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5 reasons why the crypto market crashed today

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The crypto market experienced a huge dip today as more than $15 Billion in cryptocurrency were dumped in less than an hour. Here are the possible reasons.

The cryptocurrency market experienced a huge dip today as more than $15 Billion in cryptocurrency were dumped in less than an hour.

 

Here are the possible reasons why the market crashed today:

 

1. The stock exchange crash:

At first, Bitcoin was viewed as a fence against securities exchange chance since its price movements appeared to challenge gravity. Be that as it may, the slide of the Dow Jones index by 1,000 inside days has revived feelings of dread for the conventional universe of the fund. With standard monetary market lacking extravagance and a preference for unsafe investments, Bitcoin may by and by the need to sit tight for the inflow of institutional money.

 

2. Miner’s stresses:

The Bitcoin mining economy is likewise at an intersection. Rivalry and farm building created in the principal half of 2018. It is conceivable that excavators will endeavor to pitch BTC to recover costs. In the previous days, top hashing power has coincided with falling prices for existing mineworkers. One conceivable reason is that Bitmain has enacted ASIC Lift for its mining rigs, making it more troublesome for different diggers to get rewards.

The Bitcoin hashrate has been unsteady lately, falling and ascending by about 20% every so often. This shakiness has prompted unpredictable prizes and a troublesome circumstance. With excavators “following the money,” low rewards and a sliding market price may likewise prompt a weakening in supposition, potentially offer offs and farm terminations.

 

3. US Senate hearing on cryptocurrencies:

A hearing before the US Senate Banking Committee is relied upon to highlight overwhelming feedback of the crypto sector. For energetic newcomers, those entanglements and imperfections were frequently glossed over. In any case, with the bear market having a calming impact, the hearing may additionally harsh retail supposition.

The affirming specialists, Nouriel Roubini and Subside Van Valkenburgh, have prepared a survey of the crypto sector traps, uncovering tricks and flawed trading rehearses alongside demystifying blockchain technology.

Since the offering occurred on the US market, the hearing may keep on influencing the supposition of US-based traders. The US is one of the motors of development for the crypto sector, so a withdrawal of these investors could additionally haul down the market.

 

4. Bitfinex nerves:

In a previous couple of days, the connection between Bitfinex and Tether (USDT) displayed some inquisitive advancements. After Respectable Bank hinted at the inconvenience and quit adjusting Bitfinex and Tether, loss of trust in the exchange and the stablecoin prompted subsidize withdrawals. In the previous month, half of the BTC saved in the Bitfinex cool wallet streamed out. Furthermore, 100 million USDT left to flow. On Kraken, somebody attempted to offer a large number of USDT for dollars, discouraging the price to $0.98, or, in other words, the movement for a dollar-pegged coin.

This mass migration from the Bitfinex and Tether biological system demonstrates a potential loss of trust. Since Tether is so powerful and has spread to the greater part of the main exchanges, this loss of trust might be a trigger for what the crypto community sees as another Mt. Gox event.

 

5. Capitulation occasion:

Bitcoin and every single other resource had a few major squeezes as of late in spite of desires for one major “capitulation occasion” cutting down prices indeed too much lower levels. For the time being, the most recent auction may spell the finish of trusts in a December rally, seeing Bitcoin carry on by and by like in 2014 and 2015, when prices were level, with losses pushing them lower and lower. After an extremely dynamic 2017 and a delayed price slide in 2018, traders and crypto enthusiasts might choose to forsake the market or look out for the sidelines.

 

The author or the publication is any responsible or liable for any losses or profits made out of the following article. The trading of cryptocurrencies is subject to market risks. Traders and investors are always advised to conduct thorough research before investing in any digital asset or cryptocurrency.

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Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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Crypto News: Bitmain $500 million loss, Bitcoin Mining Scam, RippleNet

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Let's discuss three recent big crypto news. Bitmain losing $500 million within 3 months, bitcoin mining scam in Thailand and RippleNet adoption.

Bitmain Posts $500 million loss amidst crypto winters:

We all are aware of the bear run that has been impacting the crypto market for the last year. From the hardware elements to the software elements, every element of the crypto space has been affected by this bear run. Recently Bitmain, a mining hardware giant company indirectly posted that it lost $500 million loss in the third quarter of 2018.

Let us analyze the post posted by the Bitmain. It has earlier stated that it gained a profit of $1 billion in the first half of 2018. Further, it posted that total benefits it had by the third quarter of 2018 were $500 million. This means that if we subtract the benefits it had by the third quarter 2018 from the benefits it has by the June 2018, it clarifies that Bitmain undergoes the loss of $500 million within 3 months. This is really a big loss that the company faced from July to September 2018. Also if we talk about the revenue, it has a total revenue of $2.8 billion in the first half of 2018 and $3 billion by the third quarter of 2018. This means that the total increase in revenue of $200 million in three months.

The bear run has affected almost every organizations. The price of bitcoin went down to $2600 from almighty $19783. However, it is expected that the next bull run of the crypto space is on the way and could hit at any nearby time.

 

Bitcoin Mining Scam:

Where is a market, there is a  risk of fraud and scams. Recently, news came into light for a major scam in bitcoin mining. Victims of this big bitcoin mining scam have filed a case in Thailand. As per the sources, around 30 victims were frauded by a scam involving a bitcoin mining company named ‘CryptoMining.Farm’. The firm made fool of the 142 victims and cost them a scam of a total of $1.34 million.

Initially, the company promised to give 70% as annual return and the facility to withdraw at any time but later on, they started avoiding the facility of instant withdraw and said that they would pay in 84 installments. The installments would take 7 years to get the amount and also, the company promised to pay in form of foreign currencies which is completely against the norms of Thailand. This has costed all the victims to lose around $1.34 million. However, the technology crime branch of Thailand has filed the case and the investigation has been started.

One must require to get all the details of the crypto company in which they are investing. One should always read all the terms and conditions mentioned in the paper. And even after that if a company do these kinds of fraud, one must inform the technology crime bureau of the country.

 

RippleNet:

Recently, the second largest bank of Oman, BankDhofar has announced that it has started using the RippleNet technology for performing cross-border payments to countries like India. For the first time in the history of Oman, any bank has accepted the RippleNet for performing transactions. With this feature, the customers will be able to transfer cross-border funds using a mobile application within 2 minutes. This feature would be a great help to the Indians living in this country to transfer payments.

BankDhofar, which started in 1990, in Oman’s second largest bank. It had an amazing revenue of $28.2 million out of which the revenue itself in the year 2017 was around $2.4 million. On the other hand, RippleNet, based on blockchain technology, is an international payment provider for cross-border payment. It is a product of the third largest firm in the crypto space, Ripple XRP. RippleNet has expanded its service all across the globe and is one of the leading service providers for institutional payment.

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