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Bitcoin Falls below $3,600 As Onslaught by Mainstream Media Continues

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Bitcoin has once again failed to sustain its price at the crucial $4,000 level, shedding close to 10 percent in just a day to fall below $3,600 level on some key markets. The currency was trading at $3,660 at press time, but on some markets such as the dominant BitMEX, the currency had dropped to $3,545. On the Japanese exchange Liquid, Bitcoin was trading at $3590, with Coinbase Pro seeing a similar trend at $3,557.

The digital currency’s woes were not made any better by its coverage on mainstream media outlets, most of which have projected the image of a dying technology that’s on its way to a silent death. Bloomberg and MarketWatch have been some of the most prominent, with several articles claiming that the end has arrived for cryptos.

Bloomberg Analyst Calls For $1,500 As Bitcoin Continues To Be Volatile

Just a day ago, Bitcoin looked very adamant and determined to fight to stay above $4,000. The currency was trading between $3,950 and $4,050 in most markets. However, it has since tumbled to trade at $3,675 at press time. In the past 24 hours, it has shed 4.3 percent.

On BitMEX, which accounts for 30 percent of the daily Bitcoin trading volume, the currency was trading at $3,545. It was also flirting dangerously close to its 14-month low of $3,522 on Coinbase Pro, Liquid, Bitstamp, Kraken and Gemini.

The entire market was on a downward spiral, with the embattled Bitcoin Cash leading the decline. The currency, which lost its fourth place to Stellar recently, shed 13.8 percent to trade at $118. Ethereum shed 8 percent to trade below $100, with Coinbase Pro and Kraken once again trading below average market value at $95.

Bitcoin SV has rediscovered its form and at press time, the currency had gained 13 percent to trade at $101. At this rate, the fork might catch up with Bitcoin Cash which is trading just $17 ahead. BSV is currently just $300 million behind BCH in market capitalization and three spots behind. BSV was the largest gainer in the top 100 cryptos, further underlining its good form.

Having lost over 80 percent of its value this year, the crypto market has continued coming under attack from mainstream media outlets. Bloomberg, which has in recent months increased its coverage of the crypto market, recently predicted that Bitcoin will sink further in the coming months. According to an in-house analyst, the currency will experience a 60 percent drop from its current price to hit $1500. The last time Bitcoin traded at $1,500 was at the beginning of May last year.

Mike McGlone, an analyst with Bloomberg Intelligence stated:

There’s little to prevent fading Bitcoin prices from reaching the continuous mean of $1,500. A rush to the exits among investors seems to be in place

McGlone’s sentiments are supported by the Directional Movement Index which indicates that Bitcoin is experiencing its worst sell-off since July. Back then, the currency had shed $3,000 in weeks to trade at $6,600 and this led a huge number of investors to panic.

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Ripple Prediction: XRP Could Reportedly Rally Against Bitcoin (BTC)

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According to the latest reports, Ripple’s digital asset XRP could be soon rallying against Bitcoin.

The token’s price has formed major support near 0.0000900BTC against BTC. XRP seems to be preparing for an upside break above 0.0000920BTC and 0.0000950BTC in the near term

XRP price analysis

During the past few days, there have been range moves below 0.0000920BTC in the price of XRP against BTC.

XRP to BTC has reportedly declined a few points below the 0.0000910BTC and 0.0000900BTC levels, but downsides were limited, says Etehreumworldnews.

They conclude by saying that XRP is definitely getting ready “preparing for the next crucial break either above 0.0000920BTC or below the 0.0000885BTC support. The current price action is positive, suggesting high chances of an upside break above 0.0000920BTC. If not, XRP to BTC could break the 0.0000885BTC support and trade towards the 0.0000850BTC or 0.0000840BTC level in the near term.”

What’s in the cards for Ripple and XRP?

XRP forecast regarding the price for 2019 looks positive especially considering that the coin’s price is somehow related to Ripple, the company’s developments.

Back in September 2018, XRP was able to surge by 300% triggering massive excitement in the Ripple and XRP community.

Since then, Ripple’s products became adopted by more banks and financial institutions, and today, for instance, RippleNet include about 200 members.

Just recently, Euro Exim Bank flaunted the massive benefits of using Ripple’s xCurrent and xRapid:

“Operating collaboratively with Ripple and selected counterparts, we are implementing both xCurrent [payments processing solution] and xRapid [on-demand liquidity solution] building on its extensive technological capabilities and blockchain expertise in trading systems.”

Brad Garlinghouse said that more banks would be flipping the switch and starting to use XRP as well.

Source: oracletimes

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Are Bitcoin Tumblers Smart to Use or Do They Bring Unwanted Attention From Regulators

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A bitcoin tumbler site that offers users untraceable cryptocurrency, BestMixer, could have tainted many wallets by giving them small amounts of BTC as gifts, a practice called crypto dusting.

According to a cryptocurrency security firm, Cypher Trace, if your wallet was among those that received the gift then you may be holding laundered coins. The company believes that, although BestMixer’s owners are compliant, they could have transacted with an alleged money launderer, without consent or knowledge.

According to the CEO of Cipher Trace, David Jevans, wallets that dealt with BestMixer could attract attention from relevant regulators. He also believes that anyone using a tumbler site could be suspected of questionable motives.

It All Started In October 2018

BestMixer began the promotional campaign in October 2018, whereby it set BTC to wallet addresses, adding a promotional message for their tumbler services. The amount sent was minuscule, and ranged between 666 and 888 satoshis.

BestMixer allows people to transact completely anonymously, enabling them to remain private when swiping funds with others. The funds are sourced from different pools, depending on the privacy level a person requires.

The tumbler site also perfects on a time delay in the intention of making it hard for blockchain analysts to trace transactions.

Cryptocurrency Payments No Longer Anonymous

Tracing cryptocurrency transactions used to be difficult, and lack of AML/KYC control made it difficult to link a person to their wallet addrc Be of this, criminals found an opportunity to use the mediuurm for their illicit activities; with platforms such as Silk Toad become more popular in the belief that bitcoin is untraceable.

source:cryptoking

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After a Tumultuous 2018 for Crypto and the Birth of Stablecoins, Here is what to Expect in 2019

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2018 was the year of the bear run and the stablecoin. So what does 2019 hold for the crypto world? While it is impossible to tell what exactly will happen in 2019, one can make a good guess. Here are the five likely scenarios that will play out in 2019 for crypto:

Tether Will Lose Traction

For years, there have been issues raised about how legit Tether is. Despite this, it has remained a popular stablecoin in the crypto world.

However, rival stablecoins such as Coinbase, Circle, and Gemini could offer a challenge. This will erode the monopoly that it has enjoyed in the past. Even if Tether does not shutter as Basis did at the end of 2018, it will most likely not be as dominant.

Facebook Will Mint The WhatsApp Crypto

Facebook has been interested in creating a payments platform for years. The effort started in 2014 when it poached David Marcus of PayPal.

Marcus became the head of messaging products at the company. However, he was picked to head the company’s blockchain project in 2018, which is still shrouded in mystery. Recent reports indicate that he might launch a WhatsApp-based remittance service in India. After a rough period in 2018, the company could use a win in 2019.

The Regulators Will Go After Big Fish

The SEC will take on the major players in crypto in 2019. For instance, it might decide that XRP is unregistered security.

If that happens, Ripple could be hit with huge fines. It might also decide to shut down an exchange for not adhering to anti-money laundering laws. Besides that, celebrities who have used their star power to pump ICs might be in trouble.

The Bitcoin ETF Gets Approved

As the crypto world evolves, it could help the stage for a BTC traded fund also called an ETF. After the bubble burst, investors that are more reasonable are joining the crypto world.

Right now, a firm called Bakkt, created by those behind the NYSE wants to launch a BTC futures market. This could help to improve liquidity in the crypto world. Thus far, it is known that an SEC commission is seeking to have the BTC ETF approved. Before that, a VanEck might or might not be approved next month. It is worth noting how that works out.

The Bear Run Persists

The crypto world has been in a bear run since they reached a high in 2017. Right now, various factors such as volatility in the equity market, a possible economic recession, and global geopolitics might reduce appetite for crypto assets for now.

However, there is a bit of disagreement on this. Some experts believe that prices might bounce back soon. Others believe that crypto prices have not hit their low yet.

Summary

There is a lot of agreement and disagreement over whether these predictions will happen. However, there is quite good evidence to support them if you look at the crypto world right now. It is also worth noting that this is a young industry and anything is possible.

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