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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

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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