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With uncertainty in the cryptocurrency market and a sudden #drop in Bitcoin’s value overnight, investors are again posed with the sell or hold dilemma, but many experts maintain that increased demand for a Bitcoin exchange-traded fund (#ETF) augers well for the flagship digital currency in the long term.
Long-term forecasters say that #Bitcoin has a strong likelihood of becoming a reliable store of value and a viable payment mechanism. Experts point to rising futures volumes and increased institutional participation in #trading as positive outcomes going forward.
Historically, #negative #news hits the market with a crash, such as the #SEC’s rejection of nine cryptocurrency ETFs in August, despite the #US#regulator stressing it “emphasizes that its disapproval does not rest on an evaluation of whether Bitcoin, or #blockchain technology more generally, has utility or value as an innovation or an investment”.
Signs are that despite this latest drop in #market prices, the #cryptocurrencyecosystem is healthy with daily trading almost doubling its total just days ago. Crypto advisory firm Autonomy’s co-founder Ricky Lee suggests, “For our trading activities, the [upcoming Bitcoin Cash] hard fork recently has generated tremendous interest and trading volume, above 4 billion #daily, among #traders.”
With Bitcoin’s value shedding almost USD 1,000 in just a few hours late yesterday, Willy Woo, the founder of data analytics site Woobull suggests that overnight recovery is highly unlikely and the current market trend may continue well into 2019. CNN Bitcoin analysts suggest that USD 5,633 is looking to be the current interim resistance level, but a break below that support would have the effect of scaring off investors. Conversely, a break above this level would suggest a long position at USD 5,712.
Looking for factors as to why the drop #happened, whether it be Bitcoin futures or the Bitcoin Cash fork, there are suggestions that the effect of the sell-offs in tech stocks led by Apple on Wednesday are making their mark on cryptocurrency #prices, although most point to the current uncertainty around so-called #altcoins #Bitcoincash and #Ethereum, both poised for fundamental and controversial changes in development and infrastructure.
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✅#Blockchain #Crowdfunding Platform Coinchase Launches No-fee Consumer-to-Consumer (C2C) Trading
🔸The world’s leading blockchain crowdfunding platform #Coinchase has launched a new #trading solution for its customers. It has now enabled no-fee consumer-to-consumer trading, making it the only crowdfunding platform to offer this feature.
The new solution will help in improving the #liquidity of tokens available on the platform. Moreover, it would allow users to trade in tokens that have not yet been listed on the exchange.
🔸Bitcoin Cash (#BCH) Plummets 18 Percent Overnight: What Triggered the Massive Drop?
In the last 24 hours, the #cryptocurrency market suffered one of its worst single-day sell-offs in all of 2018, as #Bitcoin (BTC) plunged 11 percent.
🔸#SEC Announces Enforcement Actions Against ICOs As Crypto Markets Tumble
This week, the SEC in the US announced over a dozen enforcement actions against #ICOs and digital assets, as the cryptocurrency prices fall to lowest numbers this year.
🔸Singapore’s #KuCoin Hits Funding Target Despite Bearish Markets
Singapore based KuCoin crypto exchange has raised $20 million in its first round of financing. The news comes as #cryptocurrencies continue to get battered in a year that has seen the market crash by over 70%.
🔸Hedge Fund Manager Brian Kelly Explains November 14th’s ‘Crypto Market Meltdown’
On Wednesday (14 November 2018), Brian Kelly, the founder and CEO of digital asset investment firm #BKCM LLC, explained yesterday's "Crypto Market Meltdown", which led to double-digit percentage losses for most of the major #cryptocurrencies including Bitcoin, which sank to $5,569, its lowest price in over a year.
🔸Sell or #Hodl? Crypto Traders Seek Direction in #Fluctuating Market
With uncertainty in the #cryptocurrency market and a sudden drop in Bitcoin’s value overnight, investors are again posed with the sell or hold dilemma, but many experts maintain that increased demand for a #Bitcoin exchange-traded fund (ETF) augers well for the flagship digital currency in the long term.
🔸Brian Kelly Says Bitcoin and Crypto Sell-Off Won’t Last
From new analysis on the Bitcoin and crypto market sell-off to a decision to choose #Stellar over #Ethereum, here’s a look at some of the stories breaking in the world of #crypto.
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