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Ethereum losses 7 percent of its value in hours during a market crash: Is it time to buy?

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Ethereum
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The last 24 hours have seen most of the crypto coins perform terribly with the overall market recording a staggering loss of over $17 billion. The bears in the market have practically been having a festival as prices in the market declined by an estimated 10 percent.

The low market performance has, in fact, hit historic lows with analysts predicting Bitcoin’s price to possibly go even lower to the $4,000 to $5,000 range. Apart from the top coins, some other altcoins that have taken the hit include EOS and Cardano. Ethereum has shed over 7 percent of its value to change hands at $472 according to data from CoinMarketCap as of this writing.

What’s brought about the flash sale?

To explain the recent market crash, most reports indicate that the bear cycle that has been trending in the market since highs of January this year is initiating a corrective rally. Just a few days ago, the crypto market was stable with little volatility. However, with news of Bithumb getting hacked, not to mention the regulatory uncertainty in Japan and South Korea, traders seem to have pulled out of the market due to panic.

In fact, Bitcoin and Ethereum have led the decline with an unexpected decrease amid news of exchanges getting attacked and regulators issuing administrative penalties to various exchange platforms.   As of now, a considerable number of Bitcoin and Ethereum whales are selling off coins fast.

One of the events that might have triggered the massive sell-off is the hack on Bithumb that saw the crypto firm lose over $30 million in crypto. Bithumb is one of the biggest crypto exchanges in South Korea yet the attack on its platform only saw a mild market reaction when it happened. Since the hack, Bithumb moved quickly to not only confirm the attack but to also declare to reimburse all affected traders and investors.

Another possible cause for the sell-off could be the panic of investors after exchange platforms in Japan were hit with a new set of requirements for exchanges to improve their anti-money laundering practices. As a result of Japan’s Financial Service Agency (FSA), has led BitFlyer (one of Japans largest exchange) to suspend account creation of new users at the moment.

How has Ethereum faired on

Well, even with a dip in the market and its price falling by more than 10 percent, Ethereum has actually indicated some neutral zones. According to analysts, the fact that its relative strength index (RSI) sits at 40.5 means that it’s a good signal for those who are looking to buy the dip. After all, Blockchain experts like Spencer Bogart are predicting an impending bull run. According to Bogart, it’s a good idea to sell most of the altcoins but hold on to Ethereum while buying more Bitcoin.

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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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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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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

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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