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Regardless of the reason, the drop to $9,346 shook a lot of investors from their Bitcoin and altcoin positions and the current state of the market is negatively impacting investors’ bullish sentiment as they are choosing to wait on the sidelines for a clearer signal that a bottom has been reached.
Many analysts, at that time, proposed that the coin was not going below $6,000. While the coin performed opposite and went below. A trader by username ‘’Smart Contractor’’ speculated a different level for the bottom value. ‘’Calling a bottom at exactly $3,200, with a $200 leeway on either side,’’ he said.
As covered by NewsBTC, the asset tanked from $10,300 to as low as $9,250 — a drop of just over 10% — in a few hours’ time, liquidating over $100 million worth of long and short positions on BitMEX in the process, catching traders with their pants down.
Despite the fact that this move was extremely bearish, there was a silver lining: after plunging under $9,300, the cryptocurrency managed to bounce back, holding above $9,500 on a number of short-term closes and for the daily candle close.
The Bitcoin dominance rate has broken down below a long-term ascending support line, indicating that its two-year-long bullish trend has ended and the time has finally come for altcoins to increase at a faster rate than BTC. Bitcoin (BTC) Highlights The Bitcoin price is trading inside a short-term range between $9650 and $9150. It is trading inside a descending channel. The Bit…….
Too much leverage always leads to asset bubbles, price manipulation and liquidations. It’s a huge roadblock to true price discovery and any gains will eventually be undone. I submit to you a graph of gold who went through this exact cycle about one decade ago. The deleveraging cycle there went from the beginning of 2012 all the way through the end of 2015 and is only now seeing a real recovery, no thanks to over-printing from the Fed.
Countries all over the world are looking into the launch of a Central Bank Digital Currency. Chia has been leading this movement. Or so we thought. While everyone’s eyes were focused on China. Sweden has been forging ahead. Sweden’s Riksbank has now come out to confirm that they are beginning the test of what is the first Central Bank Digital Currency to be run on blockchain technology.
“I think we’re going to struggle to get past $60k. I think $60k is going to be a really, really troublesome level to get across. I’ll certainly be looking to book in some serious profits at that point.
I think you said it right in Fiji. I think you said the return you get off of these long-term positions versus the risk of you getting it wrong is a terrible trade. So trying to go higher than $60k I think would be a little bit foolish at this point. But certainly around $50k, $60k would be sensible.”
“The halving should have a couple of different impacts. Historically we have seen the halving impact price positively. Historic event does not necessarily predict future events, so don’t take that too literally.”
Cryptocurrencies could not exist without cryptography. Advances in this field can have far-reaching impacts on blockchain technology and its potential. We will examine the opinions of industry experts on the latest cryptographic advances and their potential for cryptocurrencies.
Whatever happens with ETH in the near term, more and more analysts are becoming convinced that the asset’s long-term trend is shaping up to be decisively positive.
Well-followed cryptocurrency trader Galaxy pointed out earlier this month that the Moving Average Convergence Divergence (MACD) for Ethereum’s one-month chart has flipped from a bear to bull trend for the first time in two years, for the first time since October 2017.
The last time this indicator was seen, the cryptocurrency rallied from $300 to a high of $1,440 — a surge of just under 400% — in under six months’ time.
Nexus Mutual is an insurance company that works as a cooperative (as any company with “mutual” in its name does), so there’s been lingering doubts that its members would actually pay out against valid claims. But after the post-mortem from bZx came out on Monday, two claims worth approximately $31,000 were paid out, according to the company.
“It’s never good that people are losing money because there’s a hack, but we are able to prove that the system works,” Nexus Mutual founder Hugh Karp told CoinDesk.
Now that the game has launched, builders can use Decentraland’s software development kit (SDK) to create interactive 3D scenes on their purchased lands without having to code, according to an official announcement. There is also a marketplace where players can trade their LAND tokens as well as accessories, wearables and names for their avatars.
To celebrate its launch, Decentraland is currently hosting a treasure hunt, offering virtual items – LAND tokens, wearables, CryptoKitties, and more – totaling $100,000 in value.
Brendan Blumer, the CEO of Block.one, set a high bar with Voice the very day it was announced. During the company’s promotional event in Washington D.C. last month, Blumer said that Block.one is uniquely positioned to lead the “social media revolution.”
“Just look at the business model. Our content. Our data. Our attention. These are all incredibly valuable things. But right now, it’s the platform, not the user, that reaps the reward. By design, they run by auctioning our information to advertisers, pocketing the profit, and flooding our feeds with hidden agendas dictated by the highest bidder. Voice changes that,” he said.
By now, OneCoin is synonymous with crypto scams. The project managed to rake in over $4 billion from investors in a few years, with some reports putting the funds raised at over $15 billion. The founder, Ruja Ignatova, alias the Cryptoqueen, managed to convince tens of thousands of investors that OneCoin would obliterate Bitcoin and take up the mantle. So convincing was she that investors from 170 countries globally invested in the scam.