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Should Crypto Investors Fear after Yesterday’s Selloff

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If there was one thing common between Crypto markets and stock markets, then that was a sell-off. Crypto investors lost $13 billion in the latest selloff.

If there was one thing common between Crypto markets and stock markets, then that was a sell-off. Crypto investors lost $13 billion in the latest selloff.

The cryptocurrency market has plunged in Asian markets on Thursday led by the most valuable digital coin, bitcoin. Significantly, all the top ten virtual assets are trading in the red with considerable losses. As a result, the overall market has shed a valuation of approximately $13 billion in a span of a few hours. Interestingly, this came on the back of a sharp plunge in stock markets after an overnight drop in stock values in Wall Street.

 

Negative Factors

The question which is lingering in everyone’s mind is whether there is a correlation between Cryptocurrency markets and stock markets?

Well, the answer to that is a big “No.”

 

However, the most common problem plaguing both markets is lack of liquidity. The fact that Bitcoin price dropped down below $6,300 level price whereas the second-placed Ethereum witnessed 10.8 percent fall to about $200. As far as the third-placed XRP is concerned, the virtual asset price plunged 24 percent. In the same way, prices of bitcoin cash dropped 14.38 percent whereas EOS fell 6 percent. Following this, the overall cryptocurrency market has seen its value erosion of close to $13 billion.

The key point here is that the drop in digital coins comes at a time when financial authorities have issued a fresh warning. They were more concerned about the increasing growth and the potential threats it could pose to the general economy. Only recently, the International Monetary Fund viewed, “Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”

 

No Positive Catalysts

The cryptocurrency market dropping like this is not new in the current year though it was opposite to the trend seen in the previous years. The year 2017 witnessed a whopping and unimaginable gain from digital currency market and reached the peak towards the Christmas season in December. However, the current year is witnessing more sell-off since regulators have entered the space in full swing to put it straight. Also, there were no positive catalysts to reverse the trend, and there have been only unfavorable factors or events that are only hurting the market. At the same time, the regulators are cautious and do not want to curb innovation.

The entry of regulators has raised the hope that they will come out with measures to professionalize the sector and encourage virtual assets-linked exchange-traded funds (ETFs). However, that did not happen and on the contrary, the United States SEC has rejected ETFs based on cryptocurrencies. They did not spare the popular Winklevoss brothers supported ETFs too. Aside from these, the current year has seen some of the high-profile cyber attacks on cryptocurrency exchanges, and they have to bear the brunt of it. Similarly, fraudsters have tried to take advantage of the emerging asset class and tried to raise money through initial coin offerings (ICOs). These events or factors have continuously posed threats to the stability of digital coin prices.

#Investment

Serena Williams: Olympic star invests in Coinbase

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Serena Williams posted about the launch of her own venture firm called Serena Ventures. The firm has invested in more than 30 companies including Coinbase.

Four-time gold medalist, Olympic star and one of the most famous tennis player, Serena Williams recently posted on Instagram about the launch of her own venture firm called Serena Ventures. She also revealed that the firm has invested in more than thirty companies that include the Coinbase.

 

 

Serena Williams: Serena Ventures

The website of the venture firm reveals that the market capitalization of the list of financial assets held by the firm amounts to more than $12 billion and the diversity of the owners of the different firms that Serena Ventures has invested is around 60 percent. Serena Ventures especially focuses on companies that are still in the early stage and persuades partnership between the portfolio firms.

 

Serena Williams is a four-time gold medalist at the world Olympics and is ranked no.1 in singles according to the Women Tennis Association. The net worth of the Olympic star amounts to more than $180 million according to TheStreet.

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#Exchange

5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

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Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

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#Bitcoin Price Analysis

BTC to USD: Bitcoin Price Analysis, BTC going to rise?

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Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

Technical Indicators:

Support Levels: $5200, $5150

Resistance Levels: $5350, $5400, $5500

 

Key Points:

  • Bitcoin price is currently trading well above $5200 support level.
  • BTC is gaining momentum and trying to move over the $5350 resistance zone.
  • A bullish pattern is being formed with support around $5200 on the hourly chart.
  • Bitcoin price is currently in a bullish momentum and might move towards $5400 and $5500 resistance levels soon.

 

Bitcoin Price Analysis:

Summary: Bitcoin price is supported strongly around $5200. BTC is currently in a bullish momentum with the next aim of $5400 and $5500.

 

This week, bitcoin price maintained a slow bullish pace after rising over $5100 level. BTC was able to maintain its position above $5100 and $5200 support levels after breaking through the major resistance around $5200. BTC was able to close over the 100 hourly SMA. After falling up to $5190, bitcoin price was able to recover sharply to over $5300.

 

Bitcoin price spiked up to $5365 before correcting downwards. The support around $5250 proved strong enough to stop further declines and BTC was able to maintain its position above the 100 hourly SMA. Also, a bullish pattern is being formed with support around $5200 on the hourly chart.

 

BTC will most probably experience some dips, however, it remains strong support around $5200. The current target for bitcoin is $5350 above which it might test $5400 and $5500 resistance levels.

 

BTCUSD Price Chart 20 April

BTCUSD Price Chart 20 April

 

The chart shows that bitcoin price is currently trading with a bullish force above the $5200 support level. Until BTC remains above this support, there are high chances of BTC testing the $5400 and $5500 resistance levels. However, if the support level is broken, Bitcoin might fall down to $5150 and $5100 supports.

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