Bitcoin Erases Weekend Gains & Struggles to Break Out of Bear Trend

Twitter Facebook LinkedIn Bitcoin kicked off the week by erasing gains made during the weekend, falling 1 percent against the US Dollar. Bitcoin Relinquishes Hard-Fought Gains The BTC/USD pair stayed depressed despite an upside attempt, printing intraday lows near 6319-fiat against the high at 6384-fiat. The breakdown action in the European forex market helped the dollar establish its 16-month high. Due to the US bank holiday today, Wall Steet is bound to post lower volume, but its relevance to the overall intraday health of the greenback could surface tomorrow when the…

Bitcoin Price Eyes $6.2K Amid Further Drop into Bear Territory

Bitcoin’s reversal of the recent uptrend in prices is gathering pace and a drop into a bearish territory below $6,200 is now a possibility, technical charts indicate. The leading cryptocurrency found acceptance below the lower edge of the rising channel yesterday, invalidating the bullish price action witnessed earlier this week. Essentially, the rally from the Oct. 31 low of $6,201 has ended at a high of $6,540 reached on Nov. 7. At press time, BTC is trading at $6,350 on Coinbase, having clocked a five-day low of $6,335 soon before…

BitMEX CEO Affirms Bear Call, Says BTC May Fall to $2,000

Twitter Facebook LinkedIn What a difference a few months can make. It seems like a lifetime ago that Arthur Hayes, CEO of cryptocurrency derivatives platform BitMEX, predicted that the bitcoin price could reach $50,000 in 2018. In fact, it has been less than six months, though the events that have occurred during that interlude have been sufficient for Hayes to slash his short-term crypto forecast by more than 95 percent. CCN reported earlier this week that Hayes, a former Citigroup trader, is now predicting that the bitcoin downtrend could last…

Bitcoin Bear Market Could Last 18 More Months: BitMEX CEO

Twitter Facebook Bitcoin prices and trading volume might keep plummeting, and the current bear market could last another 18 months. That’s the sobering assessment of Arthur Hayes, the CEO of the Bitcoin Mercantile Exchange (BitMEX), the world’s largest bitcoin derivatives trading platform. “My view is the volatility environment that exists right now could persist for another 12 to 18 months, the flatness,” Hayes told Yahoo Finance. “I’m just basing it off my previous experience.” Hayes started trading crypto full-time in 2013 after losing his job as an equities trader at Citibank.…

Bitcoin is Still in the Middle of a Bear Market

An inverse monetary velocity pattern indicates that bitcoin bulls are wrong about the market’s next bull run. Willi Woo, a prominent cryptocurrency market analyst, pitted the digital currency network value (or market cap) against the daily US Dollar volume transmitted through the blockchain. A proportion between the two equated into Bitcoin Network-to-Value (Bitcoin NV) Ratio, similar to P/E ratio used in equity markets.  A high Bitcoin BV indicates that the net value is exceeding the sum that is getting transmitted to Bitcoin’s payment network. It alternatively means that investors get…

Bear Market Sees Bitcoin Volume Approaching Yearly Low Once Again

Earlier today, on October 14, the price of Bitcoin experienced an abrupt increase from $6,300 to $6,410 within minutes. The unexpected rise in the Bitcoin price led traders to be optimistic about the short-term trend of the crypto market, as analysts previously stated that for the dominant cryptocurrency to demonstrate signs of recovery, it will need to first rebound to the range of $6,350 to $6,400. However, in the past 12 hours, the price of Bitcoin fell back to $6,300, falling below the $6,300 mark to around $6,220. Tether-Enabled Exchanges…

Ripple Drops 8% as Volume Drops 50% in 1 Week, Bitcoin Bear Biased

On October 6, CCN reported that the volume of Ripple has declined by more than 50 percent within the past four days. Since then, XRP has declined by around eight percent against the US dollar. The volume of Bitcoin has slightly recovered to $2 billion on CoinCap.io and $3.3 billion on Coinmarketcap, but the dominant cryptocurrency has not recorded any significant increase in volume and price to suggest that a short-term rally is in play. Ripple (XRP), Basic Attention Token (BAT), and Decentraland (MANA) remain as the worst performing cryptocurrencies…

This Meme Marketplace Uses Dummy Tokens to Draw Users in a Bear Market

Memes are a pretty important part of the crypto ecosystem – how else would crypto visionaries display their wit and sometimes passive aggressivity? It’s no wonder then that District0x’s Meme Factory is seeing quite the buzz. Not only did District0x raise $9 million in an initial coin offering last year, backed by Boost VC and CoinFund, to name a few, but holders of the ERC-20-based native token, DNT, are already making decisions about the project’s future. And that’s perhaps surprising since the application isn’t exactly live yet. Instead, holders of DNT…

Bear Market? CoinMarketCap Lists Record 2,000 Active Cryptocurrencies

The great cryptocurrency bear market of 2018 may have put a damper on speculative investor interest in this nascent asset class, but it does not seem to have led to much of a slowdown in the number of new altcoins being released on the market. CMC Reaches 2,000 Listed Cryptocurrencies To wit, cryptocurrency resource site CoinMarketCap hit a new milestone on Friday, as its market cap rankings now include data on more than 2,000 active coins and tokens, an increase of more than 600 since the beginning of 2018. A…

BTC/USD in Bear Flagpole Formation

Bitcoin on Tuesday depreciated more than 3 percent against the US Dollar after reversing from a bear flag top yesterday. The BTC/USD walked the day carrying the prevailing bearish sentiment on its shoulders. The early Asian trading session opened at 6518-fiat and didn’t wait much before dropping below key support areas around 6500-fiat and 6400-fiat. By the end of the mid-Asian session and the beginning of early European trading hours, BTC/USD had established its intraday low towards 6370-fiat. At the time of the press, the pair is consolidating sideways in…