On December 15, the Bitcoin price dropped to a new yearly low at $3,122, following a two-week sell-off from mid-November.
The intense sell-off the cryptocurrency market occurred on January 10 has led the price of BTC to drop below the $3,600 mark, which may put an end to the corrective rally the market has been engaging in since December 17.
Analysts See New Bitcoin Lows on the Horizon
Prior to Bitcoin’s fall below the $3,600 mark, Alex Krüger, a cryptocurrency trader and global markets analyst, said that a potential fall below $3,600 could result in the price of BTC dropping to a low range between $3,000 and $3,500,
He said:What a majestic dump. BTC back to my buying area of 3500-3600. Below $3,300 exit and reassess. I’d like to see BTC ending the day above $3,700. Consolidation below $3,600 (bottom of prior area) would tilt the balance towards further downside.
A cryptocurrency trader with an online alias “The Crypto Dog” echoed the sentiment of Krüger, noting that new lows for Bitcoin are on the horizon and that investors should not be surprised to see the downward movement of BTC intensifying in the short-term.
“Not setting heavy bids but I would like to see BTC at $3,400 and ETH at $115. No reaction there and I think new lows are on the table. Nothing to stress about, all par for the course, cycles matter, long Bitcoin (without leverage) and continue shorting the banks they’re rekt,” the trader explained.
In the past 48 hours, the crypto market lost over $16 billion in valuation as the daily volume of crypto assets surged from $15 billion to $23 billion, primarily due to increasing sell volumes and sell pressure on low liquidity assets.
Cryptocurrencies with low market caps and low volumes have generally recorded substantially larger drops than Bitcoin and Ethereum throughout the past week.
Cardano (ADA), Stratis (STRAT), ICON (ICX), and Bitcoin Cash (BCH) have been the worst performing digital assets on the day, with Cardano recording a loss of over 19 percent against the U.S. dollar.
While Cardano and Bitcoin Cash have relatively high daily volumes in the range of $80 million to $350 million, tokens are currently showing a volume of less than $10 million on average, leaving them vulnerable to sell-offs in the short-term.
What’s in Store For Bitcoin?
Bitcoin could engage in a corrective rally following a large decline in price but it is evident that crypto winter is in full effect and crypto assets are demonstrating wild volatility in a low price range.
The dominant cryptocurrency showed virtually no signs of a major trend reversal throughout December and January, struggling to recover beyond the $4,000 region. As such. BTC is expected to remain volatile in the $3,000 to $4,000 range in the foreseeable future, as low market cap crypto assets struggle to deal with intensifying sell pressure.
Twitch discontinues crypto payment options, Binance Launchpad update and more
Crypto News – 25th March – Twitch discontinues crypto payment options, Binance Launchpad update and more
— AMBCrypto (@CryptoAmb) March 25, 2019
Crypto News – 25th March
Bitcoin hash rate vs Ethereum hash rate: Recent reports show that Bitcoin’s hash rate had seen a drop of 50% but then steadily increased to register an 80% gain.
Read more on https://bit.ly/2Wp2IAS
Charles Hoskinson on Cardano’s status as a multi-asset ledger: He stated that it would not be a “particular usual financial system,” if users cannot issue their own assets, adding that Cardano was a multi-ledger system that would support multi-currencies.
Read more on https://bit.ly/2Fr6Eu3
Cryptopia on deposits: The statement said that deposits that took place more than 24 hours after the announcement would not be recovered.
Read more on https://bit.ly/2HWDCW5
Bitfi adds XRP: Bitfi claimed that XRP addition was another step in the wave of mainstream adoption because the platform was mainly Bitcoin-friendly.
Read more on https://bit.ly/2upongl
Bitmain’s IPO filing officially lapses this week The mining firm is back in the spotlight yet again after Dovey Wan, Founding Partner at Primitive, pointed out that Bitmain’s Hong Kong Stock Exchange initial public offering filing would expire this week on 26 March, 2019.
Read more on https://bit.ly/2TYYses
Justin Sun’s Twitter followers may be fake: A researcher found out that most of Sun’s latest followers are fake or are bots.
Read more on https://bit.ly/2CEPtEu
Cryptopia reveals that funds deposited 24 hours after declaration of breach would not be recovered
The New Zealand-based cryptocurrency exchange, Cryptopia released a statement detailing information regarding the deposits that took place after the hack on 14 January. The exchange, which was attacked twice in January, warned its customers about the breach and put their website under maintenance to avoid any further damage.
The statement said that all customers were notified about the breach on 15 January at 12:00 AM NZT and thus, deposits that took place more than 24 hours after the announcement would not be recovered. Cryptopia stated,“This means that if you sent funds after 16/01/2019 12:00AM NZT we will not be recovering those funds for you.”
Cryptopia did not set any specific deadline to recover the funds that were sent before the cutoff. However, any deposit they recover would be “subject to the same haircut” that was already applied on their users. The option to deposit funds remains disabled on the exchange and users have been asked to wait until an official announcement is made.
Once the deposits are re-enabled, users can deposits funds after generating a new deposit address for each of their coins. The users were also warned not to use any existing wallets to send funds and instead, were advised to create a new wallet address.
Cryptopia already made a CoinInfo page available to its users, providing them with the option to check the status of their coins after the hack. The exchange previously said that they would be securing 35% of the coins to new wallets and that they would be enabling the option for users to cancel orders.
However, to get back on track, it will have to secure all the listed coins. According to an email shared by the exchange, it is planning to get back into business by the end of March. The statement said,“We will be emailing you again shortly with more details around the rebates and the projected dates for trading to be active again. Please be aware, we are hoping to achieve this by the end of the month.”
Bitmain’s IPO filing is about to expire
Twitter user @DoveyWann recently spotted some significant news related to Bitmain. The Chinese crypto mining firm’s Initial Public Offering (IPO) filing is due to officially expire later today (25/03/2019), officially signalling the failure of its first effort to go public.
Bitmain first filed for the IPO six months ago, still riding high in the wake of the astronomical profits that the company had previously made, as the mining industry leader at the time of 2017’s historic bull run. Since then, a number of major investors have pulled out, claiming that they were misled by the company. Bitmain has been beset by various issues, and some have speculated that it may now be insolvent.
Lost revenue due to plummeting prices in the crypto market was compounded by the company’s leadership unwisely investing a large amount of its profits into Bitcoin Cash (BCH), as well as losing its edge in terms of the quality of its mining rigs. Bitmain’s co-founder, former CEO, and figurehead, Jihan Wu, now appears to have lost a significant amount of his previous influence.
There is a 6 months window for an IPO filing to be moved into IPO hearing stage, if the hearing does not happen in 6 months it will automatically expire 🕯️🕯️🕯️
Bitmain’s next attempt can be NASDAQ but it needs to find another underwriter, and fix its financials
— Dovey Wan 🦖 (@DoveyWan) March 24, 2019
This is one of things that makes me appreciate bear market a little bit more.
— Krisma (@KRMA_0) March 24, 2019
An IPO filing has six months from submission to move on to its next stage, the hearing, and this now appears to have passed. While few suspected that the IPO would ever be successful, this official confirmation is a notable development in the ongoing bear market and saga of Bitmain. The company was hoping to be floated on the Tokyo Stock Exchange, but Bitmain may still have a chance to go public with a further filing on the NASDAQ.