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Bitcoin Price | Another Sudden Sell-Off After a Steady Month

At this point, there doesn’t need to be a reason for Bitcoin price to drop suddenly. The market is so volatile by nature it is almost pointless to look for why. So, in true fashion, yesterday’s sudden sell-off confirms just that.

There was no major market news reported, and despite this, Bitcoin price dropped 10% in a 24-hour period. Go figure.

The drop ended what was a (relatively) steady month for the coin.

Bitcoin Price Drop

Of course, where Bitcoin goes, others tend to follow, and so the entire market entered another period of sell-offs yesterday. Until this point, you could almost believe that the market would recover from December 2017’s mighty crash.

At the time of writing, Bitcoin price is valued at $3,693.

Crypto Market

The Bitcoin price decline was bad, but it wasn’t the worst. Other altcoins fared worst yesterday. Some of the day’s biggest losers included Ethereum (ETH), which traded down 15.4% selling for $126.31. Ripple (XRP) was also down 11.1% selling for $0.33. Litecoin (LTC) was down 14.9% at $32.99, and Bitcoin Cash (BCH) was down 16.8%, selling for $131.92.

According to CoinMarketCap, the entire cryptocurrency market value was down 10.6% in the 24-hour period, standing at $122.7 billion.

>> Bitwise Files Bitcoin ETF With SEC: Another ETF Hopeful

Volatile

As stated, the crash needs no explanation, and no doubt won’t be the last. Bitcoin is a different looking coin in 2019 than it was in 2017. At its current value, Bitcoin price is down 80% what it was worth from its peak in December 2017.

It is for this reason that many people are torn over cryptocurrency’s ability to serve as a viable form of currency usable in everyday situations. The underlying technology of the blockchain underpinning every coin is considered a technological achievement useable for many purposes. The coins, as a payment system, however, tell a different story.

Featured Image: Depositphotos © sinenkiy

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Bitcoin Price | Holding Steady Near $3,800, Corrections Across the Market

Bitcoin price is currently down 2% on the day and selling for $3,792. Today’s action is reminiscent of previous days in the week where the coin has dropped a few percents but then gained a few more and vice versa.

Bitcoin Price

Disappointingly, the coin has failed to break back above the $4,000 mark that it fell below one month ago. It seemed like it might do that this week, as we saw several bursts. However, Bitcoin price remains steady as it holds firmly, and predominantly, between the $3,800-$3,900 price points.

Despite today’s red hue, overall, Bitcoin price is trading up 3.5% on the week. We are in a very strange time for Bitcoin, and it’s hard to predict if this trend will stay much longer or if there is another dramatic fall on the horizon. Comparatively to the beginning of 2018, Bitcoin in 2019 looks set to be a totally different beast.

Top Twenty

All the top twenty coins today are seeing some further corrections after the market tipped into the red yesterday.

Ripple’s XRP has lost even more than Bitcoin. XRP is down over 3% and selling for $0.35 at the time of writing. This brings the coin close to full circle on its weekly and monthly charts.

Also down is recently forked Bitcoin SV (BSV), IOTA (MIOTA), and Bitcoin Cash (BCH). All these coins are experiencing bigger losses around the 4% mark.

>> EOS and Ethereum (ETH) Update, is 2019 Their Year?

Ethereum (ETH)

Ethereum is putting Bitcoin price to shame. The second largest coin by market cap is the only gainer in the top ten today.

It is in the green only by 0.5% and selling for $150 at the time of writing. But on its weekly chart, ETH is fairing much better as it is 28% in the green. It has also grown an impressive 34% on the month.

Ethereum looks set to capitalize from the launch of new European digital trading platform DX.Exchange. The platform offers fully EU-regulated, tokenized stocks on the Ethereum blockchain and kicks off next week. Excitingly, DX uses Nasdaq’s Financial Information exchange (FIX) protocol to deliver the product.

Featured Image: Depositphotos © leungchopan

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Bitcoin Price | Spencer Bogart Says Lower or Higher, Either Way it’s Good

As we wrap up 2018, crypto players are starting to publicly come out with their Bitcoin price forecasts for the new year. Some are bearish, using the fact that BTC was nearing $20 thousand this time last year. Others, however, continue to be bullish. Spencer Bogart of Bitcoin Capital is one of the latter.

Spencer Bogart Remains Bullish of Bitcoin Price

In a recent interview with CNBC, when asked whether he believes BTC will hit $50,000, Spencer Bogart said yes, but maybe not as soon as bulls are forecasting.

“Absolutely it can go that high,” said Bogart, “how long will it take, I’m not sure.” That’s a different but realistic approach to the future of Bitcoin price, compared to someone like Tom Lee, who reiterated his $15 thousand year-end prediction last month.

What Caused the Downward Slide?

The crypto market is aware of the downward tumble in the Bitcoin price. However, players remain divided as to what the cause of it was. Was it because Bitcoin was never meant to succeed? Just another Ponzi scheme? Bears may agree. Or, was it because of the individual players buying the digital currency, not being mature enough to learn the ropes before climbing up them?

For Spencer Bogart, co-founder of Bitcoin Capital, he is of no opinion. He is simply ignoring the BTC price.

Bogart said that if you ignore it, it becomes evident that 2018 has been a “fantastic year” for the digital currency. “This is the first year we have started to move to scale Bitcoin with a lightening network where you can transact extremely quickly and extremely cheaply,” explained Bogart.

>> Has Tether Told the Truth All Along? Bank Statements Say 1 For 1

A Signal to Buy In?

In the CNBC interview, Bogart said: “I think it’s a great buy in opportunity right now.” Does he deny that Bitcoin will probably drop lower? No; “Could we go lower?” Bogart asked, “absolutely.” But that’s what makes it such a great opportunity. “I think anywhere between here and $2,000 and $1,000 is a great buy in opportunity.”

He added that in 24 months, people may look back and say “why didn’t I buy now?” The interviewer didn’t seem to support the idea as much, jokingly responding back saying “I hope so. I hope it’s not more of a question of why did I buy then?”

The Takeaway

Some people are worried about the Bitcoin price lingering around $3,000, but Spencer Bogart is not one of them. Everyone is different, though.

What direction do you think BTC is headed in for the new year? Let us know in the comments below.

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Bitcoin Price | BTC is Bullish, are Altcoins the Reason?

Bitcoin price is on a bull-run right now. In fact, the entire crypto market seems to be making a bullish turn as sharp gains can also be seen across a number of altcoins.

At the time of writing, Bitcoin is up 4.6% on the 24-hour basis and is currently trading at $6,733 according to coinmarketcap.com

Earlier in the day, Bitcoin price hit its 16-day high of $6,745, but it could easily hit that high again by the looks of things.

Bitcoin Price Recovery

Bitcoin is recovering from a five-week low of $6,100 that it hit on Wednesday. This is interesting because news surrounding the coin hasn’t been great this week; 6,000 bitcoins from Zaif exchange were stolen, and a pretty big flaw in Bitcoin’s code was discovered. (It has since been fixed.)

Usually, negative news creates negative sentiment, and this is reflected in the price. You’d have been forgiven for thinking Bitcoin would be dwindling in the red.

Are Altcoins Carrying Bitcoin?

But what’s more than likely happening is that Bitcoin price is being fueled by investors demand for altcoins.

>> Crypto Daily News: Crypto Market Rebound and Coinbase Issues a Statement about Proprietary Trading

Specifically, Ripple (XRP) has been on a massive gaining streak this week and currently is up a further 46.08% in the last 24 hours.

18% of this trading volume is coming from Bitcoin trades with Ripple.

Other notable gains today include Aurora Coin (AOA), which is sporting gains of 53.51%, and MONACoin, which has gained 37.97%. Both these coins draw the majority of their trades through pairs with BTC.

Further Gains Ahead?

It may be that investors are buying Bitcoin in order to buy other altcoins and thus BTC price is increasing. Or maybe there is a case of FOMO occurring across the market, as the majority of coins are in the green across the board.

If Bitcoin price is being spurred on by altcoins, then BTC could be in for further gains. Altcoins don’t look like they’re ready to stop their rally.

What do you think?

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Bitcoin Price Watch | A Month of Major Highs Followed By Many Lows

Bitcoin Price Watch: Yesterday saw Bitcoin (BTC) price fall to almost below $6,000. But what about today?

First, let’s recap the last month.

Bitcoin Price Watch: The Past Month

Mid-July was looking promising for the coin as it began a sudden bull-run which saw Bitcoin climb to a peak of around $8,450.

But typically reflective of this volatile marketplace, the highs did not last long and BTC has been on a steady downward climb since hitting the peak. Once August kicked in, it seemed any progress made in those impressive two weeks in July, was lost.

This meant that investors only saw monthly gains of 3%. It was looking as if it was going to be much higher than that.

Bitcoin Price Watch: Today’s Market

As it stands, today — Tuesday — looks pretty gloomy across the entire market as all the major coins are in the red. Bitcoin itself is down almost 5% in the past 24-hours but some major coins such as Ethereum, are suffering almost a 20% loss; currently, ETH is down a whopping 19.03% at the time of writing.

In fact, in the past 30 days, ETH has slipped almost 40%.

Comparatively, though, Bitcoin is holding on in there. Traditionally speaking, the Bitcoin price tends to dictate market trends; if it is climbing other coins follow suit and likewise the other way.

bitcoin price watch
Source: CryptoCurrencyNews.com

>>Crypto Movement: Ethereum (ETH) Drops Below $300 and Stellar (XLM) Passes EOS

 

But it seems that altcoins are suffering on a larger scale than Bitcoin right now which some consider a possible sign of an “extinction-level event”. Those are the words of Xapo president Ted Rogers, and he further warned on Monday:

“90%+ of CoinMarketCap list will disappear eventually – might as well happen now,”

Is Rogers correct? Other major assets have dropped anywhere between 10-15 percent of their value including Ripple (XRP)Litecoin (LTC),  EOS (EOS), and Cardano (ADA)

We’ve seen these trends before though? and if Bitcoin’s most recent bull run could start as suddenly as it did 2 weeks ago, who’s to say it won’t do it again?

Featured Image: Deposit Photos/AntonMatyukha

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