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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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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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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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crypto billionaire
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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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TokenRoll
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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