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Bitmain fires entire team: Bitcoin crashes to $3720 in 1 hour

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Bitcoin crashed to $3720 from over $4000 in just an hour after the news of Bitmain, the cryptocurrency mining giant firing all their employees came out.

After a good week for bitcoin and other cryptocurrencies which traders were calling a ‘Santa Rally’ has gone in vein with Bitcoin crashing to $3720 from over $4000 in just an hour after the news of Bitmain, the cryptocurrency mining giant firing all their employees came out. Right on the Christmas eve, the cryptocurrency market has crashed down with bitcoin falling down over 10% and bitcoin cash over 25% in just an hour of time. EOS is back over Bitcoin Cash again (according to market capitalization). Now all top cryptocurrencies are in the red zone.

BTCUSD 24 hour chart

BTCUSD 24 hour chart

 

Bitmain Firing:

The rumor which flashed in the crypto space about Bitmain firing its Bitcoin Cash development team has contributed to the bear market trend. Samson Mow tweeted recently about Bitmain laying off their entire Copernicus Team with just a week of notice:

Miners going broke

Due to the recent market crash, Bitcoin miners all around the world have been facing massive amounts of losses as some of these are not even being able to cover up their expenses in the bearish trend and as such had to completely shut down their operations. Bitmain which is one of the largest ASIC manufacturing companies based in China had to fire all its employees who worked on the development of Bitcoin Cash.
A youtube video by Digital Gold shows how terrified the miners are due to the current market situation:

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Bitmain IPO: Not a reality anymore

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The Initial Public Offering application of Bitmain is set to expire today i.e. 26th March 2019, which explains that the company is no longer going public.

The Initial Public Offering application of Bitmain is set to expire today i.e. 26th March 2019, which explains that the company is no longer going public. However, this does not mean that the company might never go public as they claim that they will work on the application of Initial Public Offering at the right time.

 

Bitmain IPO: Not happening anymore

The rumors were all around the cryptocurrency space that Bitmain is going to go public by holding an initial public offering on the Hong Kong stock exchange soon. But it seems that the dreams have just been broken as the mining giant is no longer holding an IPO as reported by the South China Morning Post. The large monetary losses that the company has been facing and the firing of employees might be the reason for making a U-turn.

 

IPO Plans:

The initial public offering was announced by Bitmain last year. Jihan Wu, one of the youngest billionaires in the world and the CEO of Bitmain had earlier stated that they were open to list on the Hong Kong Stock Exchange or an overseas exchange. Soon after this, Bitmain has acquired 16-floor official premises in the Silicon Valley from where the rumors started to spread that the company is going to launch an Initial Public Offering in the United States. During this period, Bitmain was leading the bitcoin mining industry by controlling more than 80% of the market. It was being predicted that the value of the company would rise to $40 billion after the Initial Public Offering is held.

 

The rumors started to cool down as reports were out stating that the company was facing financial losses due to the falling prices and the market capitalization of cryptocurrencies. In just Q3 last year, Bitmain had lost over $500 million which is a piece of terrible news for a brand that is going to launch an Initial Public Offering soon. It got worse for the company when the head Jihan Wu left the company for starting his own project.

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Bitcoin will surely reach $10,000 this year: CEO of Bitmex

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Arthur Hayes, the CEO of Bitmex announced his bitcoin prediction for the year and according to him, BTC will surely test the $10,000 range by this year-end.

Cryptocurrency bulls have already started to make their bitcoin price predictions for the year as they now believe that bitcoin has already bottomed to the lowest level for the year.

Recently, the CEO of Bitmex, the most famous cryptocurrency margin trading platform, Arthur Hayes announced his bitcoin prediction for the year and according to him, BTC will surely test the $10,000 range by this year-end.

 

Bitcoin to $10,000?

Arthur Hayes’s bitcoin prediction was published in the Bitmex newsletter which said that bitcoin will correct upwards slowly and reach up to $10,000 by the end of 2019. He said that the current year’s chop shall be severe however, the bitcoin market will reach $10,000. He also mentioned that the real recovery price is $20,000.

 

According to his analysis, the first few months of the year have experienced low trade volumes as a lot of volatility in price, however, bitcoin did not the 2018’s lows of $3200.

 

Arthur also mentioned that the cryptocurrency market will not climb back really quick as a lot of investors have lost a lot of their money and thus they will not re-enter the markets that quick.

 

Bitmex CEO also mentioned that the cryptocurrency investors are still investing in ‘shitcoins’ such as TRON, Ripple and Binance coin.

 

What Arthur really trusts is that the majority of people will start investing large amounts of money into bitcoin and other cryptocurrencies by the end of the year i.e. Q4 of 2019.

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Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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