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Bitcoin gives a downturn and loses $500 in just minutes

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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

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

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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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