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Bitcoin gives a downturn and loses $500 in just minutes

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Bitcoin BTC

Ever since the year started the market seemed to be in a crumbling path, and red numbers were the order of the day. So most of enthusiasts and investors were just confused and despaired about a situation that didn’t seem like changing in a short period.

In fact, that is why we all have been pretty much excited in lights of the upturn the market has had during the last couple of days, which of course, have caused a generalized sensation of calm amongst the community.

However, this calm sensation was stricken today when Bitcoin had a bearish move that placed the coin in a -$500 position, a fact that evidently influenced several other cryptos in the market. Let’s see the main details behind the current crypto-market situation.

Bitcoin freefall

The morning started with a pronounced fall in the prices of Bitcoin of more than 5% which put the price of the coin around the mark of the $7,000, but with a great predisposition to get a lower price on the next hours.

As a matter of fact, at the time of writing Bitcoin (BTC) has a price of $6,954 recording a 5.52 percent decrease in the last 24 hours according to Coinmarketcap. So as the red appears in the landscape again, we wonder what could be the problem this time.

Well, concerning the above mentioned, nothing has been confirmed yet. Nonetheless, some assumptions point that the sudden freefall may have been influenced by the non-confirmed report from Business Insider that states that the US-based investment Goldman Sachs, actually decided to discard their plans of integrating crypto options to their business because of the intense regulatory tension around the crypto world.

In the report, it could read:

“Goldman has moved plans to open a desk for trading cryptocurrencies further down a list of priorities for how it can participate in cryptocurrency markets, according to people familiar with the matter.”

However, later on, it was known that the bank itself stated they hadn’t made a decision yet regarding this.

Interchangeably, the truth is that the crypto-sphere has been pretty much in the spotlight of the Securities and Exchange Commission (SEC) these days, and this has been mainly because of reasons such as ICOs, scammy coins, possible regulations for Bitcoin, and others.

In fact, not so long ago the SEC decided to refuse the application of Bitcoin in order to have an Exchange-traded Fund (ETF), and the reason given was merely the volatility of the price, but in contrast to that, the CEO of the crypto startup Abra, recently stated that the real reason behind the refusal of the SEC was because “the crypto industry does not fit the applicant archetype”. He said,

“people who are doing the applications don’t fit the mold of who the SEC is used to approving.”

Few last words

We still can’t conclude whether or not Bitcoin will continue its fall or if it will give an upturn, but we can be sure that this is something the king of crypto market needs to solve in order to keep the attention of the company Intercontinental Exchange (ICE), which is planning to roll out a Bitcoin ETF in November.

With relation to the rest of the market, well the downtrend was probably bound to occur as Bitcoin influences the whole sector, but some of the most affected have been Ethereum, XRP, Bitcoin Cash, and EOS.

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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 thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Holger Link on Unsplash

Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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.

NFTs are already being actively traded in markets globally. For…

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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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