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Bitcoin Exchanges’ Web Traffic Decline by Half

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Bitcoin skepticism continues to be a thing and this has, unfortunately, struck the global cryptocurrency market as well. January and February were particularly poor months in terms of prices and performances, driven by the sharp decline in the cryptocurrency’s value (right now, 1 BTC trades for about $8400). Besides many blows to the regulatory market and operators, now the Bitcoin exchange websites are reporting a staggering nosedive in visits per month.

February was not a good month if you’re operating a major bitcoin and/or cryptocurrency exchange – the web traffic of the most vital websites of this kind rose during December and part of January, only to plummet significantly in February. On average, the visits have fallen by half.

Here is the breakdown for some of the most visited cryptocurrency exchange websites: Coinbase, which had 169.5 million visits in December 2017, only had 63.1 million visits in February – a 49% decline from January’s 123.5 million. Kraken has it even worse – it fell by 56%,

from January’s 31.7 million to just 13.8 million in February. Similarly, Binance dropped by 54%, from 191.5 to 87.3 million.

“with possibly the only exception being Litecoin who is doing well”

These numbers are a symptom of the ongoing distrust in cryptocurrencies, particularly Bitcoin who was at the center of much turmoil since it’s stellar 2017. Recently we’ve reported on another big decline, that of Bitcoin’s plummet to a two-year low. Why are people, by the looks of it, losing interest in the cryptocurrency exchange? There are a couple of factors that could’ve led to this. Firstly, the very poor joint price performance of all cryptocurrencies during January and February (with possibly the only exception being Litecoin who is doing well). Secondly, the impossible rise in the value during the last months of 2017 prompted too huge a number of investors to start pouring money in the Bitcoin ecosystem, which set a bar that could hardly be repeated. Consequently, it may be that the aforementioned decline in Bitcoin transactions may have been caused by the smaller volume of adoption and usage. The only upside to this emptying of the market is that fees have been brought down.

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Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

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Peter Schiff hates Bitcoin almost as much as bitcoiners hate Schiff. The gold bug makes a point of dissing the cryptocurrency whenever he can, despite the hypocrisy of accepting BCT on his own website. Today, the eccentric entrepreneur found a new reason to rip on bitcoin after forgetting his wallet password – and apparently Bitcoin is to blame.

Schiff Shifts Blame for Forgetting Password

Bitcoin has been blamed for all manner of crimes over the years, from destroying the environment to funding terrorism. Today the decentralized cryptocurrency had a new accusation leveled against it: denying Peter Schiff access to his wallet.

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“I just lost all the #Bitcoin I have ever owned,” Schiff tweeted in typical Trumpian fashion. “My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!”

When it was put to the 56-year-old that user error, rather than an intrinsic flaw in Bitcoin, may be to blame, he became defensive and doubled down on his facepalm. “There is zero chance I forgot my password. I used a very simple numeric password that I have used many times in the past … I remember it. The wallet doesn’t.”

While some pointed out the fatuity of using a simple password, and others the inability for software to “forget” a password, most simply typed the two-word riposte that has been used mercilessly against Schiff more than any member of his generation: okay boomer. “You just went full boomer,” tweeted one. “Never go full boomer.”

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

Not Your Password, Not Your Coins

The screenshot accompanying Schiff’s initial tweet showed it to be the Blockchain.com wallet he was using. Within hours of his frustrated message, the company had tweeted to reassure him that they were “sorry to hear about the issues you’re currently experiencing with your Blockchain Wallet. Please rest assured, your funds are secure. We will PM you shortly.”

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin
Peter Schiff

If Schiff has genuinely forgotten the password to his noncustodial wallet, he can recover the funds provided he retains the private key. Many wallets, including Blockchain.com, enable an optional user-generated password to simplify logging in. Exporting the wallet keys into wallet software such as Electrum should restore access to the BTC.

While crypto Twitter weighed in with a mixture of helpful support and dank memes, Schiff continued to bump his gums, tweeting “Since all the Bitcoin in my corrupted wallet were gifted to me, it’s not that great a tragedy for me that they’re lost. “Easy come, easy go,” is especially true for #Bitcoin. My plan was to HODL and go down with the ship anyway. The difference is that my ship sank before Bitcoin.”

Schiff’s ship may have sank, but Bitcoin sails on, with the maverick libertarian’s BTC still aboard.

Peter Schiff Forgets Bitcoin Wallet Password, Blames Bitcoin

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Analysts Lays This Case for 60% Drop In Bitcoin Price By 2020’s Halving

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After Bitcoin (BTC) rocketed from $3,000 to $14,000 in the span of six months, analysts have been sure that the cryptocurrency would never revisit the $3,000s again. Indeed, the logarithmic price curve that has contained the asset’s price action for the past decade predicts BTC will never again hit $3,000.

But, there have been a few analyses projecting that it may only be a matter of time before such low levels are visited once again. And one of these recently gained some steam on Crypto Twitter.

Could Bitcoin Revisit $3,000s By Halving? Analyst Fears So

For some reason or another, so-called fractal analysis has gained much traction in the cryptocurrency space. This sees analysts overlay historical price action over current charts to try and predict what’s next.

These analyses have worked well on multiple occasions. For instance, a fractal analyst from trader NebraskanGooner predicted Bitcoin’s decline from the $9,000s late last year to the $6,000s, then the latest recovery back to the $8,000s. This same fractal suggests a price drop will soon occur.

Another fractal suggests the same.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

This fractal is one from cryptocurrency trader Haejin. They noted that Bitcoin’s price action since the $14,000 top in June is eerily reminiscent of that seen in the 2018 bear market, with both cycles seeing a downward price channel, an upward wedge-formed false breakout, declining volume, and signs of capitulation.

Haejin then noted that if BTC follows the exact path it did in 2018, the price will soon collapse back to the $6,000s, then Bitcoin will capitulate in March or April to fall as low as $3,300 by the time of the halving.

Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week

History Begs to Differ

While this scary fractal

says that Bitcoin will be back at the multi-year lows by the time of the halving in the middle of May, some say the opposite will take place. In fact, an analyst who called Bitcoin’s rally into the $8,000s when BTC was trading in the low-$7,000s at the start of January, said that the leading cryptocurrency could be at its previous all-time high just a month after the block reward reduction.

Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week

History Begs to Differ

While this scary fractal says that Bitcoin will be back at the multi-year lows by the time of the halving in the middle of May, some say the opposite will take place. In fact, an analyst who called Bitcoin’s rally into the $8,000s when BTC was trading in the low-$7,000s at the start of January, said that the leading cryptocurrency could be at its previous all-time high just a month after the block reward reduction.

Not to mention, simple historical price action analysis suggests there is about no way that Bitcoin will fall in any dramatic fashion as the halving nears.

Per previous reports from NewsBTC, the four months before the halving to the event itself have been extremely bullish for Bitcoin in 2012 and in 2016, with BTC rallying higher into these events, gaining steam as investors try and front-run this shock to the emission dynamics of BTC.

Related Reading: Elon Musk Just Dropped the Bitcoin Bomb On Twitter, Again

In the four months prior to the first halving in 2012, the price of BTC rallied dozens of percent higher from $10 to around $14 by the time of the event; and in the four months prior to the second halving in 2016, the price of Bitcoin went effectively parabolic, running from $432 to $700.

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Bitcoin Just Surged to $9,100: Here’s Why Analysts Expect Price to Explode Further

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Over the past two hours, Bitcoin (BTC) has started to break out of a consolidation pattern that has trapped the price of the cryptocurrency in the high-$8,000s for some two days. In fact, just minutes ago as of the time of writing this article, the leading crypto asset tapped $9,120, surging higher as the weekly candle’s close approaches, boding well for bulls.

While Bitcoin has retraced slightly since then, returning to settle around $9,000, analysts say that this breakout, which has allowed BTC’s price to reach a multi-month high, is a precursor to even more gains in the coming days.

Related Reading: Research Firm: 3 Use Cases Could Send Bitcoin To $1 Trillion

Bullish On Bitcoin: Analysts Expect Further Upside

Firstly, CryptoDude earlier Saturday noted that $9,080 is a “critical level” from a high time frame perspective for Bitcoin. If BTC manages to hold above this key resistance on a weekly basis when the candle closes on Sunday night, it will indicate that there is a macro reversal on the horizon, one that will bring BTC back to the $14,000 high seen last year and potentially beyond, especially with the upcoming halving.

On a shorter-term time frame, trader CryptoBirb noted that this latest surge has allowed Bitcoin to break above a flat channel that BTC has traded in for nearly a week now, which has a low of $8,555 and a high of $9,000. He expects a breakout of the channel to bring Bitcoin 4% higher from where it is now to $9,400.

Also, as reported by NewsBTC previously, trader Filb Filb noted that he expects for BTC to soon make a raid on the previous resistance level of $9,555, noting that this is where the price of the cryptocurrency topped in October and early-November in the wake of the now-infamous 40% “China pump.”10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

BTC reaching this level would satisfy textbook market trends of assets visiting support and resistance levels multiple times before establishing a direction.

Related Reading: Ethereum’s Price is “Convincingly Bearish”: Here’s What Comes After 20% Week

Filb Filb called Bitcoin’s 40% surge to near $10,000, then the subsequent to collapse by 35% to the low-$6,000s to interact with the “miners bottom range,” resulting in the trader having quite the prestigious track record.

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