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Why Bitcoin (BTC) Continues Its Nosedive Towards $3,000

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Bitcoin

It has been over ten days since the Bitcoin Cash hard fork and the start of hash wars and the Bitcoin ecosystem is still not showing signs of recovery. In fact, BTC continues to drop even more, and its price is currently $2,400 lower than it was 12 days ago. As usual, with Bitcoin being the ringleader, most altcoins are expressing the same behavior, and are reaching new lows.

While there are probably other reasons for the nosedive, such as attempting to avoid having to pay huge taxes on crypto, experts agree that the hard fork is still the biggest cause of these issues. The conflict behind this event is already well known — two parties in BCH community had different views on the future of the entire project. After months of failed negotiations, the date of the upgrade arrived, and the hash war started, after two blockchains emerged from the hard fork.

Due to the fact that blockchain is extremely unstable during such events, and pretty much anything can happen to it, most exchanges decided to pause BCH trading until the chain is stabilized. After the fork, two blockchains emerged — BCH ABC and BCH SV, and a lot of exchanges remained confused regarding what to do.

Nobody knew which coin will end up being a dominating version of BCH, and so they listed either both or none. The conflict between the blockchains continued in hash wars, with a significant amount of hash power being taken away from Bitcoin itself, so that BCH can use it. As a result, BTC price started spiraling down, and the rest of the market followed, as mentioned earlier.

Trading volume for altcoins increases

Despite the fact that everyone (including both sides) is losing due to this situation, it is still important for one of them to establish dominance. Because of this, both are furiously mining blocks in an attempt to win. However, this situation has now grown to include an entire week, and everyone is getting impatient. BCH is still unable to be traded on most exchanges, and this includes both versions of it.

The damage to the BTC ecosystem has caused a lot of volatility in the entire crypto market. While volatility itself is not good, many have seemingly managed to make the best of the situation. This conclusion came from exchanges’ reports, where many of them claim that trading volumes for other altcoins have spiked in the last week.

Even so, BTC is still losing its value although the drop has slowed down once the coin fell below $4,000. Nobody knows when will this drop end, or how much damage will the market have to endure. So far, Bitcoin’s own market cap has been cut in half, and is currently at $68.8 billion, while the total crypto market cap lost around $100 billion. The possibility of a bull run still exists according to experts, but this possibility is getting smaller with each passing day.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

GDA Capital in Conversation About the Future of Digital Assets at Global Family Office Summit

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GDA Capital organized the quarterly Global Family Office Summit this week. The event was held virtually with a number of technology leaders and high net worth investors who discussed issues such as education, trust and responsibility to give back. Among these were insightful conversations with Dubai-based Dalma Capital’s CEO Zachari Cefaratti, Holt Fintech Accelerator founder Brendan Hold Dunn, Global Data Sentinel CEO and White City Ventures Chairman of the Board Shahal Khan, and Elitium CEO Raoul Milhado, among others. Participants were also given access to off-market opportunities to invest in novel technologies.

Will Bartlett, GDA Capital’s Director of Research, headlined the event by focusing on tech in the modern economy, and identifying six sectors where new technologies can make a lasting impact: robotics, space, biotech, machine learning, quantum computing, and blockchain. In the context of blockchain, he discussed how digital assets are a hedge against traditional financial markets. “Cryptocurrencies have no exposure to stock market returns, macroeconomic factors, or returns of currencies and commodities,” Bartlett said.

More so, Bartlett believes that new models for digital assets such as DigitalBits’ branded stablecoins are key to the development of the field. These currencies replace traditional rewards and loyalty point systems that are commonly used by household brands by porting them to the blockchain. Meanwhile, they rely on brand…

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Chainwire Launches Blockchain-Focused Automated Press Release Distribution Service

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TEL AVIV, Israel, 13th October, 2020, // ChainWire //

MarketAcross, a world leader in blockchain public relations and marketing services, is pleased to announce the launch of Chainwire, an automated press release distribution service which provides guaranteed coverage and in-depth reports. Chainwire will be a one-stop-shop for the distribution of press releases in the cryptocurrency and blockchain sector. The launch marks the first time that advertisers can reach leading publications in the crypto media with the click of a button. 

While most industries have some kind of PR newswire service, the cryptocurrency sector has become a victim of its own rapid pace of growth over recent years. Since the ICO boom of 2017, there has been a proliferation of blockchain and crypto-focused projects, exchanges, investment firms, and marketing agencies, along with niche news and informational content sites. 

However, the infrastructure to connect this complex ecosystem has been slow to come up to speed, meaning that existing newswire services don’t reach their target audience. It’s estimated that one in five people own cryptocurrencies, so there is currently a significant missed opportunity to reach a massive global readership. 

As a newswire service dedicated to the crypto and blockchain space, Chainwire aims to address this gap. Press releases are distributed to leading publications, offering guaranteed coverage to reach audiences worldwide. The system is integrated with publishers and blogs, enabling accurate reporting via a user-friendly dashboard. It also…

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Bitcoin vs. Ripple Explainer

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Bitcoin Ripple

Whether you’re new to the world of blockchain technology or are simply looking to sharpen your sensibilities when it comes to distinguishing the market’s key players, there is always more to learn. Cryptocurrency trading is fueled by hype and that means that new players are always popping up and disappearing. Bitcoin remains the constant staple in this everchanging landscape and also serves as a useful benchmark against which to understand and evaluate other actors. If you’ve got things like a graph of bitcoin price history saved to your bookmarks, there’s a good chance you’ve also encountered the name Ripple. If you are interested to learn how it stacks up against its forebearer, read on to discover the similarities and differences between Bitcoin and Ripple. 

The risk remains the same

One thing to clear up right off the bat is that all cryptocurrencies exist in a volatile and very speculative market. Although a lack of regulations is part of the draw, it also means that anything goes and there are really no guaranteed bets. Ripple and Bitcoin are both parts of this ecosystem, so keep in mind that if you’re thinking about investing in either, or any blockchain cryptocurrency for that matter, you should go in ready to potentially lose your complete initial investment. When it comes to investing in any cryptocurrency, you’d be best to hedge…

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