Why Did Bitcoin Fall? A Brief Review of Reasons

bitcoin falls

This week turned out to be one of the most unstable ones in 2018 for the world’s #1 cryptocurrency. Its cost has decreased by about $400 literally in 24 hours. Such a collapse could not bypass cryptocurrency community, that was really worried not only about the decrease in the price of BTC, but all the of the other cryptocurrencies in the rating. Why did this happen and what to expect next? Let’s try to understand.

Contents:
(please click the topic to scroll down to it)

  1. Why does Bitcoin and other cryptocurrencies fall?
  2. How to earn on the difference in the rate of cryptocurrency?
  3. Forecasts of analysts
  4. Conclusions

1. Why does Bitcoin and other cryptocurrencies fall?

Experts note that one of the reasons for the decline in the value of BTC could be the recent hacking of the South Korean trading platform. However, this is not the main factor of the negative rate. There are also such reasons:

The first reason. Enhancing EU control

According to one of the versions, the decrease in the cost of BTC is indirectly related to the initiative from the EU on the topic of regulating cryptocurrency.

The authorities are carefully examining cryptocurrency and blockchain. We reported that the European Parliament supported the creation of a separate organization the main task of which would be to study and analyze the technology of blockchain. Behind the scenes, such a measure is considered a step towards regulating the cryptocurrency world, not a research method.

The second reason. Increased attention of the SEC

Not only Europe, but also the US seeks to keep the field of cryptocurrencies under control.

For example, the Securities and Exchange Commission claims that cryptocurrency exchange are reluctant to adhere to SEC standards.

This means that the regulator will act even stricter while establishing legislative norms for digital money.

2. How to earn on the difference in the rate of cryptocurrency?

Perhaps, the first logical thing that can be done is not to rush with selling. Sometimes a cryptocurrency falls so low that it would seem that only crazy people sit around and calmly watch what is happening. But, supposedly, it is at this time that experienced traders earn money while keeping a cold mind. During all of its existence, Bitcoin has plummeted many times, but almost always restored its value (it almost reached a record $20k mark).

If you want to earn on the difference in rates, then you should definitely:

  1. Choose a reliable cryptocurrency exchange;
  2. Determine the most profitable cryptocurrency pairs which you will work with, for example, BTC/USD or BTC/ETH.
  3. Follow the news and rates. With high volatility, experts do not advise to take any action if you are a beginner and own large investments.

A good solution is to get a comment from a more experienced trader and work only with stable currencies.

3. Forecasts of analysts

As for the technical part, even before the fall of the exchange rate analysts said that if the BTC fell lower than $7k, it would be the first hint that the price will not recover in the nearest future. The remaining cryptocurrencies in the rating, as it often happens, duplicate Bitcoin’s behavior. By the way, according to the latest indexes, Ethereum fell below $500, which is about 10% of the cost according to the data of the trading portal CoinMarketCap.

4. Conclusion

The volatility of Bitcoin and cryptocurrencies in general is not news for traders and participants of the cryptocurrency community. “Bad times” are coming for cryptocurrency more often, because hackers are getting more sophisticated, and regulators are trying to “tame” the unmanageable asset with new strength. Whatever happens, Bitcoin will hardly lose all its value, and any fluctuations are temporary.

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Binance Will Add Stablecoin USDC To Its Listing

Recently, one of the major crypto exchanges, Binance, has published a notice which says, Binance will open two new pairs for trading on November 17. Interestingly, those two pairs include a new-comer – USDC – stablecoin backed by Circle.

The trading pairs are USDC/BNB and USDC/BTC; the trading starts at 2018/11/17 03:00 AM (UTC). However, users are already able to deposit stablecoin in advance.

Moreover, Binance wrote there would be a “top-ranking auditing firm” to preserve the transparency of the stablecoin. Every month, the firm is bound to provide data of “the corresponding USDC and USD balances held/issued.

We want to remind you, such crypto exchanges as OKEx, Huobi, BitPay, Coinbase have already listed USDC stablecoin on their listings.

Dollar-Pegged Stablecoins Exceeded the Price Point of $1

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Cryptocurrency Prices Today, November 15: Cryptocurrencies Collapsed in Price

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 10.76% over the past 24 hours. The price at the time of writing is $5643 per coin.

Almost all cryptocurrencies absolutely crashed in price:

Bitcoin Cash lost 13.28% over the past 24 hours and costs $447 per coin;

Ripple dropped by 8.94% and is $0.46 in price;

EOS fell by  11.7%, and its price is $4.66;

Litecoin lost 13.45%, and its cost is $42;

Cardano decreased by 14.13%, and its value is $0.061;

Stellar lost 8.24% and is worth $0.23;

IOTA became cheaper by 16.64%, and its cost is $0.48;

Dash dropped by 12.34%, and its price is $142;

Monero decreased by 13.95% and costs $90.

Over the past day, Ethereum lost 12.76%. The cost of the coin is $179.

The total market capitalization dropped significantly to $185 billion. Bitcoin accounts for 53% of the total. In monetary terms, the amount dropped to $98 billion.

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Bank of America Has Officially Patented A System for Saving Crypto Actives for Significant Corporations

One of the major USA banks has been approved the patent for a system of saving crypto assets. The application for the patent describes a method for safekeeping cryptocurrency assets of users of the system. It also stated that the bank will cooperate only with major corporations.

The popularity of using cryptocurrency has turned into a trend that many companies are aiming at. The biggest part of major corporations serves their clients with the help of cryptocurrency. Because of this, there is a need to convert the cryptocurrency into any currency deposit, which has to be placed in a storage.

It is possible to improve the security and safety of deposit funds with the help of single corporate accounts that maintain the cryptocurrency storage.

At the same time, the clients will receive credit funds, the amount of which is equal to the crypto deposit. This concept was introduced by Bank of America.

The patent spelled out a storage system specially designed for the banking system, which processes and stores the secret key. The system is demanding to high throughput of a channel and the amount of calculation capacities.

When required to complete a transaction, the system will provide customers with access to Member’s personal account.

It should be reminded, that previously Bank of America approved the patent for close system private keys, that supports remote management.  

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Crypto Master Minds That Made It Into Forbes’s 30 Under 30

One of the most famous editions in the world, Forbes, came out with its annual rating of the most influential people under the age of 30 in different spheres of activity, including healthcare, music, art, retails and many others. This time the section of “finance” was replenished with a couple of blockchain and crypto personalities, namely:

1. JB Rubinovitz (26) is a crypto entrepreneur whose goal is to incorporate crypto mining as a way to provide bails for arrested people.

2. Olaoluwa Osuntokun (25) is one of the founders and a Chief Technical Officer of the company Lightning Labs. He raised $2.5 million to develop Bitcoin as a fully usable means of payment.

3. Hunter Horsley (28) is a CEO of the company Bitwise Asset Management. His firm specializes in creating crypto indexes.

4. Nader Al-Naji (26) and his company Intangible Labs are currently working on a concept of a cryptocurrency that could easily replace the usual banks.

We remind you:

Forbes Launches Its Own Version of the CoinMarketCap

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A Major Twitter Scam Made Target Promote a Bitcoin Giveaway

Twitter scammers are getting more and more intricate to make their fraud look like it’s not fraud. This time another scam involves a couple of popular brands (and, surprisingly, not Elon Musk).

A couple of unknown crypto criminals started spreading a tweet, encouraging the community to participate in a BTC giveaway. The scammers promised to give out $30 million worth of crypto. The tweet were quickly deleted, but some members of the crypto community managed to capture it.

The most interesting part of this whole scam is that its organizers allegedly hacked account of such popular companies as Target, The Body Shop, AHDB etc. and used them to endorse their endeavour.

There seem to be no other details on the victims of the scam or whether the hackers were caught or not.

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Cryptocurrency Prices Today, November 14: Cryptocurrencies Continue to Decline in Price

crypto prices

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) lost 0.16% over the past 24 hours. The price at the time of writing is $6356 per coin.

Almost all cryptocurrencies are in the red zone:

Bitcoin Cash lost 0.66% over the past 24 hours and costs $502 per coin;

Ripple fell by 2.29% and is $0.51 in price;

EOS minus 2.40%, and its rate is $5.30;

Litecoin decreased by 0.95%, and its price is $49;

Cardano dropped by 3.02%, and its cost is $0.072;

Stellar lost 4.23% and costs $0.25;

IOTA added 0.37%, and its value is $0.48;

Dash plus 0.15%, and its price is $164;

Monero lost 0.99% and costs $106.

Ethereum lost 1.03% over the past day. The cost of the coin is $206.

The total market capitalization is $209 billion. Bitcoin accounts for 52.8% of the total. In monetary terms, this is $110 billion.

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