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Analysis

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

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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.

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Altcoin News

Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019

A professor from the University of California, Los Angeles (UCLA), Scott Galloway, believes that crypto will be even worse this year and in our bitcoin news today we find out more about his opinions. Galloway thinks that crypto will struggle even further in the following 12 months because most of the emerging technologies and markets tend to move by cycles. This is why the crypto market seems to be unaffected by the developments in the industry and this is why the value of digital assets moves mostly because of sentiment than by short-term events. Last year, many of the emerging markets such as crypto and virtual reality, had really poor progress and market growth. It is extremely hard for new technologies to go with massive changes since the investors become impatient really easy. However, prior to 2018, all of these technologies had great years which led to their value increases. The professor pointed out:
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’
His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
 “So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
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Altcoin News

Crypto Markets In The Green Again As Bitcoin Jumps To $3,712

Bitcoin as the number one cryptocurrency by market cap was crushed within the past week with three major sell-offs when its price dipped below the $3,481 price level. In today’s bitcoin news we can gladly say that the markets are turning green and BTC is back up. Monday is a great day for bitcoin since the price for the biggest digital asset increased up to $3,712 after falling below the $3,500 price point. The recovery was noticed in other cryptocurrencies as well such as Ripple rising 2.4 percent and ethereum rising by 6.4 percent. The best performer turns out to be TRON which leaped by 11 percent after the criticism of the former employee of BitTorrent. It is still not quite clear that boosted the market though some analysts think that this could be a result of the growth in trading volume. However, many other analysts such as bears like Mark Dow and bulls like Willy Woo, think that they identified the technical and most important weakness that could lead the bitcoin price to drop at least in the immediate future. It is important to notice that cryptocurrency isn’t the only asset trying to recover from the previous slump. For example, the Dow Jones Industrial Average traded really low at 230 points in the pre-open futures market but has since trying to cut back the losses after the United States President Donald Trump stated that China and the US are really close to making a trade deal.
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Altcoin News

Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market

Just a few minutes ago, reaching into our bitcoin news is the new Bitcoin situation on the market where the number one cryptocurrency dropped below $3,600 and at the same time $5 billion was wiped out of the crypto market. BTC made a 4.9 percent drop showing signs of a strong weekend sell-off. Prior to the drop, the crypto trader better known as ‘’Hsaka’’ pointed out that Bitcoin is weakening:
‘’Some thoughts. The first wick below the range low led to a tap of the range high. The second one (this current one) has failed to reach that high as of now. Sign of weakness in my opinion.’’
A sell-off during this time of the market is a sign that there is a low volume on the market. The market is now vulnerable to an even further drop in the short-term. Crypto investor Josh Rager believes that if the volume of the crypto market doesn’t recover in the following days, BTC could even drop as low as $3,000. He explained:
 “As the volume continues to slowly descend Bitcoin could see more sideways ranging This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels. Nice support below $3,000 with lots of buyers waiting there.’’
Other crypto assets such as Bitcoin Cash and Ethereum dropped by 8 and 7 percent against the US dollar. Even TRON after gaining against Bitcoin over the past few days, experienced a huge drop today. Investors expect the market to recover in the lower price range however with this high volatility the majority of the assets could become extremely vulnerable to short-term drops.
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Analysis

Is Bitcoin Heading To $3,000: Price Analysis

The latest Bitcoin news showed that the most dominant cryptocurrency is trading at lower points continuously since January 7th and its break below $4,000. In the latest news related to Bitcoin, we can see that the price dropped below the $4,600 mark as BTC lost another 10%. This drop made a lot of people confused about the stance of Bitcoin and its future price movement. Some analysts also talked about the future of Bitcoin - agreeing that if a trend like this continues, BTC is likely heading towards $3,000. As one prominent analyst known under the handle DonAlt said:
“Clean break of support. If we do retest $3,700 on the weekend and don’t manage to close above there I’m expecting $3,350. I’ll most likely close my hedge short there. This is the reason why you shouldn’t trust mismatched patterns – it’s an easy way to get rekt,”
As Bitcoin dropped by more than 10% in only 48 hours, other major cryptocurrencies recorded 15% falls against the dollar. Ethereum, which was expected to rise, was again overtaken by Ripple in anticipation of the hard fork on January 14th. Even though the current daily volume of Bitcoin and Ethereum still remains high, the volume of the market is hovering at $15 billion, down $7 billion since January 10th.
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