Why None of Positive Forecast Has Come True: Three Main Reasons for Bitcoin Collapse

The stability of Bitcoin’s rate and other cryptocurrencies is a big question. At the moment , everything  that cryptocurrency does stably is rushing through the Hell into suspense.

Infernal flight started on November,14 at 11:34 UTC. At that time, BTC rate was around $6 365, and ETH was $206, according to CoinMarketCap.

Source: https://coinmarketcap.com/

At the time of writing this article, November, 20 at 11:00 UTC, the same resource updated the data to an even more disastrous rate: the cost of one BTC is $4 459, and ETH $132.

At the same time, the Coin 360 monitoring resource shows a BTC rate of $4 460, and an ETH $131.

Source: https://coin360.io/

Apparently, the collapse of the coin rate is not going to stop, and this is clearly indicates, that a fateful event happened in the crypto industry, which collapsed the market.

Due to specifics of cryptocurrency, it is impossible to determine now what exactly the main cause of  the falling prices. However, The Coin Shark conducted its own, independent investigation and identified three most logical versions of why crypto “tends to zero”.

So, the reasons for the collapse of the market can be:

1.The split of Bitcoin Cash into BCH SV and BCH ABC;
2.The refusal of the China authorities to provide the miners with the cheapest electric power;
3.The theft of 600 BTC from the Bitmain company.

Now, let’s consider each reason in a more detailed way.

1. The split of Bitcoin Cash hard fork

It is possible, that the sudden collapse of the market is a consequence of the Bitcoin Cash hard forks. History has proved once again, that serious network updates provoke the panic within the crypto community. Especially among investors, who fitfully begin to sell their coins. Panic attacks are not so unprecedented, but rather very thoughtful. If during the fork there is a malfunction, it is guaranteed to have an impact on the future of the crypto market.  

Presumably, the cause of today’s “successes” of cryptocurrency is a backdoor, that hackers manage to discover and made a hashrate diversion from BTC.

We want to remind you, that now Bitcoin Cash is divided into Bitcoin ABC and Bitcoin SV.  

In this regard, Australian programmer Craig Wright wrote on his Twitter:

The founder and CEO of BKCM, Brian Kelly, also considers that Bitcoin Cash is involved into collapse of BTC rate and and other cryptocurrencies. He shared this during an interview at CNBC Fast Money.

Most likely, this pseudo-war between BCH SV and BCH ABC in the nearest future will cause a decrease of hashrate in BTC, which in its turn, will reduce the network speed.

“People are concerned that both Bitcoin and Bitcoin Cash markets, their networks might slow down, they might not work as well, the software upgrade may not go through or if it does go through, we will end up with some chaos. People started selling, that triggered stops, everybody got concerned. The entire market settled down. In my view, a very short-term event”,  – explained Kelly. 

 2. Insufficient speed of Bitcoin network

The authorities of provinces of Xinjiang and Guizhou stopped to provide the Chinese miners with cheap electricity. Now, the miners are forced to look for an alternative method of mining Bitcoin and other cryptocurrencies.

Because of this, main mining facility, located in China, suspend their activities in order to find an alternative resource for mining cryptocurrency. This caused the decrease of Bitcoin hashrate network by almost 20%.

3. Theft of 600 Bitcoins

A major Chinese company, Bitmain, has announced that its account has been hacked at Binance crypto exchange. At the time of the hack, more that 600 BTC were stolen – which is about 2.7 million dollars at the time of writing this article. The hacker has not been found yet, but it is known that he tried to increase the speed of a little-known cryptocurrency MANA with the help of this money.

This kind of news has already changed the mood of the market, while reducing the rate. It’s likely, that this particular incident could undermine Bitcoin and other digital coins. 

Why none of the positive forecast did not come true?

It is impossible to predict the cryptocurrency rate in advance, as it can be done on the usual market for fiat. On the crypto market, we see the outcome and only than the reason. For example, the dollar increases after raising discount rate in the USA, but the cryptocurrency doesn’t. Since, its rate doesn’t depend on the ordinary economy and on decisions of the authorities.

The cryptocurrency rate is not backed up by anything. It depends  only on supply and demand. Therefore, it is impossible to predict the behaviour of the rate in advance. For instance, exactly one year ago, on November 20, 2017, the Bitcoin rate was $8 039.

Source: https://coinmarketcap.com/

After just one month, the rate set the first historical record – $19 440.

Source: https://coinmarketcap.com/

Based on the last year’s situation on the crypto market, it cannot be stated, that this year it is going to be the same. This market is sensitive and unpredictable.

In relation to the worsening situations, all cryptocurrency holders are worried about – “What to do next?” – that’s a good question. But unless the true  reason of the collapse of the rate is revealed, there will be no exact answer. As for now we can only guess how the events will unwrap.

For example, a financial analyst, Alexey Polovinkin, in an interview with OBOZREVATEL, shared the view, that the rate of the world’s most massive cryptocurrency by capitalization will increase by $40 000 for one coin.  The expert explained, that Bitcoin will grow due to the possible legalisation of cryptocurrencies, which will have an effect on institutions and investment companies. According to Alexey’s point of view, they will start considering the entering of cryptocurrencies in the marker in a large amount.  We want to remind you, that Polovinkin predicted the growth of Bitcoin in 2017.

Also, a venture investor Tim Draper is trying to make a good forecast, reports The Daily Hodl.  The investor is confident that in the 2022 the price of Bitcoin will rise to $250 thousand. While, an investment banker and millionaire Mike Novogratz, makes more modest forecasts, stating that the rate will reach only $10 thousand.

Not all sharks of the crypto world are optimistic about the future of the market. In this regards, CEO of the BitMEX exchange, Arthur Hayes, state that the next 18 months will be not the best period for cryptocurrency. He is confident that the interest in digital money will decrease, which will affect the rate of coins.

Vinny Lingham, CEO of the American startup Civic, state that Bitcoin had no chance of existence. Even if his rate rises , he will still fall to $100 per one BTC.


“Do i think we’ll have another bubble? Probably, because people just don’t learn. When it hits $20,000 again, it will fall back to $100 or something like that”, – said Lingham.

As you can see, the estimates are diverse, and there is no clear idea about the upcoming growth or reduce. Therefore, any forecast should be reasonably judged. Till then,  cryptocurrencies continue their hellish way to a stop “Anti-record rate of 2018”.

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Binance To Launch Property Auction, Buyers Can Use BTC and BNB

One of the most famous crypto exchanges in the world – Binance – is launching a live property auction partnering with real estate auctioneer James Pratt Auctions (JPA). From now on, potential buyers can purchase real estate using Bitcoin or Binance Coin. The auction takes place on April 8.

The auction will sell a luxury, beach-front mansion in Casuarina, New South Wales.  Its area accounts for 412 square meters, including 5 bedrooms, 3 bathrooms, a heated 25-meter pool. The house provides a full Google Home automation, solar system, and a key-less entry system.

The auction was confirmed by the CEO of Binance, Changpeng Zhao, using hashtag #useBNB. He thinks that such auction will help to integrate digital assets in society much faster.

The CEO of JPA is very excited about this collaboration saying:

“This process gives the consumer another option to consider when purchasing real estate. For the vendor, it can help attract a whole new kind of buyer … There is a large audience internationally excited by this.”

Such purchase will not be the first in history; however, possible to buy real estate property in Binance Coin is something new. Using this method of payment will definitely cause BNB Coin to rise and adopt it massively in other spheres of life.

According to the CoinMarketCap, Binance Coin places the seventh place in Top 100 cryptocurrency with the market capitalization of more than $2 billion. The price at the time of writing is $15.28. Since the beginning of 2019, the rate of the coin is constantly growing, it has already increased by 2.5 times since January 1.

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A Large IT-Company Begins Accepting Cryptocurrency

An American company Avnet which is on the list of the largest technological organizations version of Fortune 500 announced that they are ready to accept digital coins including Bitcoin as payments. This was made possible because of a BitPlay service.

It should be noted that Avnet has also begun collaborating with Bitcoin.com. The main purpose of which is the development of a brand new cold wallet. It will provide the highest level of transactions safety and the storage of different digital coins.

Nevertheless, we shouldn’t forget the “dark” past of BitPay service. At the beginning of last year, representatives of large cryptocurrency communities called not to use its services.

The fact is that the workers of this service unilaterally without any negotiations with Bitcoin developers refused to support BIP21 and introduced a little known BIP70. Since 2013 it is of ill report because with its help BTC “blacklists” were created.

We want to remind you:

BitPay Transactions Surpasses $1B in 2018, B2B Payments Records 225% Increase

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When Will Finally Growth Happen? Or Fresh Forecasts of Cryptocurrency Analysts

As we all remember, the 2018th year was far from the best in the history of Bitcoin as well as other cryptocurrencies. For the previous year, the first cryptocurrency slipped from $20,000 to $3,200. As of this writing, one BTC coin costs $3,940.

Perceptible revival in the cryptocurrency market has provoked another dose of optimistic statements from analysts. Let’s take a look at what professional traders and cryptocurrency market experts are saying about the immediate prospects for the Bitcoin rate.

Leah Wald

A professional trader, and in the past, World Bank economist Leah Wald, claims that the rate of the main cryptocurrency will fall to a critical level of $1,500, and only after that, new growth can begin, up to $6,500. But the user with the nickname Filb Filb doubts her prediction and claims that BTC has already “found its bottom” and now only the growth up to $6,000 and higher is waiting for us.

Leah Wald is confident in her forecast, so she decided to make a bet with her opponent – in case her prediction turns out to be wrong, she will have to transfer 1 Bitcoin to the user Filb Filb.

Cane IslandCrypto

An analyst from Texas, who is known on Twitter under the nickname Cane IslandCrypto recently published his own vision of the BTC price behavior in the coming years. So, he believes that a long and confident uptrend is waiting for us:

  • until the end of 2019, the BTC course will be $7,800;
  • in 2021 – $28,627;
  • in 2023 – $93,382;
  • in 2026 – $471,532.

He is confident that the bear market is over and only growth is waiting for us in the coming years.

Canaccord Genuity CapitalMarkets

A group of leading analysts of Canadian financial institutions Canaccord Genuity CapitalMarkets has a similar opinion about the rate of the first cryptocurrency. They believe that in two years Bitcoin will return to its peak values and go higher.

To create the own Bitcoin price chart, analysts were guided by historical data for 6 years (from 2011 to 2017). After analyzing the behavior of BTC, they came to the conclusion that at the moment the price of the asset has already “found the bottom”. And in the near future, the BTC course should start its growth.

Conclusion

If we analyze this information, we can conclude that the mood of market participants is beginning to change for the better. So far, the Bitcoin rate shows growing, even though slow: in recent months it has grown from $3,200 to $3,940 and continues to ascend. The nearest psychological mark is at the level of $4,000 – $4,100.

We will closely follow the latest news from the cryptocurrency world. If you always want to stay up to date with the latest events, then follow the updates on our website or subscribe to us on social networks.

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Bitcoin Overcame Psychological $4000 Mark: Rate Chart

The weekend begins well: today on March 16th, 2019, Bitcoin rate broke another psychological mark of 4 thousand dollars.

Half-hour graph from cryptocurrency exchange Bitstamp Source: TradingView

In the graph above we can see that not only Bitcoin has increased, but also trading volume. As expected, almost all the coins followed Bitcoin.

Source: Coinmarketcap

This is exactly how Top-10 cryptocurrencies looks like. Bitcoin Cash showed the maximum growth in the last 24-hours, it managed to grow by 14%, the second place in the growth dynamic takes Litecoin with 6,61%.

What is it – the final verge of a trend or another market manipulation? We will follow developments and provide you with the latest information.

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FUBT: Empowering Digital Assets and Boosting the Token Economy

In the recent couple of years, Asia has become the region that is ahead of everybody when it comes to technologies. Anything that is new, unique and has potential is quickly being implemented in the East, while the rest of the world is just thinking it over. Certainly, blockchain and digital assets are no exception to the rule. Dozens if not hundreds of businesses, companies and projects in China, Japan, South Korea etc. are creating new concepts, ideas and solutions using cutting edge technologies, like blockchain and distributed ledger technology, in many different spheres, especially fintech.

What is FUBT?

FUBT Exchange is a Hong Kong-based project, the main focus of which is maintaining a blockchain platform for trading digital assets. The exchange evolved from the FUBT Station. In July of 2017, first transaction were conducted through the upgraded platform. Afterwards the developers launched their own token – BXB, which skyrocketed by almost 25 times on the market. FUBT kept growing and expanding. At the beginning of 2018, it opened up departments in other regions of Asia, namely Seoul, Cambodia, Tokyo, Taiwan, Phnom Penh and even one in New York. Now FUBT is considered one of the leading blockchain platforms for trading digital assets in Asia.

Strong sides and interesting facts about FUBT:

  • In June of 2018, the platform already had around 650 thousand active users which serves as perfect evidence of the project’s trustworthiness;
  • FUBT’s daily capital turnover equals to around 400 million dollars;
  • The platform is expanding globally and provides multi-language support for better understanding of users from different parts of the world;
  • The transactions within FUBT are conducted in a fast and simple manner, moreover, they are protected against security breaches;
  • The exchange provides a variety of digital assets, overall about 100 kinds;
  • Four crypto trading areas (BTC, ETH, FBT) are available on the platform;
  • FUBT has a mobile app both for iOS and Android;
  • The team of the project consists of real professionals from the fields of banking, fintech, blockchain, investment etc.
  • Core values of FUBT are “Integrity, Innovation, Inclusiveness, and Win-Win”;
  • The project has ambitious goals of expanding further and establishing itself firmly on the market;
  • FUBT team is constantly looking for new clients, partnerships, opinion leaders and pays a lot of attention to user feedback in order to improve and prosper.

More details on this promising and innovative platform can be found here.

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Cryptocurrency Prices Today, March 12: Cryptocurrencies Remain Stable

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

According to the online platform Coin360, Bitcoin (BTC) remained stable over the past 24 hours and slightly increased in price by 0.04%. The price at the time of writing is $3893 per coin.

For the most part, cryptocurrencies are showing growth:

Bitcoin Cash added 0.6%, Bitcoin SV lost 1.4%, the value of coins is $128 and $65, respectively;

Ripple dropped by 0.4% and costs $0.31;

EOS gained 3%, and its price is $3.71;

Litecoin added 3.2%, and its value is $56;

Cardano increased by 5.7%, and its cost $0.047;

Stellar lost 4.6% and costs $0.10;

IOTA grew by 1.4%, and its value is $0.28;

Dash increased by 4.4%, and its price $84;

Monero added 2% and costs $50.

Over the past 24 hours, Ethereum added just 0.2%. The rate of the coin is $133.

The total market capitalization is $134 billion. Bitcoin accounts for 51.4% of the total volume. In monetary terms, this is $69 billion.

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