Connect with us

Cryptocurrencies

Cryptocurrency Market Claws Back Above $100 Billion After China-Induced Bloodbath

Published

on

The worst may be over for the cryptocurrency market, as prices stabilized over the weekend following one of the worst routs in recent memory. China’s crackdown on ICOs and bitcoin exchanges triggered a precipitous decline in this new asset class, shaving roughly $65 billion off the market in less than a week.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Market Shows Signs of Stability

As of early Monday, the total value of all cryptocurrencies stabilized above $125 billion, according to CoinMarketCap. On Friday, that figure dropped to as low as $97.55 billion, down from $179 billion just two weeks prior.

The decline has been driven by a broad retreat in bitcoin and several competing altcoins. Bitcoin broke as low as $49 billion on Friday before rebounding sharply over the weekend. The BTC/USD is currently valued at around $3,760.00, according to Bitstamp, for a market cap of $61 billion.

Ethereum’s market value fell to around $18.5 billion, but has since rebounded to $26 billion at a price of $274.00. The world’s No. 2 digital token is up 13% from the previous close.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Despite the bloodbath, there are a dozen cryptocurrencies valued at $1 billion or more.

Chinese Ban Remains in Focus

China’s ban on initial coin offerings (ICOs) and bitcoin exchanges has been at the center of the storm. Although Chinese regulators have left many crypto investors seething, prominent blockchain researchers say the long-term implications could be positive. In particular, long-term bitcoin enthusiast Tuur Demeester says that China’s attack on cryptos will lead to a budding community of decentralized exchanges.

It’s not difficult to see why. The cryptocurrency revolution is more a battle of ideas than anything else. Rather than argue about which crypto will “win,” it’s more useful to view the market as a paradigm shift. The way the world thinks about money has been crucial to human history, and the advent of a monetary exchange outside the grip of governments is a powerful concept that many appear to be shrugging off. (For Mr. Jamie Dimon, it could be the case of sour grapes.)

China’s obsession with over-regulating everything made its attack on bitcoin a foregone conclusion. Chinese policymakers have been routinely intervening in the market after they realized mainland investors were using cryptos to hedge against yuan volatility.

Although the loss of China is a huge blow to the cryptocurrency market, it’ll be interesting to see whether Mr. Demeester’s prediction holds true.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Cryptocurrencies

Trade Recommendation: DigiByte

Published

on

This is a new attempt to catch a trend reversal and open long trades on good levels. We have double bullish divergence which confirms price reversal with further upward movement. RSI confirms price reversal in the oversold zone. MACD supports upward movement and DMI allows opening long trades. It’s a buy opportunity based on the confirmed trend reversal signal. Entry level is 0.00000170 with stop orders at 0.00000125 level. Profit targets are 0.00000300 and 0.00000450 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Market: DGBBTC
Buy: 0.00000170
Stop: 0.00000125
Profit Targets: 0.00000300 and 0.00000450

The trading signal is based on Poloniex chart.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //
Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Bitcoin

We Have to Talk About Bitcoin Again

Published

on

It hasn’t been a day since our last bitcoin article, but the world’s leading cryptocurrency has soared to fresh all-time highs yet again. This time, prices approached $6,200 for the first time ever.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Bitcoin’s Bull Market

BTC/USD touched a session high of $6,180.00, bringing its total market cap to $103 billion. Prices were last seen hovering around $6,100, according to Bitstamp.

The rally on Saturday came less than 24 hours after the bulls tested the waters near $6,000. Analysts are almost certain that prices can still go higher, making a compelling case for investors who are still on the sidelines of the crypto rally. FundStrat Global Advisor’s Tom Lee believes prices could top $25,000 over the next five years. In fact, he says this is a conservative estimate.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Bitcoin’s epic run has dwarfed Wall Street’s post-election rally, and has defied repeated warnings from big banks and policymakers.

Bitcoin Gold’s Private Fork

Coinbase made a startling revelation Friday in its FAQ section, where it claimed that Bitcoin Gold (BTG) has already privately forked. The private fork occurred “at a point known only to the Bitcoin Gold development team.” The newly minted digital currency will be made publicly available when the Bitcoin blockchain reaches block no. 491,407. That’s estimated to occur Wednesday.

Bitcoin Gold isn’t your typical fork in the traditional sense of the term. The Wednesday fork date is when the first Genesis block will be mined. The Bitcoin network will have no part in this process whatsoever.

Market participants are still skeptical whether BTG is legitimate. The code has not been made available, and its developers have already mined tens of thousands of blocks.

BTG’s reluctance to release its code publicly is a “major security risk,” according to Coinbase. As such, the U.S.-based exchange will not support the new coin. The broker remains committed to adding support for the Segwit2x hard fork in November.

“After the fork, we will enable access when we have determined each blockchain is secure and stable,” Coinbase Dan Romero said in a blog post earlier this month. “We expect this to happen within a few days after the fork, but it may take longer if additional risks emerge.”

Featured image courtesy of Shutterstock. 

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Cryptocurrencies

Trade Recommendation: Qtum

Published

on

The price of Qtum has bounced from the support zone formed by the 0.035000 support level and Senkou B line of the Ichimoku indicator. The DMI confirms trend market conditions and allows opening long trades. We have a trading opportunity. Pending orders for buy should be placed at 0.037800 level with stop orders at 0.034000 level. The main profit target is 0.050000 level. The part of trade volume can be left for the long run. If you don’t use leverage, the recommended trading volume for this trade is up to 5% from your deposit.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

Market: QTUMETH
Buy: 0.037800
Stop: 0.034000
Profit Targets: 0.050000

The trading signal is based on Bittrex chart.   

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //
Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Continue Reading

Trending