A bearish trend has set in the crypto market as the prices are falling drastically. All the top 20 coins except TRON has experienced a serious dip in the prices in the past 24 hours. The market is not gaining enough momentum for one week. TRON, however, moved into the top 10 list as predicted by Justin Sun, the Founder of TRON Foundation yesterday.
Our Sentiment Analysis segment includes a group of investors, miners, journalists, skeptics, and influencers who were interviewed to understand the current market sentiments amongst people in the community. This analysis deals with three coins in the top 10 list viz. Ethereum [ETH], Litecoin [LTC] and Cardano [ADA].
Ethereum, ranked at number two, is the biggest name in cryptocurrency after the giant Bitcoin [BTC]. Priced at $404.04, its market capital is $40.537 billion as seen at press time. Ethereum flourished about one year ago when its prices started rising. However, ETH is under a lot of pressure at the present moment as it is struggling to find a foothold. The bearish trend for Ethereum started in January this year right after it hit an all-time high of $1377. From there, it experienced a decline of 155% dropping down to $403 today, which is the lowest value reached so far this year.
Mark Larson, a Technical Analyst from Edinburgh says:
“For those of you who thought this is ‘the end of ETHER’, I can only say we have seen such trends before and the prices going up immediately after that. This is complete FUD. The percentage of decrease in January was more than this and there is still chance for exponential growth.”
: “Guys my strong advice is to HODL or buy and I recommend that you stop selling. Just allow the market to balance out. If you sell now, the prices will decline further.”
To conclude, 75% of Ethereum respondents feel bearish and are of opinion that the prices will lose more momentum soon. But a minor 25% feel that this is all part of the game and if they HODL for long enough, ETH will regain traction.
Litecoin also has only bearish signs to show as its price has fallen by 10.88% within the last 24 hours as seen at press time. Currently standing at number 5 spot in the rankings, the coin is priced at $119.51, with a market capital of $6.6 billion. It is currently experiencing a selling pressure and the prices are pushing towards extreme low. It peaked in December last year when it hit $366 mark which is recorded as the all-time high. It hit an intraday low of $117 which is the lowest since the start of this year. This bearish trend line was established in February and it is reasonable to expect the bearish momentum to continue.
Fredrick Wilson, a miner from Pennsylvania says:
“Situations like this are buying opportunities if you are building inventory and not using margin and most importantly you must not get sucked into the hype. There are no signs of reversal so the prices will go lower.”
Oliver Smith, a Financial Adviser from Sydney says:
“The double bottom is at $106.52 and that’s the safest place to go long assuming that we will see a double bottom bounce and personally I have no interest in going long, not until that happens.”
To conclude, LTC is near a bottom and predictions could always go wrong at this time. 63% of Litecoin respondents feel that this bearish trend will not end soon and that the community is up for a long haul. But another 37% feel that they have to HODL and save the coin from dropping down further.
Cardano is also following the same pattern as the previous two coins. With a bearish trend, the coin stands at the number 7 spot and is priced at $0.150. The market capital, at press time, is $3.9 billion and it experienced a dip of 5.17% in the last 24 hours. Till mid-day today it was holding on to the $0.15 mark but it gave it away at 15:00 hours IST.
Martin Welsh, a Technical Analyst from Pittsburgh says:
“In my opinion, buying below $0.14 is reasonable. Despite of the bears in the market, Cardano has got a lot of potential. Once it gets to $1 mark, we can see some stability. Remember guys, it has got a reasonable market capital which should not be forgotten.”
Ben Fincher, a cryptocurrency expert from Belfast says:
“Prices today opened at $0.1583 and now it has dropped. There was a bullish trend just three days ago when the sellers were squeezed. I honestly hope that it goes above the $0.16 mark which would give some light in this darkness.”
To conclude, a strong 68% of the ADA respondents feel that the bears will rip the market for Cardano down. Another 32% of them feel bullish because of the big name it has in the market and they say that it will gain traction by tomorrow
Bitcoin: Crypto-Like Global Monetary System To Be a Boon For BTC
On Friday, the Bank of England’s governor made a comment that was music to the ears of Bitcoin and crypto proponents.
According to reports from Reuters and Bloomberg, Mark Carney dropped a bombshell on a group fo central bankers and press at a meeting in Jackson Hole, Wyoming, stating that he believes that a Libra-like crypto asset is likely to replace the U.S. Dollar.
While he didn’t expound on the comment, he made it clear that the current system isn’t working in his eyes, saying that “in the longer term, we need to change the game”. Carney even explained that he believes the Dollar is playing a “destabilizing” role in the global economy.
Of course, this was not a recommendation to adopt Bitcoin, but it was an acknowledgment that traditional fiat monies are on their way out and digital assets are getting more and more viable.
Bullish for Bitcoin and Gold
According to Raoul Pal, the former head of Goldman Sachs’s hedge funds sales division and the chief executive of Real Vision, the implementation of a new monetary system is likely to be a boon for Bitcoin.
In a tweet published in the wake of Carney’s comment, the former Wall Streeter explained that while he doesn’t believe Libra will be the cryptocurrency to become the world’s next reserve currency, something similar will take its place.
The implementation of this system, he claims, will be “good for Bitcoin and gold”. In a sub-tweet, Pal further explained his thoughts, responding “exactly” to a comment claiming that a fiat digital asset will as an on-ramp for the cryptocurrency market.
Pal isn’t the first to have mentioned this theory. In a tweet, Jeremy Allaire, the chief executive of Circle, wrote that the launch of Libra (whitepaper) will be a “massive inflection point in [the] global adoption of cryptocurrency.”
It is important to note that this isn’t the only reason why the former Goldman Sachs executive is bullish on the leading cryptocurrency. As reported by NewsBTC previously, Pal claimed that today’s most popular asset classes make no sense for millenials with ten- to 20-year outlooks.
He claimed that with equities and real estate pushing extreme valuations, and bonds posting “virtually zero yields”, the best alternative is something like Bitcoin, which he believes will be the backbone of an alternative/parallel financial system.
Pal added that buying Bitcoin now is like buying bonds and equities in 1982, which is prior to the absurd asset inflation bubble that has inflated since then.
Mining Hashrate on Litecoin’s Network Drops By 28% Since August 5
Since the last Litecoin halving event, the Litecoin network has not remained the same. The Litecoin halving event 2019 took place on the 5th of August. The event saw the reduction of the mining reward on the network by 50%, from 25 LTC down to 12.5 LTC. Since the reward on the network was slashed, the mining hash rate on the Litecoin’s network has dropped by 28 percent.
Litecoin Mining Difficulty Has Dropped to 11.4 million from 15.93 million prior to the Halving – Litecoin News Today – Cryptocurrency News Today – Crypto News Update
The mining difficulty of Litecoin (LTC) was 15.93 million a day before the halving of the reward on the network – August 4. However, that number has gradually reduced to about 11.4 million as of August 22. This data was gotten from a BTC.com – a mining pool. According to the data from the mining pool, the hash rate of the Litecoin network has plunged by 28 percent since the block mining reward halving occurred.
Mining difficulty and hashing power are a measure of the amount of computing power being contributed to the network of a digital currency, including securing transactions on the blockchain. Mining difficulty and hash rate also give a snapshot of the rivalry involved for miners looking for the reward of a block.
Litecoin (LTC) Price Today – LTC / USD
Litecoin (LTC) Is Feeling the Aftermath of the Halving – Litecoin News – Crypto News – Cryptocurrency News Update
After the Litecoin halving event, miners on the Litecoin network now receive only 12.5 LTC for mining a block. This reward value is half of what they used to receive prior to the halving event. In addition, LTC USD price has been on a downward trend since the beginning of this month. A few weeks to the halving, LTC to USD price was over the $100 mark. However, the beginning of this month saw LTC to USD price fall below the $100 level. On the day of the halving, the price of Litecoin (LTC) surged to a high of $107. However, the digital currency has plunged heavily below that level and it is now struggling around the $74 range.
Some crypto analysts predicted that the digital currency market would experience turmoil after the Litecoin halving event. The supply of Litecoin has reduced in form of regular block rewards. However, the uncertainty around profitability and mining has caused the price of Litecoin to dip. The founder of Litecoin – Charlie Lee – predicted that an event like this would occur. However, he also said that the readjustment in mining difficulty would smooth things out for Litecoin to a large extent.
Send Token Payouts With Ease Using Bitcoin.com’s SLP Dividend Calculator
On August 23, Bitcoin.com released a new application called the SLP Dividend Calculator. The new platform allows users to build a transaction to make dividend payments to any Simple Ledger Protocol (SLP) token holder.
Testing the New SLP Dividend Calculator From Bitcoin.com
Over the last year, SLP tokens have been extremely popular among BCH proponents, and so far supporters have made thousands of unique coins on the BCH chain. As time has progressed, the SLP ecosystem has matured a great deal and there are many third-party solutions supporting the token infrastructure. This week, Bitcoin.com added a new platform to our Tools.Bitcoin.com portal called the SLP Dividend Calculator. The application provides users with the ability to make grouped dividend payments to specific SLP token holders. For instance, if you distributed fractions of an SLP token to a group of three people, then you could enter the token’s ID and send funds to all three holders at a specific point in time. With the ability to pay BCH dividend payments to SLP token holders, the new tool opens the door to all kinds of real-world use cases.
After the new tool was released, I decided to test the service in order to highlight just how easy it is to use the new Bitcoin.com SLP Dividend Calculator. I tested the app with my cousin, Andrew Brow, because back in June I sent him some custom SLP tokens called “Andy Coin (ABC)” just to show him how simple it is to create tokens. At the time I created 21 million ABC coins and sent 10 million to my cousin’s Badger wallet. Last night I opened up the SLP Dividend Calculator and pasted the token’s unique ID number into the first window.
Then I decided to pay $1 to the Andy Coin token holders, which means it will be split in half between both of us, because we are both ABC token holders. The SLP Dividend Calculator can pay a lot more than just two addresses, but for this test two was enough. After making sure the SLP token ID and the number of funds I wanted to send were correct, I decided to make the funds available at the last confirmed block height. You can also choose to broadcast it as is in the latest mempool state or you can choose a custom block height as well.
The service gives you two choices after the customization is complete: you can either press the button “Start over” or “Build the transaction.” After I chose to build the transaction, the application showed me exactly what would happen after I paid the unique payment invoice. The SLP balances were scanned at block height 597121 and I sent a dividend payment of 0.003176 BCH, which would be paid to the token holders of the Andy Coin token ID number. The platform also told me that two addresses would receive a BCH dividend payment after I paid the QR invoice code through Pay.Bitcoin.com. Any wallet that supports invoices, like the Bitcoin.com Wallet, can pay the invoice by copying the URI scheme or scanning the QR code. I used the Electron Cash wallet to pay the invoice, because I had some available funds in the wallet and I wanted to see exactly how the transaction was built and executed from the client perspective.
Opening the Door to a Decentralized Stock Market, Trust Payments and Bearer Bonds
After paying the invoice, the transaction broadcasted and my cousin Andrew and I were both sent $0.50 in BCH each. The transactions confirmed in the following block and the entire test can be seen on Bitcoin.com’s Block Explorer or Simpleledger.info as well. The tool could be used for a variety of interesting dividend payment ideas. For instance, Bitcoin.com’s executive chairman, Roger Ver, recently sent BCH dividend payments to Cashgames.Bitcoin.com Dividend Test Token (CGT) holders for being Cashgames.Bitcoin.com patrons.
A person with four children could create four separate non-fungible (NFT1) tokens with the kids’ names attached to them and call them Trust Tokens. After a specific block height, the Trust Tokens can be sent a BCH dividend payment in order to leave an inheritance to the children. Or a business could have people invest in the company by initiating an initial coin offering (ICO) and token holders could reap the profits in the form of dividend payments over time.
The sky’s the limit when it comes to the variety of concepts that can derive from people using the Bitcoin.com SLP Dividend Calculator. Since the application was launched, a bunch of BCH supporters have tested the platform to send funds to certain token holders. “Fantastic,” one BCH enthusiast wrote on the Reddit forum r/btc. “[This] gives us decentralized stock market… dead easy to use.”
“Holy crap the new SLP dividend tool is awesome. Just played around with it and sent all holders of the MIS token their share of .01 BCH just to test it out,” another BCH user said on Twitter. “This is magic internet money for reals.” If you have created SLP tokens you can try sending a dividend payment to token holders by using the SLP Dividend Calculator. The process takes less than two minutes to complete and you don’t need to be a tech wiz to use the new tool. Check out the platform at Tools.Bitcoin.com and send your first BCH dividend payment today.