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

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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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Bitcoin

Why Chinese New Year Affects Bitcoin (BTC)

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Bitcoin (BTC) lost about $100 in value in the last week, and, while reasons behind the drop in crypto prices can often be hidden and unclear — this time, that is not the case. The reason for this drop is believed to be the celebration of the Chinese New Year.

The New Year celebration was over more than a month ago for most of the modern world. However, things are a bit different in China. This is a country which is considered to be one of the oldest ones in the world, with a long and complex history. The country’s traditions are fascinating to many around the world, as so many of them are different from western culture. One of these traditions is the Chinese New Year.

The New Year celebrations in China start on January 28th, which was a week ago. The New Year itself is today, February 5th, although the celebrations and festivities are going to last until February 19th. For the people of China, and all those around the world who follow the country’s tradition, this is the time to relax, take a break, and perhaps travel and visit friends and family. But, what does it have to do with Bitcoin?

China and Bitcoin

Those who are new to the world of cryptocurrencies have likely already heard many stories about China banning Bitcoin trading and…

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EO.Finance Launches Highest Paying Crypto Referral Program of 2019

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The EO Referral Program, already touted to be a significant addition to the ecosystem has been launched, and more details can finally be revealed. Offering 30% of transaction fees for each referral, it is expected to be the highest paying crypto referral program of 2019.

 

Each user will receive their own unique invite link, which can be shared with friends or via social media, in order to start earning 30% of the companies fees for every transaction made by someone who registered using their unique link. Furthermore, receive 5% of the fees for each new referral introduced by your own referral, increasing earning potential and adding even more benefits to an already feature-packed ecosystem. The fact the ecosystem supports credit and debit card transactions, as well as more than 40 cryptocurrencies means it will be even easier for you to start earning from your referrals.

 

The EO Referral Program will also extend to EO.Trade following launch, meaning it will be possible to earn from a single referrals transactions across multiple products within the EO ecosystem. It is important to note that the figure of 30% is significantly more than most competitors offer.

 

Payment will be made in the same currency as was purchased or exchanged. Withdrawal of the profits earned via the program can be made instantly, meaning you can earn immediately from your referral.…

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Is Bitcoin (BTC) Ready for Another Surge?

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It is no secret that Bitcoin (BTC) has had a rough 2018. The coin has dropped by over 80% from its all-time high in a matter of months, it experienced two market crashes, a constantly bearish market, and even troubles within its own ecosystem. Crypto investors spent the entire year hoping for a surge that never arrived, and since BTC is the most influential coin within the crypto space, its behavior usually dictates the pace for other coins as well.

Then, the year finally ended, and investors believed they could finally start anew, hoping to see BTC perform better in 2019. While Bitcoin is certainly performing better than in 2018, the current state of things is still far away from a rally. However, there is a possibility that this might change in the future.

Projects that could have sparked the next rally

As mentioned, crypto investors around the world were hoping to see a new price surge with the arrival of the new year. So far, this has not happened, and while there were several events believed to be able to boost BTC value, several complications prevent them from occurring.

One of them is the launch of the Bakkt Bitcoin Futures Exchange, which was scheduled to happen on January 24th. However, due to the long-lasting US government shutdown, the exchange failed…

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