Bitcoin Faces Drop Towards $3K After Brief Price Bounce

Bitcoin (BTC) still has the potential to drop towards $3,000, despite a minor bounce from 15-month lows seen on Friday. The leading cryptocurrency by market value picked up a bid at $3,210 three days ago –  a level last seen in September 2017. The ensuing corrective bounce, however, seems to have run out of steam, as bitcoin is currently trading at $3,470 on Bitstamp – down 4 percent from yesterday’s high of $3,633. It’s worth noting that prices are currently down more than 80 percent from the record high of…

Bitcoin Avoids Large Drop Below $3k With 7% Recovery, Trend Reversal?

Over the last 24 hours, the Bitcoin price has experienced a seven percent recovery from $3,210 to $3,433, avoiding a further drop below the $3,000 support level. Many traders expected Bitcoin (BTC) to rebound from the $3,000 to $3,300 range because the $3,000 support level has shown strength throughout the past two weeks. Ethereum (ETH) recorded a 15 percent increase from its daily low and ERC20 tokens such as Quarkchain, OmiseGo, and 0x demonstrated gains in the range of 5 to 15 percent, due to the integration of tokens by…

Bitcoin Mining Difficulty Just Saw its Second-Largest Drop in History

The crypto market’s prolonged decline has finally begun to manifest in the bitcoin mining industry, which had at times seemed impervious to falling prices but is now experiencing a moderate exodus. Bitcoin Hash Rate Begins Rare Decline At a basic level, miners produce Bitcoin blocks by competing to solve complex mathematical problems. When the hash rate increases, blocks are found more quickly, while the converse occurs when the hash rate declines. To maintain a consistent block time of ~10 minutes, Bitcoin automatically adjusts the difficulty of these problems at roughly…

Lack of Momentum Leads Crypto to Drop

CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. Over the past 24 hours, the Bitcoin price has dropped by more than five percent from $4,265 to $4,030, demonstrating a decline in daily volume. On fiat-to-cryptocurrency trading platforms like Coinbase and Bitstamp, the dominant cryptocurrency was dangerously close to dipping below the $4,000 support level. A drop below the $4,000 mark could disallow a short-term corrective rally to the mid-$4,000 region in the short-term, several analysts said. $4,000…

79% Drop of Bitcoin is Smallest Major Correction to Date, Not All Gloomy

Twitter Facebook LinkedIn Bitcoin (BTC) has experienced five major corrections to date, and the recent bear market of 2018 is the smallest major correction to date. As seen in a table shared by a renowned trader and technical analyst Peter Brandt, BTC experienced a drop of 79.7 percent in the past eleven months as its price declined from $19,500 to $4,035. On November 21, Bitcoin experienced a steep decline from $4,500 to $4,050 on fiat-to-cryptocurrency exchanges like Kraken and Coinbase. The dominant cryptocurrency swiftly recovered back to $4,500, but the…

Ripple Finally Suffers Major Price Drop as Crypto Market Wipes Out $12B

Twitter Facebook LinkedIn The intense downtrend of the crypto market is finally having a toll on the best performing digital asset of the month. Ripple (XRP), now the second most valuable cryptocurrency in the market, is no longer up in value on a monthly basis. Throughout the past 30 days, XRP has maintained the $0.5 level relatively well with minimized losses even during a period in which the price of BTC and other major cryptocurrencies fell by around 10 to 20 percent. What Caused XRP to Drop? As a liquidity…

Tokens Continue to Drop, is SEC Preparing to go After Crypto Projects?

Twitter Facebook LinkedIn The price of Bitcoin has dropped by 10 percent over the last 24 hours following a severe sell-off. Yet, several low market cap crypto and tokens have plunged by twice that amount, posting losses in the range of 20 percent. ERC20 tokens launched on top of the Ethereum blockchain network have performed especially poorly against both Bitcoin and the US dollar over the past several days. Waltonchain, Lisk, ICON, Ontology, Golem, VeChain, WanChain, and many other tokens backed by active developer and investor communities declined substantially in…

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…

Bitcoin Bull Tom Lee ‘Pleasantly Surprised’ by Drop in Crypto Volatility

Twitter Facebook Over the past several weeks, the bitcoin price has been uncharacteristically stable, even as equities have lost their footing and the global stock market has flirted with corrective territory. Tom Lee, the founder of Fundstrat Global Advisors and one of Wall Street’s most well-known bitcoin bulls, said that he was pleasantly surprised by the drop in crypto volatility, particularly when juxtaposed with the stock market’s recent swings. He told CNBC: “It’s surprising given how small bitcoin is in terms of market cap. The total crypto market cap is…

Bitfinex Took 630 Million Tether Out of Circulation After Drop Below $1

Bitfinex is sending massive quantities of tether tokens back to the vaults. The cryptocurrency exchange has overlapping management and owners with Tether Ltd., the company that issues a dollar-linked cryptocurrency of the same name (often abbreviated USDT). Both firms have come under increasing scrutiny following USDT’s dramatic break with dollar parity last week, when the exchange rate briefly dropped as low as $0.85 on the Kraken exchange. It has yet to fully recover. It’s notable, then, that a wallet address controlled by Bitfinex has sent 630 million USDT to an…