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Retired US Congressman Believes Cryptocurrency Could Prevent Recession

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Ron Paul, who at one time in life was a bitcoin skeptic, in today’s crypto news we find out the complete opposite of those beliefs. The ex-US Congressman said that he believes cryptocurrencies to be the perfect tool in order to prevent the next economic recession.

He called for a tax exemption on cryptocurrencies and made this suggestion in a blog post ‘’Trump Is Right, The Fed Is Crazy’’ where he explains how the Federal Reserve is manipulating the interest rates.

 “It is likely that the next Fed-created recession will come sooner rather than later. This could be the major catastrophe that leads to the end of fiat currency,’’ says Paul in the blog post.

According to him, the only way to bypass a crisis is to allow people to use cryptocurrencies and to exempt them from capital gains taxes and other taxes as well. Also, the banks constantly change the money supply in order to control the interest rates thus the entire economy.

While speaking about the Federal Reserve and the manipulation of interest rates, he explains how these actions boost recessions by creating an artificial economic increase. This comes as no surprise since Ron Paul is a libertarian and opposes any intervention from the government in the free market.  This is why he also called for getting rid of the Fed.

The ex-US Congressman was a firm bitcoin skeptic but changed his mind when he found out the nearly half of his followers that use Twitter would more likely invest in Bitcoin. He then said that Bitcoin is very exciting at that time, but gold is a better option long-term. However, now he believes that bitcoin and any other gold-backed currency should co-exist in the free market.

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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.    
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Altcoin News

Bitcoin Takes A New Beating, Goes Below $4,500 As Market Loses $25 Billion

It seems like the downward trend for Bitcoin is continuing day after day. This Tuesday, the market just wiped out another $25 billion in a new major sell-off that is viral in our crypto news section. Over the past 24 hours, Bitcoin has lost about 14% of its price, while Ethereum lost 14.5%. Bitcoin Cash was the biggest loser again, losing 45% from its value and Stellar (XLM) followed with 10% losses accordingly. As expected, Bitcoin Cash dropped the most because of its hard fork and the quick sell-off that it triggered over the past few days. The newly produced versions of Bitcoin Cash (BCH), Bitcoin Cash SV (BCHSV) and Bitcoin Cash ABC (BCHABC) also suffered losses. While BCHSV fell from $170 to $60 in a three day span, BCHABC fell from around $450 to $270, almost splitting in half. The current market conditions are quite gray - mostly because of the intensity of the drops over the last 24 to 48 hours. A couple of days ago, Bitcoin was trading near $7,000 and today we are noticing a downward trend that may lead the most dominant cryptocurrency even below the $4,000 support line - if this bearish trend continues. A sell pressure on the other altcoins could also intensify in the days to come - pushing BTC, ETH, XRP and BCH to even lower limits by the end of this year.
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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.
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Altcoin News

Bitcoin, Ripple And Ethereum Are Getting Hit (Again) This Monday

In today's cryptocurrency news, we have a new hit on the market especially for the cryptocurrencies including Bitcoin, Ripple and Ethereum which are all getting hit and have fallen again over the past 24 hours. Bitcoin is the first one to take a beating, falling by 4% and now trading at $5,334 while Ripple, which is now the second largest cryptocurrency by market cap, has dropped by more than 6% and is now trading at $0.47. Ethereum, has fallen by more than 11% and is now trading at $156, according to data from CoinMarketCap. It seems like the Bitcoin Cash hard fork has had a major effect on the prices of cryptocurrencies. Blamed last week for the initial sell-off, it managed to wipe billions from the market and led many analysts to believe that the nature around cryptocurrencies is quite chaotic - especially when they are used as currencies and store of value. As a result, the top cryptocurrencies have been dropping in what's named 'the civil war of crypto' because of the fork, which led to smaller cryptocurrencies splitting again in two last week - resulting in the creation of Bitcoin Cash ABC (BCHABC) and Bitcoin SV (BCHSV). No one knows if this bearish trend will continue. According to analysts, it is more than likely for the prices to remain the same and drop until 2019 - and currently, a breakout scenario is far from reach.
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