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Bitcoin Cash Still Facing Decline after CNBC Feature

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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

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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