices of cryptocurrencies are dropping by relatively large margins with low daily volumes. For example, the daily volume of BTC is averaging around $5 billion which also suggests that BTC has fallen by more than 3.5% over the past day without significant sell pressure from bears.

Aside from Bitcoin, Ethereum has also dropped by more than 8% over the past 24 hours, with a high volume of $2 billion and now trading at $120. Throughout the last six months, ETH rarely experienced a surge in its volume over the $1 billion mark, which is an indicator of an increasing sell pressure from individual sellers and ICOs.

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Altcoin News

BTC And Other Altcoins Push Trading Volumes To New Record Highs

The latest digital currency shows that after hitting a 300-day high in crypto volume, the market is hitting new records and a massive upward thrust. Today, the crypto trading volume recorded a high of $33.85 billion thanks to the surge that was led by Ethereum and Bitcoin and saw the top 20 surging over the past 24 hours. The volume of the crypto asset trading spiked during the first week of January last year accounted for a market cap of $814.31 billion and a 24-hour trading volume of $44.07 billion. In comparison, the recent surge of the current trading volumes shows that there is a great deal of action on the market. In more details, the current market cap is now closer to the $140 billion mark while the last major peak was recorded on May 5th 2018 with a market cap of $466.72 billion and a 24-hour volume of $25.34 billion after which the crypto space has failed to recover. At press time, the market cap of the entire cryptosphere was recorded at $139 billion and the 24-hour volume is over $27 billion.
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Altcoin News

Bitcoin Is Up Above $4,100 As Top 20 Cryptos See Green

The top twenty cryptocurrencies are mostly in the red in today's crypto news, putting Bitcoin in focus of the market with a new surge that made it go above $4,100 while the other altcoins remained stable. Bitcoin is up by more than 3% and now has a $72 billion market cap. Speaking of, the entire market cap is now close to the $140 billion mark. Ethereum (ETH) has also been surging by more than 5% over the past 24 hours and is now at $156, while Ripple (XRP) is with a 2% increase that put it to $0.32. Among the other altcoins, we are seeing surges for EOS, Litecoin, Bitcoin Cash, Stellar, Tron, Binance Coin etc. In fact, the entire top 20 is in the green besides Tether (USDT) whose value is pegged to the value of the US dollar. The most notable price action was reported by NEO which surged by 7.24% and proved that it is a serious contender for the 16th position on the market list. No one knows if this trend is going to continue. However, it is certain that over the past week, we have been seeing a bullish breakout and a new trend which finally puts Bitcoin and the other altcoins in the green.  
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Bitcoin News

Brian Armstrong Believes Hot Wallets Are Good Enough To Store Bitcoin

CEO of Coinbase Brian Armstrong is yet again in our crypto news in an attempt to explain some of the misconceptions about storing bitcoin in various types of wallets. Armstrong explains the difference between hot and cold wallets saying that a hot wallet is connected to the internet and can conduct immediate transactions and that a cold wallet is secured offline. The private keys stored on a device connected to the internet but not loaded into an active wallet are still considered a cold wallet. Coinbase CEO clarifies the myth of not being able to trade funds in cold wallets since Coinbase Custody allows delayed settlement of trades. This means that you can start a trade and it will be settled right after the funds are moved out of the cold storage. The next myth is the staking systems prevent staking of cold wallets and Armstrong explains that Tezos allows for this to happen via the ‘’Baker’’ system. He writes:
“A well-designed crypto custody solution doesn’t rely on any single person. Instead, it utilizes multiple keys to achieve consensus and redundancy. The larger the transaction, the more parties need to consent. This is really just scratching the surface of a well-designed custody solution.”
He says that Tezos is a good option for holding Bitcoin but is still not as secure as cold storage. The storing of large amounts of Bitcoin in hot wallets is still very dangerous because you are not relying on your own security requirements. Finally, it’s always safer to store your coins in a place you have the most control and is best to always own the private keys by yourself.
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Bitcoin News

US Regulators Decision On BTC ETF Will Set The Mood For The Crypto Market: KRX

An official at the Korea Exchange (KRX) from South Korea’s securities exchange operator believes that the industry should keep a close eye on the developments from the United States regulators regarding Bitcoin exchange-traded funds so this is why in today’s bitcoin news we find out more about what the official stated. ETFs are capable of tracking assets that are proportionately represented in the shares of the funds. They are believed to have high potential to increase the chances of widespread adoption of cryptocurrency. The US Securities and Exchange Commission has postponed or rejected its decision on crypto-related ETFs and the KRX official had to say something about that:
 “The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of Bitcoin ETFs within the market — which is why we are observing the progress and response of the US SEC’s decision on Bitcoin ETFs.”
He added that the KRX is considering the provision of a solid Bitcoin index as well which will be required for the launch of such ETFs. South Korea’s blockchain market has seen the launch of blockchain ETFs by investment banks because of the incredibly lower level of scrutiny they get from the national watchdog. A professor at Korea University’s Graduate School of Information Security Lee Kyang-ho argued that the health of the blockchain sector in the country could eventually create a path for crypto ETF integration by saying:
 “With the government expanding its investment in research and development of blockchain technology, the projects are expected to minimize or eliminate the risk of integrating ETF transactions in the cryptocurrency market.”
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