After more than 24 hours since the Bitcoin price pulled a downward run and lost 11%, the latest digital currency news show that there hasn’t been a concrete recovery action yet. In fact, investors are now more spooked than ever to buy Bitcoin – mostly because of the Bitcoin Cash (BCH) hard fork and the apparent hack which scared many and questioned the future of hard forks like these.
Currently, the BTC/USD rate is up 2.21% from yesterday and the low of 5,291-fiat and is now trading at 5408-fiat. The market cap of Bitcoin, however, is still below $100 billion and the chart on CoinMarketCap indicates that BTC/USD is testing a support area of a giant falling wedge formation.
In the case of Bitcoin, however, the negative trend will be more or less driven by fears raised at the behest of a hard fork event. Touted by some as the main perpetrator for the latest crypto crash, the ongoing Bitcoin Cash (BCH) hard fork has split the original BCH blockchain into two networks – BCHABC and BCHSV.
BKCM’s Brian Kelly thinks that Bitcoin’s future is still bright and that investors are confused about the outcome of the said hard fork. Other analysts are also jumping on this bandwagon and saying that the market needs some time before another bullish activity.
However, many also say that the downtrend is far from over and that the coin is yet to find a bottom level.
Analysts Confirm: The Bomb Threats Aren’t The Reason For The BTC Price Drop
“Please be advised – there is an email being circulated containing a bomb threat asking for bitcoin payment. While this email has been sent to numerous locations, searches have been conducted and NO DEVICES have been found.”Also, it is highly unlikely that the bomb threats cause the price to decline because the closing of the investigation would lead for the value of BTC to rise since there were no devices discovered that were connected to the bomb threats.
Coinbase Adds PayPal Withdrawals To Its Platform (For U.S. Citizens)
“There is new technical work to make this possible, and that was done in conjunction with PayPal.”However, this Friday Osgood wrote that the partnership provides Coinbase customers an alternative to the traditional federal wire or automated clearing house (ACH) network that they were required to use. As he said:
“These traditional finance networks can add up to two business days to a withdrawal. We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”The service is for now only available to customers in the United States, but could continue to be added to other nations across 2019, as Osgood wrote.
Bitcoin Plunges To A Yearly Low, Market Is ‘Prepared’ To Go Below $100 Billion
“As BTC is approaching the target of the 2014 fractal the targets of most people change from 3k to 1k and even lower. I still think $2,700 is an excellent place to buy if we should go there. ‘History doesn’t repeat itself but it often rhymes.’”Currently, there is a big risk in shorting and longing Bitcoin and other major cryptocurrencies in the market, which is why investors are observing the short-term trend of the crypto market by holding out on their trading activity.
Circle CEO: ‘’Bitcoin Will Be Worth A Great Deal More Than Today’’
“I don’t make significant price predictions. But it’s certainly going to be worth a great deal more than it’s worth today. I am long in the market.”Allaire says that the people who lost a ton of money in the bear market will only get back into the game because of the fundamentals of cryptocurrencies and that they won’t change despite the downturn in prices. He also believes that bitcoin plays a huge role as a non-sovereign store of value. Allaire continued to explain:
“The key thing with bitcoin is that it is unique in its security and its scale. As an idea that we need a scarce, non-sovereign store of value that individuals can hold in a protected fashion — that’s attractive all around the world.”However, he thinks that some of the digital currencies will eventually die off due to overcrowding of the market but this doesn’t mean that if one digital currency succeeds that the rest will cease to exist. When asked about the burning question of regulation, he says that the United States has one of the most transparent regulation since most of the digital currency and banking systems have already been regulated, many of which this year only. Circle is already regulated under the Bank Secrecy Act and money transmission laws and this is a very important element for all the customers and users.
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