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Cryptocurrency Market Analysis: Bitcoin, Altcoins all freezing

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Bitcoin broke the key support to move below $3400 showing around 12% loss in the last 24 hours breaking its own 15-month low record.

With crypto winters starting last month, the market has been facing a downfall with all major coins crashing to yearly lows. Along with the prices, the total market capitalization has also been falling massively. In the last 24 hours, more than $15 billion have been washed out of the crypto markets leaving behind just around $110 billion market cap.


 

Bitcoin was struggling to maintain the support around $3600 from a few weeks after crashing down from $6500 to $4200 last month. Yesterday, however, Bitcoin broke the key support to move below $3400 showing around 12% loss in the last 24 hours breaking its own 15-month low record. Cryptocurrency analysts were predicting that the lowest level is still not achieved when bitcoin fell up to $3550. According to analysts bitcoin will fall more to at least $2500 and can even fall further up to $1500 this year as the most major support which lied between $3500 and $3700 is now broken. Also, the total market capitalization of bitcoin, the king of cryptocurrencies has fallen below $60 billion.

Following Bitcoin, Ethereum has crashed massively over the last 24 hours showing around 17% loss. Ethereum was holding on the support near $105 from quite a few days but broke the support yesterday to move to double digits. Ethereum is trading around $84 right now with signs of further losses.

All top cryptocurrencies by market cap have fallen 11% to 24% except for Bitcoin SV (The newest hard fork of bitcoin cash) which is showing exceptional gains increasing 22% in the last 24 hours. Other altcoins such as XRP, Stellar, Bitcoin Cash, EOS, Litecoin, TRON etc. are all facing huge losses over the last 24 hours.

 

Bitcoin SV beats Bitcoin Cash

Bitcoin SV has taken over Bitcoin Cash in market capitalization as well as in price over the last 24 hours. Currently, the market cap of Bitcoin SV lies around $1.93 billion and the market cap of Bitcoin Cash is around $1.78 billion. The price of Bitcoin SV is currently $110 and Bitcoin Cash is at $102.

 

The total market cap of cryptocurrency market is just around $107 billion at the time of publishing. The market cap has fallen more than 12% in just 24 hours and is still falling. All investors are waiting for the crypto winters to end soon.

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Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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Amazon Owned Whole Foods, Other Big Retailers Start Accepting Bitcoin

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Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

 

Whole Foods and Others accepting Bitcoin using Spedn:

A company called Flexa in collaboration with Gemini exchange which is owned by the Winklevoss Twins has managed to persuade a lot of big retailers including Nordstrom, Crate and Barrel & Whole Foods to configure the same scanners that they are already using for payments from other digital wallets like Apple Pay to work with their cryptocurrency payments app called Spedn.

 


Everything is handled on the backend of the application so that the cashier need not even have heard of bitcoin, let alone understand how to manage payment in cryptocurrency. The merchant has the choice in receiving immediately converted fiat or actually taking and holding the cryptocurrency.

 

The Spedn app lets consumers pay in bitcoin, bitcoin cash, ethereum and GUSD (Gemini Dollar), the Gemini backed stablecoin.

 

This new solution actually uses the existing systems and offers really only upsides for the companies as they don’t have to do any special training for their staff and there is no new hardware required and just a software upgrade.

 

It is worth noting that this is still in its early experimental stages for all the retailers which are cooperating with this scheme and things may of course change in the future. The thing to keep in mind here is that Bakkt is likely launching a massive payment processing service for cryptocurrency in the very near future as well and it could be a big competitor to what Gemini and Flexa are offering.

 

The company will also need to prove itself with consumers and get people to actually go out, download and use the Spedn app.

 

Can this be a game changer in retailer adoption of bitcoin and cryptocurrencies? Let us know about your thoughts in the comments section below.

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