Connect with us
  • Home
  • Start here
  • Bitcoin Charts & More
  • Submit PR
  • Advertisement
  • Contact
CLOSE

Analysis

Bitcoin Sinks 7% Overnight Dropping To $7,500, Market Loses $30 Billion

Published

on

A new bloodbath that happened overnight saw Bitcoin sinking to $7,500 and the total cryptocurrency market cap losing $30 billion in a matter of hours.

Bitcoin dropped and lost precisely 7.5% in 24 hours, which marked one of the steepest drops in the past 30 days. Since July 29th, Bitcoin has been gaining on the one-day charts. The lack of volume and decline in momentum was broken yesterday.

On July 30th, we analyzed the declining momentum in a post that read:

“According to analysts, the price of Bitcoin may dip towards the trend line and go to as low as $7,900 in the worst-case scenario. However, what is more likely to happen is for it to break the $8,500 level over the next week and target the $9,000 level by mid-August.”

Even though this is still a scenario that is entirely possible, Bitcoin is now struggling to demonstrate any sign of recovery in its volume and price. Since the drop saw it losing more than 7%, it was definitely unexpected.

Despite its fall, Bitcoin has managed to sustain its dominance over the rest of the crypto market. The yearly high for 2018 is now 48.1% for the first time since January 2018. The Bitcoin Dominance Index, on the other hand, is highly volatile which is mainly caused by the unwillingness of investors to take additional risks by investing in other major cryptocurrencies.

Aside from Bitcoin’s drop, the tokens Polymath, Bitcoin Private, Pundi X, VeChain, Ark, Aelf, Decentraland, ICON, WanChain, Ontology, and WaltonChain all demonstrated losses and recorded 10 to 30 percent drops in the past 24 hours.

Right now, the drop in the price of BTC is estimated on the higher end of $6,000, possibly at the $6,900 mark, according to analysts.

Share This With Your Friends

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments
Advertisement

Altcoin News

(Some) Crypto Exchanges Resume BCH Trading, Bitcoin Cash Price Reaches New Lows

Five days after the Bitcoin Cash hard fork began, it is safe to say that the stability of the BCH ecosystem has crippled. The worst part is what is seen in today's crypto news - that it has continued and is not looking to recover anytime soon. The BCH/USD pair suffered another 40% loss on paper (mostly because most exchanges paused BCH trading ahead of the fork) - setting a yearly low of $237. Currently, it seems like Bitcoin Cash (BCH) has corrected to $242 in a small upside recovery. However, the downtrend has certainly intensified over the past few days and each session formed bearish flags and pennants consecutively. As a result, the BCH/USD pair went inside a free fall without finding its bottom. In times when the fight between Bitcoin Cash (as most people are labeling the Bitcoin ABC version of BCH) and Craig Wright's Bitcoin SV is harming the crypto market as a whole. There seems to be no way that guarantees a way out - as the industry witnesses downward movements and new losses day after day. If you are wondering what's next, crypto exchanges are already in the process of labelling Bitcoin ABC's ticker BCHABC as BCH which signifies that ABC will lead the original BCH blockchain. Trading under the BCH ticker is still closed on some mainstream exchanges - but few allow it. Once the trading fully resumes for retail investors, then we can expect more trend-defining movements in this market.
`
Continue Reading

Altcoin News

After Days Of Resistance, Ripple (XRP) Suffers A Major Price Drop

In a new edition of this week's downward trend, we have the altcoin Ripple (XRP) which overtook Ethereum and became the second largest cryptocurrency by market cap - and its recent price drop which went viral everywhere in the crypto news. The intense downtrend finally took a toll on Ripple, even though it seemed like the cryptocurrency is resistant to it. Ripple, which is now the second most valuable cryptocurrency, is no longer up in value on a monthly basis. Over the past 30 days, XRP maintained the $0.5 level relatively well with minimized losses - during a period when Bitcoin and other top coins fell by 20% and even more. If you are asking yourself what was the primary reason for Ripple's drop, the truth is that XRP is a liquidity network that provides major banks and financial institutions the ability to move cross-border payments with low fees. Hence, a large supply of XRP is crucial for the Ripple blockchain network to operate. This week, around $16 million was removed from the Ripple Distribution wallet to an unknown one, injecting more XRP into the market. Over the past 12 hours, XRP fell from $0.48 to $0.41 and then recovered at the $0.43 support level. It is entirely possible (given that XRP has been successful in maintaining the $0.4 support level) - that this increase of the supply of XRP in circulation affected the short-term price trend of XRP.
`
Continue Reading

Altcoin News

BitMEX Research: The BCH “Hash War” Costed Miners $6.1 Million In Lost Revenue

BitMEX Research is in the latest cryptocurrency news - mostly for its new report which shows that the hash rate of both sides of the Bitcoin Cash "hash war" has led BCH miners to collectively lose as much as $6.1 million in gross revenue since last week's blockchain split - leading to the creation of Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC) accordingly. As a tweet from BitMEX Research's Twitter profile shows: https://twitter.com/BitMEXResearch/status/1064579883534348290 Something which must be noted is that the profits that were gained from such mining - or loss thereof - would currently be on paper only as neither BCH nor BSV has a liquid market at this time - in fact, they are measuring serious losses. The figure also assumes that everyone renting hash is actually finding blocks or that most or all of the hash being used to win blocks in either chain, right now, is rented. Obviously, this is not always the case as there are many Bitcoin Cash miners that own their hardware and choose to mine on BCH chains for various reasons. What we can conclude is that mining is not anymore a hobbyist game. As you can see from the report, the majority of miners run on tight margins and hardware expenses are at least as important as the cost of electricity - which always varies. As a result of this, analysts believe that a significant amount of new BCH will continue to be sold regardless of how the markets treat the tokens.    
`
Continue Reading

Altcoin News

Ripple Is Now The Second Most Valuable Cryptocurrency Surpassing Ethereum

In today’s crypto news, we can see Ripple despite falling down by 9.5 percent against the US dollar, overtaking Ethereum and is now the second most valuable cryptocurrency in the crypto market. Two days ago on November 17, Ripple increased in value at approximately 8 percent while other major cryptocurrencies such as Bitcoin and Ethereum failed to maintain momentum. Its short-term rally back on Saturday, allowed XRP to peacefully surpass Ethereum with a market cap of $19.1 billion. Ethereum, on the other hand, remains at $15.92 billion. One of the reasons why this could be happening on the market right now could be the exploring of Coinbase Custody to add major cryptocurrencies and ERC20 tokens:
 “Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.’’
Coinbase Custody integrated XRP on their platform and institutions can now purchase and hold it with Coinbase. This is a path for a positive development of XRP but the selling pressure on ETH continued to grow since a huge deal of their holdings was held by ICOs. ICO projects sold Ethereum constantly in order to fund operations on the public exchange market and managed to accumulate millions of dollars while increasing and intensifying the selling pressure on ETH.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below








ADVERTISEMENT

Join us on Facebook

Recent Posts



UPCOMING EVENTS RECOMMEND BY DC FORECASTS

december

03dec(dec 3)8:00 am04(dec 4)6:00 pmDigital Currency Con8:00 am - 6:00 pm (4) Sheraton New Orleans Hotel, 500 Canal Street, New Orleans, Louisiana 70130 USA

wed05dec9:30 am5:30 pmDigital Asset Investment ForumExploring the Emerging Asset Class​.9:30 am - 5:30 pm The St. Regis Washington, D.C, 923 16th and K Streets, N.W., Washington, District Of Columbia 20006 USA

06dec(dec 6)8:00 am07(dec 7)4:00 pmCryptocurrency World Expo London Summit8:00 am - 4:00 pm (7) CINEWORLD CINEMA - GREENWICH, The O2, Peninsula Square, London SE10 0DX

thu06dec10:00 am6:00 pmBlockchain Conference Philippines10:00 am - 6:00 pm HOLIDAY INN HOTEL & SUITES MAKATI, Glorietta Mall, Palm Drive, Ayala Center, Makati, 1224 Metro Manila, Philippines

tue11dec8:00 am6:00 pmAtlanta Blockchain ExperienceA Unique, Kick-Off Event Focused on Blockchain Adoption, Use Cases, and Building Your Network!8:00 am - 6:00 pm The Monday Night Brewing GARAGE, Atlanta, GA

NEWS CATEGORIES



Trending Worldwide

X
X