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Bitcoin Cash Still Facing Decline after CNBC Feature
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
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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