Connect with us

#Bitcoin

BTC, ETH and cryptocurrency market crashing with huge volumes

Published

on

Cryptocurrency market has been experiencing waves of crashing. The total market capitalization of cryptocurrencies went below $120 billion.

Cryptocurrency market has been experiencing waves of crashing. The total market capitalization of cryptocurrencies went below $120 billion which earlier this year had crossed the market cap of Apple which right now lies at around $747 billion. In just the last 24 hours more than $23 billion have been dumped from cryptocurrencies.

 

Bitcoin

Bitcoin price is sliding below and breaking all support levels. a $3000 price is not far away as BTC has already lost over 16% since yesterday. Bitcoin is currently trading at the price of August last year before the bulls started to gain momentum taking the price up to $20,000. But the same bulls are not being predicted this year as according to analysts the price will fall further down to $2500 to $3000 levels.

 

Ethereum

EThereum price has fallen down from the most major support level of $100 which was the last hope for HODLERS. Large ETH sell-offs are being experienced on exchanges especially bitmex. Most of the sell-offs are being predicted to be from ICO owners. ETH is currently trading at the lowest price that ETH has experienced more than a year and a half. Analysts also predicted the major ICO sell-off will start once the price reaches below $100 which is already reached now.

 

Altcoins

Altcoins are following the giants as all top 100 coins on CoinGecko are colored red. Stellar being the biggest loser is trading below $0.14 losing over 24% in the last 24 hours. Zcash, Tezos all have been crashing sharply over 21%. All major altcoins including TRX and NEO are trading at yearly lows. Even the most controversial stablecoin Tether is down by 0.74%.

 

Market Cap

The total cryptocurrency market capitalization has declined over 16% in just the last 24 hours with a $23 billion dumped. Yesterday the cryptocurrency market cap was around $140 billion and today it lies around $117 billion.

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

Published

on

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

Continue Reading

#Bitcoin

Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

Published

on

Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

Continue Reading

#Bitcoin

China to completely ban crypto mining: Bitcoin about to Crash Hard?

Published

on

As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

Continue Reading

Keep up with Bitcoin & Blockchain Technology Trends

Simply enter your email address in the box below and sign up for emails from Coinnounce regarding trending cryptocurrency, bitcoin & blockchain topics and offers.

This information will never be shared with third parties.