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Bitcoin (BTC) Surge Threatened by Sharp Fall

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Bitcoin (BTC)

Bitcoin surging in recent weeks has made financial pundits, especially the so-called experts in cryptocurrency, predict a time of downturn despite reaching $20,078.40 last week, according to CoinMarketCap.

The positive expectations that the CME Bitcoin was going to appreciate far above $20,000 suddenly became dicey and the momentum could no longer continue. As it stands, Bitcoin’s free flowing surge has been checked. It is currently trading at $13,485.90 and forecast suggests it may be down by 21% in less than 24 hours. The market value for the cryptocurrency now stands slightly above $231 billion, while the 24-hour trading volumes have moved above $18 billion. By implication, Bitcoin has seen a 30% correction since its upsurge last week.

According to Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers in Sydney, she insisted that a correction is always going to happen. “Keep in mind that bitcoin has gone up a lot this year, so a correction is always likely. A lot of the capital is flowing from bitcoin into alternative coins. You’ve seen companies like Verge and Ripple, which are over 400 percent in the last week.” The Ripple surge is testament to Shane’s observation as it is currently trading at $1.04 according to CoinMarketCap.

Bitcoin price was always going to witness a plunge, but no one knew exactly when and the cause. Stephen Innes of the Asia Pacific at Oanda Corp noted that the fall in the price of Bitcoin is a necessary check that was going to happen regardless of whether there are checks or not. It was a warning for investors who are not willing to risk it all.

“At the heart of the matter was a frenzied demand for coins with limited supply has now led to unsophisticated investors holding the bag at the top.” Innes stated.

A bitcoin derivative Bitcoin Cash (BCH) is emerging as a strong player in the market, a reason attributed to the fall in Bitcoin. In more specific terms, the fall became apparent after the cryptocurrency was recently registered on the largest U.S cryptocurrency exchange – Coinbase. The price of Bitcoin Cash surged by over 70% after the report and there were also news of possible insider trading which the exchange has said that they will be investigating the matter.

Recently, five of South Korea’s Bitcoin Exchange became vulnerable to attacks, which could also account for the fall. Some of the worst hit includes the popular exchange Bithumb as confirmed by MBC, a South Korean media outlet which hired security personnel to investigate. It was discovered that hackers could easily break in the security procedures by using “basic hacking tools” as described by the security team, putting at risk a lot of user data and funds.

Rapid Bitcoin is known to be volatile and many see Bitcoin trading as gambling. The inclusion of Etherum, Litecoin and Ripple has also impacted the cryptocurrency market, surging to over $600 billion.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of airpix via Flickr

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. One of the ways to have a successful trading…

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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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