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Bitcoin Cash Still Facing Decline after CNBC Feature

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Bitcoin Cash
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In the confusing world of Cryptocurrency markets, it is no surprise to find successful cryptocurrencies taking the tumble. Such is the case for Bitcoin Cash, a major Cryptocurrency that has taken almost a 10% dip in its value over the past week. This comes as a surprise to many, as Bitcoin Cash got featured on a news segment on CNBC recently, which was expected to improve Bitcoin Cash’s position.

Currently, Bitcoin Cash is placed in rank 4, according to coin market cap, with a market cap of $17,850,964,631 USD at the time of writing with a circulating supply of 17143125 BCH tokens. Currently, Bitcoin Cash has declined further with a major bearish trend line forming with resistance at $1.160 (taken from the data feed of Kraken). As of 23/05/2018, Bitcoin Cash is valued at $1.040.10 following two massive dips from a high of $1,301.55 on 21st May to $1,233.70 USD on May 22nd. As mentioned before, this comes as a surprise to many, as the global cryptocurrency market fared much better comparatively, losing only 5.7% of its value compared to Bitcoin Cash’s 10%. Analysts are still not convinced about the exact factors responsible for this.

Bitcoin Cash in the News Last Week

Many High profile Crypto-personalities have shown their distrust towards Bitcoin Cash following its erratic behavior. Co-founder and CEO of CryptoCompare, Charles Hayter has called it “all standard noise”, while Jeff Koyen, CEO of 360 Blockchain  USA called it one of the most controversial coins in the crypto space, second to Ripple. Marshal Swatt of Swatt Exchange, however, has predicted that the decline of Bitcoin Cash may be attributed to the recent Bitcoin Cash miners meet, where a proposal for rewarding developers have been discussed. Many other market influencers have also been discouraging traders and adding to the negative sentiment around the coin, which caused even further decline.

CNBC’s Bitcoin Cash Feature

On 22nd May, cryptocurrencies were once again featured on CNBC’s Fast Money, with Bitcoin Cash being the focus this week. Brian Kelly, founder and CEO of BKCM LLC was asked to give a detailed analysis of why he has a bullish stance on Bitcoin Cash. Kelly described to his audiences what he called “catalyst factors” which are the main driving force behind a digital asset.  Among the factors he mentioned was the aforementioned mining community meet, citing that this latest development would a value booster. In an unexpected turn of events, however, the segment generated a lot of negative sentiment inside the crypto-community, with many accusing CNBC of “shilling” the currency and suspected collaboration. Many analysts think that the negative backlash from this segment further negatively affected Bitcoin Cash’s value over the weekend.

Final Thoughts

Like with most cryptocurrencies, nothing can be predicted with certainty about future price movements. As Mr. Kelly put it, it all boils down to how the market behaves. Indeed past trends have indicated a similar fate for Bitcoin Cash. Experts noted that the situation is very similar to the incredible highs experienced by most cryptocurrencies in late 2017, followed by a massive price slump at the beginning of the year.

In spite of the hurdles faced by Bitcoin Cash at the moment, it is to be noted that Bitcoin Cash has succeeded in the past where many other digital currencies failed. Bitcoin Cash is probably one of the handful of Bitcoin forks that have gained widespread attention and usage. This can be evidenced by Bitcoin Cash’s performance since its launch back in August 2017. According to coin market cap, Bitcoin Cash has held its position in the top ten cryptocurrencies despite price slumps and market movements.  Thus, even though situations look bleak presently, the coin is expected to once again rise in value and regain some of its former glory.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or 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.

Image courtesy of SouthernWI via Flickr

Altcoins

Analyzing The Best-Performing Cryptos

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cryptos
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Over the nebulous first half of this year, some tiny cryptos were able to grow by more than 1000% and reach the desired top 100, while others that were already in the top 50 bastions simply zeroed. What factors led them to perform like this? Luck, external factors or well-made decisions?

First of all, it is important to clarify that it would be unwise to analyze them disregarding the market context (crypto and non-crypto) of the period, so we’re using a holistic approach.
In our timeframe, considering the traditional market cycle of emotions, in contrast to the standard chart below, the euphoria quadrant had a much larger peak and a much shorter duration, starting in the middle of 2017 and ending at the beginning of 2018, while we were stuck in the period of “excitement” since, maybe, 2015. The emotions in red passed in a rush and at the end of July, we were already in deep “despondency”.

Source: https://russellinvestments.com/ca/insights/the-market-cycle-of-emotions

Besides to the fact that the market completed half of the cycle in less than half a year, some very relevant things, besides the usual phenomena expected of an investment market, happened during this period. In addition to the hype the period enjoyed and the fact that bad, inexperienced investors were frantically joining the crypto market, we…

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Is Tether (USDT) really a stable coin?

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Tether
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Tether is one of the top digital assets in the crypto-sphere. The coin was launched in November 2014 after it changed its name from Realcoin so that the crypto community doesn’t associate it to the altcoins. It is important to know that Tether is a currency that helps to convert fiat currencies into digital currencies.

Moving forward, there have been lots of FUDs around Tether these days as regards to whether it is going to be a truly stable coin as the market has seen dips lately. Also, the FUDs around Tether have raised questions on whether there are any backings to the digital asset.

It is crucial to know that other factors have been attributed, and one of them was a report from last month that stated that Tether and Bitfinex, had gone their separate ways with Noble Bank. The separation made Bitfinex suspend fiat wire deposits – without no reason or whatsoever.

Tether, in regards to market worth, comprises about 92 percent of the market capitalization of stable coins. Also, this stable coin offers two purposes: to stabilize the volatility of Bitcoin, and also to preserve the amount of money purchasing power investors have at hand when the value of larger cryptocurrencies such as BTC drops.

The coin is a good alternative for traders when trying to cash-in on fiat currencies, as we do know that trying to move money from different exchanges to fiat…

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TRON Partnership Involves Cloud Computing

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TRON partnership
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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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