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The real reason for crypto market collapse.

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Crypto market has been completely crushed after Bitcoin selloff that began yesterday. Altcoins have pounded with BCH, EOS and XMR taking the greatest falls

2018’s greatest daily crypto market collapse; Ethereum, Bitcoin Cash, EOS, Monero and Dash in a hurt locker.

Crypto market has been completely crushed after a Bitcoin selloff that began yesterday. From recuperating to nearly $240 billion in crypto market capitalization, digital forms of money have slammed right around 16% of every 24 hours dumping almost $40 billion and plunging towards another yearly low level.

The cleanse was started by Bitcoin bears which began offering it with intensity this time yesterday. From that point forward BTC has dove 12% to $6,460 wiping out all increases in the past fortnight. It has come back to a past support level of $6,400 however promote misfortunes could be pending. Ethereum, which was at that point at a low level, has dumped significantly additionally smashing by 18% on the day to $230. It is the least level ETH has been since September 15, 2017.

Altcoins have been pounded of course with Bitcoin Cash, EOS and Monero taking the greatest falls in the best ten, all losing more than 20% on the day. Litecoin and Cardano are not a long ways behind with 18% jumps and XRP and Stellar have just lost 13% at the season of composing.

Harm in the main twenty is far and away more terrible with Dash taking the biggest dump at 23% to $168. IOTA and Neo are likewise badly with more than 20% misfortunes on the day and the rest are on the whole harming nearly as awful. Tron, Ethereum Classic, Nem, VeChain and Zcash have all jettisoned 17-18 percent in the course of recent hours.

Just Dogecoin is under a twofold figure decrease right now, losing only 5% on the day. There are no gainers in the main one hundred today as all altcoins are still in free fall. The greatest hit has been taken by Bitcoin Jewel following its unnatural pump yesterday; BCD is down 32% on the day. Likewise enduring vigorously and losing more than 25% right now are Bytecoin, IOST, Stratis and Bitcoin Dark.

Add up to crypto market capitalization has slammed more than 15% of every a solitary day denoting the year’s most noticeably awful daily decay. Two tremendous cleanses brought about this monstrous misfortune which has right now settled at $203 billion. Technical pointers are on the whole to a great degree bearish and crypto market could well slip to another 2018 low point throughout the following couple of days.

FOMO Moments is an area that investigates the main 25 altcoins amid the present exchanging session and examinations the best performing ones, searching for patterns and conceivable essentials.

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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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.

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

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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.

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

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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.

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