The slow bleed out of the crypto market, as reported this week on our DC Forecasts crypto news site, seems to have continued over the past 24 hours as well. Major cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) as well as Ripple (XRP) extended their losses and dropped from 2% to 8%.
Bitcoin Cash was again a big loser. The price of the BCH altcoin dropped from $236 to $215 by nearly 9%. Over the past few hours, some of the major cryptocurrencies demonstrated a slight recovery in volume and price – but not what everyone expected.
Some tokens, however, have been recording (unexpectedly) large gains. For example, the Basic Attention Token (BAT) which is the native cryptocurrency of the browser named Brave, increased from $0.16 to $0.185 and demonstrated a surge of around 16.5%. BAT has performed well against both Bitcoin and the US Dollar.
Speaking of Bitcoin, the price of the leading cryptocurrency is now 35% down over the past week – as the market’s total wipeout is now estimated at more than $60 billion.
According to analysts, there are two major factors for the continuation of the downward trend. One of them is the extremely oversold conditions on the market – while the other is the recent caution towards initial coin offerings (ICOs) as monitored by the SEC.
The market is demonstrating oversold conditions and a steep decline in valuation. If Bitcoin manages to find support in the low range of $4,000 to $4,500, it could lead to a consolidation period over the next weeks and months.
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.
TRON’s DApp Usage Jumps 48% To +1 Million Transactions Last Week
“This week, the 24-hour transaction number for Dapps reached 1.04M, a 48% increase compared with last week; the 24-hour trading volume hit 640M TRX, an 151% increase compared with last week. We have seen significant increases in both indexes […]”One of the most interesting projects built on Tron is Seedit which is a decentralized platform that lets users contribute funds to the content creators that they most appreciate. Project Atlas is also a well-known project which incentivizes people to seed content on the BitTorrent protocol, which was acquired by Tron back in July this year.
Bitcoin Cash Drops Again By 15 Percent While Other Cryptocurrencies Take A Stronger Hit
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