The slide in the value of the cryptocurrency markets seems to have settled at the current levels of $253 Billion and at the moment of writing this. Bitcoin (BTC), the King of Crypto, is holding its own at levels above $6,000 and is currently trading at $6,084. Many traders have kept asking if this is the end of Bitcoin, but some experts believe that this is a normal cycle in any trading arena. There is always a decline in value after an impressive rally in any markets. We had one such rally back in December into January. We are in the decline phase. Then there is sure to be another rally sometime soon.
It is with this history of Bitcoin and the crypto markets, that the current co-CEO and co-founder of the revolutionary trading app known as Robinhood, Vlad Tenev, says that Bitcoin has significant staying power. What he means by this, is that Bitcoin is not going anywhere.
“It’s very foolish to say bitcoin is done.”
Further investigating his thoughts on Bitcoin, and looking back at BTC values exactly one year ago, we find that the digital asset was valued at around $2,650 in June 2017. Doing the math, the current values of $6,084 are a cool 130% higher than what we had a year ago. This is an amazing feat that can only happen in the crypto markets. In the regular stock markets, an asset that does 25% in a year, is celebrated to a level higher than an Olympic gold medalist.
Going back a bit further in the archives and during the Mt. Gox hack of 2013, we find that BTC fell from levels of $1,100 in December 2013, to $300 levels within a year. This is a significant drop in the value of up to 73%. Bitcoin did not recover to the values of $1,100 until around February 2017. It took over 3 years for these levels to be reached once again. Reflecting on this dark period of BTC, we can conclude that the crypto markets will be alright.
Bringing it all together, Bitcoin and the entire cryptocurrency markets are currently going through tough times due to regulatory headaches. Once that hurdle is out of the way with the countries of Japan, South Korea, Russia and the USA giving clear regulatory direction, then the crypto markets will surely take off to the tunes of being valued at levels higher than the predicted $20 Trillion.
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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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Blockchain technology outshines Bitcoin and Gold during global pandemic
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…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
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.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
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…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…