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Bitcoin Drop | Bitcoin Loses $200 in 24-hours, Crypto Market Follows

The crypto market is suffering huge losses across the board today. And leading the drop-off is the largest coin by market cap; Bitcoin dropped from over $6,500 to a new two-week low of $6,243 in early trade today.

The coin has lost over $200 in a 24-hour period, and as happens more commonly than not, there is no definite reason for the sudden drop.

Bitcoin Drop

The sudden Bitcoin drop has come somewhat as a surprise. The world’s biggest coin has been hovering between $6,600 and $6,400 for 14-days straight. A stint that has notably been its least volatile period in over a year.

But perhaps the Bitcoin drop was overdue. The equities market is about to close its worst month since 2008’s financial crisis, and where that market threads, Bitcoin tends to follow.

Across the Board

Across the board, we can see the effect of the Bitcoin drop.

The top ten cryptocurrencies are all reporting losses between 3% and 5%. The second largest coin by market cap, Ethereum, is down 3.55% and is currently selling for $197.17. Further down the chart, EOS is experiencing a massive 5% drop and is selling for $5.13.

EOS is the worst affected coin, but not far behind it is Litecoin, which is down 4.83%.

In Related News

But maybe investors are shaking in their boots because of a new report released today about Bitcoin and climate concerns.

A new study released has detailed the massive impact Bitcoin may have on climate change. The culprit, of course, is mining. The amount of electricity involved in the process has the potential to boost global temperatures by more than two degrees by 2033.

Further, the report suggested that if Bitcoin is adopted at a similar rate to other new technologies, it could raise global temperatures by two degrees within 16 years in a worst-case scenario.

So do reports like these have the power to cause such a Bitcoin drop or is today’s crash simply just more volatility in an unpredictable market?

Featured Image: Depositphotos/© Elnur_

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Bitcoin Price | Skyrockets Nearly 10%, Pulling Rest of Crypto Market Up

This morning, Bitcoin (BTC) rose almost 10% in less than an hour. After the Bitcoin price jump, investors began dumping money into the other digital assets, causing the market to widely shift green.

Bitcoin Price Movement

Last week, Bitcoin had its first major sell-off in months, but this morning it rose nearly $600 in less than an hour. Late last week, it looked as if Bitcoin was going to drop just below the $6,000 mark, but it’s now comfortably trading over $6,500.

According to CoinMarketCap, Bitcoin (BTC) is trading at $6,655.71 a coin, up 5.48%, in 24 hours. In seven days, BTC is up 0.264%, and for the month, the world’s first digital currency is up 1.7%.

>> XRP Climbing After Crypto Market Correction

Volatility

Late in the day last Wednesday, the crypto market began to tank. It was the first major Bitcoin price sell-off to occur in months.

There were many speculations as to why the drop occurred.

However, coincidentally, the Dow dropped to its lowest in months around the same time. Last Thursday and Friday, Wall Street hit its worst figures in eight months but rallied back to end the week in the green.

Is there a direct correlation between the stock market and the crypto market when it comes to investor confidence? Possibly.

Some were speculating before the market opened that the Bitcoin price surge indicated a potential “rally” on Wall Street. However, this morning the Dow, Nasdaq, and S&P Index’s are all in the red to start out Monday—proving that theory wrong.

Crypto Market Movement

At press time, XRP is currently trading at $0.447 a coin, up 6.62%, and Ethereum (ETH) is moving at $210.04 a coin, up 4.92% in 24 hours.

Among the top 100 cryptocurrencies, Aurora (AOA) is seeing the most gains today trading at $0.0260 a coin, up 23.93% in 24 hours. Nebulas (NAS) is currently seeing the most losses, trading at $1.78 a coin, down -6.28%.

Featured Image: Depositphotos/© dovapi

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BitIra Cryptocurrency Security Guide | Understand the Risks of Crypto

There’s no doubt that Americans are showing more and more interest in cryptocurrency. A recent survey from LendEDU found that Bitcoin ownership in the U.S. is just below 14%, with over 17% interested in adding it to their portfolio in the future.

One of the biggest barriers for investors to enter cryptocurrency investing is security. And that’s where BitIRA’s new guide on Cryptocurrency Security comes in; the culmination of more than 100 hours of research and development.

A leading Bitcoin IRA company, BitIRA’s 6,000+ word Cryptocurrency Security Guide offers one of the most up-to-date, useful solutions to the challenge of understanding the risks and resources of crypto-related security.

Using layman’s terms that resonate with the average investor, the Cryptocurrency Security Guide simplifies an otherwise technically challenging subject into digestible facts and figures, giving present and future cryptocurrency investors the understanding they need to invest with confidence and sleep well at night.

“This guide provides a wealth of knowledge for anyone interested in investing in cryptocurrencies, whether they are just getting started or have been doing so for years,” says Jay Blaskey, Digital Currency Specialist at BitIRA. “The reality is that, in today’s climate, security must be at the fore of any crypto investor’s mind. We believe that this guide can help people understand fundamental and advanced concepts that will help them properly secure their assets.”

Tough Questions; Great Answers

Deciding to invest in cryptocurrency isn’t like picking a stock or mutual fund and calling the family broker. Smart investors are seeing the non-traditional value of cryptocurrencies but still want peace of mind that their investments will be secure when purchased.

BitIRA’s Cryptocurrency Security Guide answers common questions such as:

  •     How many types of crypto-related security vulnerabilities are there?
  •     Do I need to become a technical wizard to keep my coins safe?
  •     What is the most common type of security problem?
  •     How can I reduce the risk to my cryptocurrency holdings?
  •     What resources do I need to reduce crypto-related security risks?

In all, 10 security tactics are covered, giving readers a broad knowledge of cryptocurrency security that will educate them while alleviating any fears they may have.

Expert Opinion

BitIRA’s Cryptocurrency Security Guide is not just a collection of best practices; it also picks the brain of security expert and crypto enthusiast Isaiah Sarju. Previously published in Hackernoon and Microsoft Security Intelligence Report, Sarju is the co-owner and principal technical consultant of Revis Solutions, LLC. Sarju breaks down the risks that new traders, casual traders, and active traders will face as they move their way through the market.

Four Sections of Knowledge and Know-How

As providers of the world’s most secure Bitcoin IRA, BitIRA knows a thing or two about cryptocurrency security. Its Cryptocurrency Security Guide breaks the subject down into four key sections.

  •     Section 1: Keeping Your Cryptocurrency Safe: Before we can make our investments safe, we need to learn why it’s important to lower the risks of a hack or data loss in the first place.
  •     Section 2: Cryptocurrency Security Concepts You Should Know: Just like learning a foreign language, there are basic terms and ideas that one needs in order to grasp the key concepts to come. Consider this section your cryptocurrency encyclopedia.
  •     Section 3: Facing the Challenge of Cryptocurrency Security: Now that you’ve got the lay of the land, learn specific techniques on how to detect and avoid vulnerabilities in crypto-security.
  •     Section 4: Sources and Resources: BitIRA believes that knowledge is power and that knowledge should be shared, not hoarded. This section offers links and tips to support your future security endeavors.

More to Come from BitIRA

This guide is just the opening salvo in BitIRA’s battle against the myths and misconceptions of the cryptocurrency investment industry. BitIRA will continue delivering education and content regarding cryptocurrency security through its BitIRA U initiative.

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Bitcoin (BTC) Interest and Trading Rising in Venezuela

Venezuela’s economic crisis continues to worsen, despite the president’s controversial attempts to revive his country. The demand for Bitcoin (BTC) and other cryptocurrencies continues to rise this year, as the country’s dollar, the bolivar, continues to drop.

Venezuela has hit crisis mode extreme, but can BTC save them?

Bitcoin Booming in Venezuela

According to Coin Dance, Venezuelan residents’ interest in Bitcoin (BTC) reached its peak in July of this year. Most countries have declined since January of 2018, when the total crypto market hit its all-time high.

In December, BTC hit just under $20,000 a coin, and altcoins hit record-highs the first week of January. Since then, the crypto market has dropped $500 billion in value.

The interest recently in Bitcoin by the residents in Venezuela at this time is rather shocking. However, with the country’s economic downfall, it seems its residents are doing anything to try and survive in their country.

According to the International Organization for Migration, since the year 2015, around 1.6 million people had fled from Venezuela. Many have fled to other South American countries such as Peru, Brazil, Argentina, and Columbia.

>> Malta Prime Minister: Cryptocurrency is the “Inevitable Future of Money”

Inflation Rising

Back on August 10th, five zeros were dropped from the country’s currency after its inflation levels had risen to stratospheric levels. The country rolled out a ‘new’ and revamped currency just after this and its inflation rose 100% in just three weeks, the Financial Express reported. At this time, investments in BTC remained at record-highs around the country.

Other than devaluing the country’s currency by 100% and renaming it to the sovereign bolivar, the country’s president, Nicola Maduro, announced his oil-backed cryptocurrency that would be pegged to the new Bolivar. This was in hopes to go around sanctions and gain access to international finances to get the inflation under control.

Many within Venezuela felt this was illegal and many countries urged their banks not to buy Venezuelan debt. Despite Maduro making strong efforts to push his Petro coin, interest has dropped dramatically, and residents are still sticking to Bitcoin (BTC).

Featured Image: Depositphotos/© Paulpaladin

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