Connect with us

#Bitcoin

Is Bitcoin about to Boom? Is it the best time to buy BTC?

Published

on

In this article, we will discuss how it is the best time to buy BTC. Also, we will be looking at the factors which depict that bitcoin is about to boom.

Bitcoin faced a very tough year in the form of 2018. No one has ever expected in his/her dream that the value of bitcoin, which was above $19000 in December 2017 will go steep down to $3500 by December 2018. This decline led to many traders to question the future of bitcoin. However, there are some analysts which believe that the future of bitcoin is secured. According to them, bitcoin is about to boom.

In this article, we will discuss how it is the best time to buy BTC. Also, we will be looking at the factors which depict that bitcoin is about to boom:

 

1. Bitcoin ETF approval:

Bitcoin ETF i.e. Exchange-Traded Fund is supposed to get the approval from the securities regulator of the United States. As per one of the commissioners of Securities and Exchange Commission (SEC), even though most of the ETF applications were rejected last year, this year it will be likely to be approved. It got revealed after a leaked interview on Twitter on 5 February 2019.

For those who are not aware of ETF, it is basically a fund which is traded on a stock market. The main benefit of a bitcoin ETF would that after the approval, the investing process in the crypto space would become more facilitated and attractive for the investors. If the ETF bitcoin is approved, it would surely boom the bitcoin and crypto space.

 

2. Entry of institutional money in the crypto space:

There were rumors in the last months of 2018 that the mega institutional money could enter in the crypto space. However, due to some breakdown of the market, it doesn’t occur. Now in this year, the analysts are confident that finally, the institutional money will enter the crypto space. And the entry is very soon. The reason is the availability of updates and secure platform for the cryptocurrencies. Also, with the evolution of Lightning Network in BTC, it will increase the no of transaction per seconds and would remove the problem of scalability.

Hence, the investors of institutional money are in eager to enter in this space. And if this occurs, it would act as the catalyst, the crypto world was looking for, especially, Bitcoin.

 

3. The launch of Bakkt:

Bakkt was about to be launched in the month of January 2019 itself. However, it needed some final approvals from the finance committee of the United States. And unfortunately, before it could get those approvals, the Trump Government Shutdown Crisis started on 22 December 2018 and lasted for 35 days. Now, once the shutdown closed on 25 January, it is expected that Bakkt would get the required approvals from the United States Financial Commission soon. On 7th February, a party that claims to represent Bakkt sent emails to thousands of people claiming that the launch date is set on March 12. If that proves to be correct, it could raise the price of bitcoin once again.

Source: Cryptoonlinenews.com

Source: Cryptoonlinenews.com

Bakkt is an exchange platform which is going to be launched by ICE (ICE (Intercontinental Exchange). ICE is the same organization which is responsible for the smooth working of the famous NYSE (New York Stock Exchange). Also, the Microsoft cloud is working along with this project to sort out the storage problems.

 

4. Big companies entering crypto space: 

The capability of crypto space and the success of this market in 2017 is not hidden from anyone. Many large companies are still interested in investing and contributing to this market and entering day by day in this space. The interset and entrance of huge companies in crypto space would surely uphill the market, especially bitcoin. Some of the big companies that are entering in the crypto space are Microsoft (by providing Azure cloud to Bakkt), Twitter( the CEO of the company itself admitted that he have some bitcoins and called cryptocurrency as the market of future), Facebook (it recently acquired a London based  crypt company known as ChainSpace).

Apart from the above tech-giants, Google also announced to launch a tool to search the top cryptocurrencies in the crypto space. Other companies that are entering in this market are Telegram, Baidu etc. The entrance of these big companies into the crypto market shows the positive sign of rising of bitcoin.

 

5. Biggest bear market till now:

The crypto space faced the huge declination in its history in recent days. As stated earlier, no one has ever expected in his/her dream that the value of bitcoin, which was above $19000 in December 2017 will go steep down to $3500 by December 2018. So, this implies that it has hit the biggest bear market until now. And if it is so, that it is the best time to buy the bitcoins. The hitting of the bear market is common in any financial market. It just needs some time when the bull market will return and again the crypto world will rock as it used to be 1 year ago.

The bear market is the phase when the value of the stock fell miserably and undoubtedly, in the history of crypto space, it is the biggest bear market dropping around 82% in one year! The bear market can end within a month or within a year or it may take some years too but once it would end, the bitcoin will rule the finance market.

 

The above factors indicate that bitcoin is about to boom and it is the best time to buy bitcoin at $3560 only. Who knows that by investing around $10500 today, you would get $60000 within a year!

#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.