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Bitcoin News

Bitcoin’s Drop Is Beneficial In Building Market Foundation: Shapeshift CEO

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Erik Voorhees, who is the CEO of the popular cryptocurrency trading platform ShapeShift, is in today’s crypto news for endorsing Bitcoin and saying that its bear market is crucial for building market foundation and infrastructure.

As Voorhees stated:

“Bear markets are for builders. The calm, the quiet, the disillusionment. While the fickle and fair-weather peer around with nervous insecurity, the builders become the market’s foundation, preparing the mortar and stone of tomorrow’s towers.”

Just like many analysts, Voorhees thinks that Bitcoin’s five major corrections which occurred over the past eight years – in 2010, 2012, 2014, 2016 and 2018 – were all important in terms of building up the price of the largest cryptocurrency by market cap.

That said, the 67% drop of Bitcoin this year is actually the smallest correction in terms of percentage loss since 2010. It’s a fact that the cryptocurrency market saw a big surge due to the unprecedented levels of speculation and interest – particularly by media which fueled the hype around the emerging asset class.

This year, Bitcoin is not so potentially disruptive – but can be with the efforts of new players such as Bakkt, Coinbase, BitGo, Starbucks, Microsoft, Goldman Sachs, Morgan Stanley and CitiGroup, which are all expected to enter the crypto market.

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Bitcoin News

Tom Lee Predicts: Bitcoin Will Recover And Will Reach $15,000 By The End Of 2018

The co-founder of the well-known market advisory company Fundstrat Global Advisors Tom Lee reaches today’s blockchain news for his end-year bitcoin prediction. The Wall Street analyst changed his stance about the end-year price of Bitcoin noting that the target price mark of $25,000 is now down to $15,000. The reason for this new target is Bitcoin’s ‘’break-even point’’ or more precisely, the level which the overall cost to mine Bitcoin is the same as its trading price. According to data from his company, that point is somewhere around $7,000. Bitcoin is currently trading at $5,555 at press time which is way below the point of $7,000. Lee, however, said that bitcoin has never really been able to sustain a move below the break-even point. He is strongly convinced that bitcoin bill recover and he also added:
 “But we believe the negative swing in sentiment is much worse than the fundamental implications.”
Lee explained a few crypto-related events that were likely the cause of the recent drop in value on the entire crypto market that happened on November 14. More specifically, he believes that the recent Bitcoin Cash hard fork has really divided the community and that this event is a big contributor in boosting the uncertainty on the market which is responsible for the recent crash. The recent drop, three days ago, is the first major price movement among the major coins and for bitcoin in particular. Lee noted back in November that he was ‘’pleasantly surprised’’ by how stable bitcoin is. At this time he believed that Bitcoin has found its safe space at $6,000.
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Altcoin News

A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling

Over the last 24 hours, we saw another drop as monitored on our DC Forecasts crypto news site. The prices of Bitcoin as well as many altcoins combined lost $4 billion in total, reducing the total market cap once again to a number of $181 billion. After what seemed like one of the worst single-day corrections that occurred last Thursday (November 15th) and where the crypto market saw a wipeout of more than $27 billion, the drop is extending. Bitcoin Cash is one of the main sufferers here. Even though the fourth largest altcoin forked into two new cryptocurrencies named Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC), it managed to fall by more than 7%. Before the fall, Bitcoin Cash managed to drop by more than 15% to $250. Currently, analysts are asking if the $4,800 margin is the real bottom for Bitcoin - or it will increase in the coming days. While both major cryptocurrencies and small tokens started to demonstrate independent price movements by breaking their correlation with BTC, a new 12% drop could result in intensified downward movements for cryptocurrencies with lower daily volumes. All in all, the sentiment around cryptocurrencies has been negative this week mostly because of the sheer intensity of the crash of the market in the past few days.
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Bitcoin News

Financial Analyst Gary Shilling: Bitcoin Is Some Kind Of A Grand Ponzi Scheme

Gary Shilling, the popular crypto skeptic and an owner of the New Jersey investment firm A. Gary Shilling $ Co. is in today’s crypto news for shorting bitcoin and claiming that it is some kind of a Ponzi scheme. He says that he is confused by the nature of the entire crypto industry and believes that it’s a scam since the identity of the inventor of Bitcoin- Satoshi Nakamoto is still unknown. Shilling is also skeptical that there could possibly be a fixed supply of bitcoin by saying:
 “There’s supposedly a limit on there, but where is it written in stone that can’t increase? And of course, the electricity that’s churned out by the miners trying to solve these algorithms is just extraordinary.”
He dismissed bitcoin by calling it a black box which is a very complex investment model. Also, Shilling noted that he is very suspicious of many things that are clearly not transparent and said that it is not the best idea to invest in something if you don’t understand it. There are plenty of reasons why bitcoin fails as a currency such as not being a store of value, it’s also not a medium of exchange and it is still not accepted universally.
 “All the requirements that you normally have for a currency, it just doesn’t have. The only legitimate use I can think of in bitcoin is off-the-books kinds of transactions, underworld transactions. I just don’t see a legitimate use. It is a game,’’ said Shilling.
However, the younger generation of tech millionaires is extremely confident that bitcoin will eventually manage to toss aside all other currencies. Some of them even predict bitcoin to reach a price of $250,000.
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Altcoin News

‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO

The CTO of Coinbase, Balaji Srinivasan is in a headline on our DC Forecasts crypto news site - mainly because of his recent statement geared towards crypto mining and popularizing at-home crypto mining. In fact Srinivasan decided to back a startup that aims to popularize this form of crypto mining and a business which is called Coinmine. Its service announced pre-orders for the first home miner on Wednesday. As Srinivasan said in the announcement:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”
This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."
As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
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