Connect with us

Bitcoin

Next Bitcoin bull run won’t come until people don’t believe crypto is over, Pomp

Published

on

Bitcoin BTC

This year has definitely not been a good time for crypto. In fact, during the first two quarters of 2018, we saw how the whole market alongside its king, Bitcoin (BTC), struggled with clear-cut dips that launched the prices of several coins to worrying heights. In this sense, both enthusiasts, and investors were waiting for a moment where things started to change, one of the generalized trends of the market.

And to say the least, we all felt calmed when the situation began to improve a few days ago as it all seemed like the market was giving an upturn, which, of course, was reason enough for all of us to celebrate that the market was proving one more time to be resilient. However, the sad part of the story is that it was just a momentaneous thrill, one that, as of now, is shaking the whole community.

The market capitalization crashed down to a value of 192 billion dollars, one of the lowest values the market has had during its existence.

Nonetheless, we all need to recall something similar occurred back in 2015 when the market broke to pieces by decreasing an 80 percent of the market cap and reached a value of 170 billion, a situation that someway gives us a relief considering the fact that back then the sector managed to survive… but what can we really expect to happen this time? Let’s see an introspective of what is happening with the market right now!

Public opinions on the crypto market

It’s true, we have recovered from losses of this kind before, and is also true that the market simply tends to be a volatile environment. But are we really gonna recover again this time?

Well, one of the crucial factors we need to keep in mind is the utility of the virtual coin we are holding. As long as the currency we own has a purpose and an individual utility, we can count for sure that the coin will surge one more time as people will continue to buy the coin to use it.

This is something we can be sure of with cryptos such as Bitcoin (BTC), which actually has proven to be one of the most used coins for shopping purposes.

On the other hand, the landscape is entirely different for altcoins. It is likely that some of the altcoins existing will manage to create a strategy to survive, but the sure thing is that we can only be secure that Bitcoin will make it.

With relation to this, Vitalik Buterin, co-founder of Ethereum and Bitcoin Magazine, has stated recently that the crypto strategy needs to change to see a different response from the community.

According to him, we are not in a place where we cannot have a growth of 1000 times the current prices anymore. He said, that Instead of creating hype, the industry should actually focus on building coins with real purposes.

The declarations of Vitalik result intriguing considering the fact that Ethereum (ETH) went down by 34% percent in the last three to four days, and that ICOs being the first utility of the Ethereum network, it seems like people are not investing in ICOs anymore as this is not profitable in the long run. To say the least, it can be considered a risky thing to invest in Ethereum as of now.

Regarding the topic, many users on Twitter have given interesting opinions on the situation. @Apompliano tweeted a message saying that despite the drop in the prices of the market people continue believing it will recover very soon. But this is actually not true; we need to accept and “truly believe crypto is over” to see a recovery.

On the other hand, another Twitter user published a message that worths paying attention to. The message read:

Conclusion

The utility can be guaranteed in coins like Bitcoin, people from all around the world can actually buy Bitcoin and then use it freely as they want, so we definitely can be sure that the coin will continue to grow and it will recover soon.

On the other hand, the story is a completely different one for altcoins… It’s not a matter of the market to be over; it’s just a matter of the number of offers that actually has not a purpose. As I see it, the fourth quarter may be the time the market (Bitcoin first, apparently) takes off again. So stay tuned.

For the latest cryptocurrency news, join our Telegram!

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 Jacco Rienks on Unsplash

Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

Published

on

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…

Continue Reading

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

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…

Continue Reading

Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

Published

on

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…

Continue Reading

Press Release