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Bitcoin is crashing but Analysts Predict a Rebound; here is why

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Bitcoin

One look at the Bitcoin price graph on CoinMarketCap and you will see just how fast its price has been falling in the past few hours. As it seems, the series of bad news that has been circulating, including the Bithumb attack, not to mention the six exchanges in Japan that got slapped with government regulation have finally caught up to BTC.

Market bloodbath

Today the market woke up to a bloodbath as Bitcoin led the dip with its price dropping by over 3.57 percent in the last 24 hours. Currently trading at $6,160 as of this writing, Bitcoin has recorded its lowest price since the beginning of the year when it peaked at about $17,135.

Bitcoin is not the only one; Ethereum has also declined by about 40 percent in 2018 to its current price of $474. Apart from the attack on Bithumb last week, regulatory authorities have increased scrutiny efforts in the industry ever since the attack on Coincheck that saw the crypto exchange lose about $500 million.

What do analysts have to say?

However, even with all the bad news in the crypto space, Todd Gordon (the founder of TradingAnalysis.com) believes that Bitcoin will change hands above $10,000 by next year. Gordon is an expert market analyst with experience in commodities like crude oil as well. Here is why his predictions matter.

In 2015 November he predicted that crude oil would trade at 50 percent lower from its $41 mark at the time. In February 2016, crude was trading at $26.05, roughly half the value as predicted the previous year. Now, Gordon predicts that BTC’s price will drop further down from its current price mark of $6,100 all the way down to the $4,000 mark after which it will subsequently hit the $10,000 mark at the end of 2018.

Bitcoin taking on a bull run

The main reason for Gordon’s prediction is market volatility.  He further explained that the recent correction for Bitcoin from its peak of $19,000 back in January is “inconsequential” since Bitcoin has improved significantly since 2015. He believes that the “beautiful uptrend” for Bitcoin is just getting started.

Compared to previous times, Gordon believes that Bitcoin’s current average lows of 17 percent are a far cry from previous times when the coin would fall by 20, 30 or even 40 percent in a week. Supporting his predictions, Wall Street analyst, Spencer Bogart, also mentioned last month that the major cryptocurrencies are most likely to “trade at least above $10,000 by the end of the year

According to Spencer Bogart, “The long-term thesis is very much intact… The institutionalization of Bitcoin is absolutely occurring…Every major bank is trying to do something in the space. Either they’re going to be offering Bitcoin to their clients, they’re working on a custody platform or they’re opening up a trading desk.”

With the current market behavior, it’s easy to look at these predictions as unrealistic. However, Bitcoin has always had a way of pulling a surprise. The bear market could last longer or end at any moment considering the technicality of the crypto market. As a result, those who reckon on the market sentiments and technical are able to recover losses while trading crypto.

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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.

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Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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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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