Bitcoin Price Dives Sharply – Find Out Why

Bitcoin (BTC) prices broke below the $7,000 support level late August 7 to hit lows on Wednesday, August 8 not seen since mid-July, as 99 out of the 100 coins on CoinMarketCap see red.

At press time, BTC was trading around $6,499, down around 8.5 percent on the day and capping a turbulent three weeks in which the largest cryptocurrency gained and lost up to 20 percent.

Tuesday’s move below $7,000 means the coin has almost come full circle since it rapidly gainedover $1,000 over a two-day period ending on July 17.

While commentators were unclear as to the motive behind the sudden upwards move, Bitcoin prices continued rising throughout the last month, reaching multi-week highs of around $8,450 two weeks later.

In August, despite news of a regulated digital assets platform from Intercontinental Exchange and moves by Goldman Sachs to plan a crypto custody offering, markets began deteriorating, with Bitcoin losing around 15 percent over the past seven days.

The latest lows came hours after U.S. regulators announced they had extended a deadline for approving a…

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Friday Will Be a Critical Test for Bitcoin – And Here’s Why

Bitcoin has regained its footing early Tuesday, trading back above $7,000 as it looks to halt the recent selloff.

After logging its eighth losing session in the last nine on Monday, bitcoinBTCUSD, +2.61%  last changed hands at $7,084.77, up 2.4% since Monday 5 p.m. Eastern Time on the Kraken crypto exchange.

After a torrid start to August for digital currency owners, participants have shifted their focus to a potential decision on the VanEck and SolidX application for a bitcoin-related exchange-traded-fund.

The first date to watch is Aug. 10, which is 45 days since the Securities and Exchange Commission filed a notice on the proposal and when the time in which it would file a response runs out. However, the SEC has said it can push out this response period to 90 days “if it finds such longer period to be appropriate.”

Either way, the crypto community have it on their radar. “The ETF decision is going to be the next catalyst for the market,” said Charles Hayter, co-founder of CryptoCompare. “There’s a lot of uncertainty around the decision, but also a lot of…

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Bitcoin Breaks a Major Level

Bitcoin rose to an intra-day high of $8,486 and close of $8,396 on July 24 after rebounding from its recent low close of $5,871 on June 28 and its intra-day low of $5,538 on July 2. However, since Tuesday Bitcoin has fallen over $1,000 to just under $7,000 on Saturday.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

[Author’s note: There is no official price for Bitcoin, so I use round numbers and reference Yahoo! Finance data.]

There have been two distinct downturns in the past five days, both of which could be due to a very large Bitcoin trade going south and leading to a large number of the cryptocurrency hitting the market.

On Friday, August 3, OKEx, a Hong Kong Bitcoin exchange announced that it had frozen a clients account due to the client initiating “an unusually large long position order (4,168,515 contracts).” This happened on July 31 and with each contract worth $100 this was almost a $420 million position…

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BREAKING: Goldman Sachs gives notable Bitcoin prediction

  • Goldman Sachs’ investment strategy group says bitcoin will continue to decline.
  • It also says the virtual currency meets none of the three definitions of usable money and makes up just 0.3% of global GDP.
  • Bitcoin has declined by 45% in 2018.
  • Follow bitcoin in real-time here. 

Despite headline-making plans to open a bitcoin trading desk earlier this year, Goldman Sachs still isn’t sold on the virtual currency.

In a midyear economic-outlook report, the bank’s investment strategy group says the price of bitcoin is likely to decline even further than the 45% it has in the first seven months of 2018.

“Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected,” the team lead by chief investment officer Sharmin Mossavar-Rahamani said.

“We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency…

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This key trigger that could propel the cryto ‘Cardano’ to new heights in the near future

Cardano (ADA) is without a doubt one of the more visible crypto projects in the market today. Though it is still a work in project, it has solidified its position as a top 10 coin. Though its value today is a pale shadow of its 2017 highs, its fundamentals paint a picture of a highly undervalued crypto. It has a working paper wallet, a working proof-of-stake algorithm among many other features. At this point, all Cardano needs is just a minor boost in publicity, and it will shoot up crypto rankings in no time.

One key trigger that would propel Cardano to the top in the near future is a Coinbase listing. Lately, Coinbase seems to have become the exchange to watch for listings, thanks to its strong influence in the U.S market. Recently, they announced that they were listing Ethereum Classic (ETC). Once that announcement was made, the value of Ethereum Classic shot up, and has been relatively stable since then.

In fact, Ethereum Classic has been one of the better performing altcoins, in a market that has become bitcoin (ETC) heavy, in the last few weeks. As such, if Coinbase were to list Cardano (ADA), chances are that it would skyrocket in value, and displace a number of coins in the Coin market cap rankings. But is there any possibility of Coinbase listing Cardano anytime soon?

The answer to that is…

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Top 3 Price Predictions Bitcoin, Ethereum & Ripple

  • BTC/USD recovers from recent lows stuck at $7,600.
  • ETH/USD consolidates at $420 level.
  • XRP/USD bulls were discouraged by $0.4600 resistance.

Bitcoin bears seem to have slowed down a little following 11% drop from recent high registered at $8,500. The crypto market has entered a consolidation phase, though XRP demonstrated particularly strong growth with no clear fundamental reasons readily available.

BTCUSD virtually bumped into a strong confluence zone at the price level of $7,630. The indicators that create this critical confluence and listed from lowest to the highest price level, among others:

Fibonacci 38.2% one-month, SMA 50-15m, 15 min low, 1-hour low, the SMA 10-1-hour, the Bolinger Band 15m-Middle, the SMA 5-1h, and the SMA 100-daily.

Once this area is cleared, the upside may be extended towards psychological $8,000, reinforced by SMA100 (1-hour chart) and SMA10  (daily). This level is followed by the ultimate resistance of $8,500, which encompasses both last month and last week highs as well as 161.8% Fibo retracement level (daily). Considering the importance of the confluence area, it will be hard to…

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The Bitcoin Price Is Tanking — Here’s Why

The bitcoin price bull run over the last month, which saw it climb from around $6,300 to highs of $8,400 in a matter of weeks, could be over.

Bitcoin has slumped by 5% over the last 12 hours, falling well below the psychological $8,000 mark as traders and investors fret over coming tax crackdowns and blockchain-based applications being adopted by the traditional financial institutions.

Bitcoin hit lows of $7,675 at pixel time, down from daily highs of $8,168, according to CoinDesk data.

Meanwhile, other cryptocurrencies are suffering — and many of them haven’t had quite the bull run bitcoin has over recent weeks to cushion the fall.

Ethereum is down by 6% over the last 24 hours, while ripple is down around 4% and bitcoin cash is off by 5%.

Here’s what’s pushing the bitcoin price lower…

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Find out which cryptocurrency billionaire Bill Miller thinks is the Most Stable

Billionaire investor, Bill Miller believes Bitcoin is the cream of the crop as far as cryptocurrencies are concerned. The founder and chief investment officer (CIO) of Miller Value Partners also thinks that the top-ranked cryptocurrency is similar to gold. 

Bitcoin is an ‘Interesting Technological Experiment’

In a recent Bloomberg interview, the self-proclaimed ‘Bitcoin observer’ revealed that he is a Bitcoin investor both personally and as part of a partnership portfolio. He recognized the nascent nature of the market, declaring that no one knows how the asset will end up. Regarding his views of the asset itself, Miller said:

I think that it’s an interesting technological experiment. Every day that it doesn’t blow up or get regulated to zero, what’s going to happen is that more money flows into the ecosystem.

Many market experts have repeatedly said that the entry of institutional money is the next significant phase in the evolution of the cryptocurrency market. However, the entry of these big-money players is contingent on the emergence of robust custody tools as well as clear-cut regulations in the market.

Most Cryptocurrencies are Worthless

When asked about whether his stance on Bitcoin extended to other cryptocurrencies, Miller said:

Most of them [cryptocurrencies] are probably worthless. Bitcoin is the most stable of the currencies. I think it has the greatest probability of being successful. There are others that people like, but that’s the only one I’m interested in.

Earlier in the month, another billionaire investor, Marc Lasry of Avenue Capital Group, said that Bitcoin is the virtual currency that will attract the most investors.

When asked about whether his stance on Bitcoin extended to other cryptocurrencies, Miller said: "Most of them [cryptocurrencies] are probably worthless. Bitcoin is the most stable of the currencies. I think it has the greatest probability of being successful. There are others that people like, but that’s the only one I’m interested in."

Bitcoin is a Lot Like Gold

Concerning the appropriate classification for Bitcoin, Miller said that he sees the top-ranked cryptocurrency as a non-correlated asset that is most similar to gold. However, he stressed that BTC held some certain advantages over the precious metal, chief of which are its ease of transfer and ability to function as a medium of exchange.

Despite these advantages, Miller believes that BTC isn’t an yet an efficient payment system or a viable currency. Enthusiasts like Square CEO, Jack Dorsey, and Apple co-founder, Steve Wozniak believe BTC can be the single global currency within the next decade.

Miller also predicted that if Bitcoin was able to attain a third of the total market value of gold, then institutions like banks might become more interested in the asset. The current BTC market capitalization stands at $140 billion which is 47 percent of the total cryptocurrency market.

Do you agree that Bitcoin is the most stable cryptocurrency? Let us know in the comment section below. 

Images courtesy of, Shutterstock

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Source: Bitcoininst

‘Bitcoin Brothers’ – Cameron and Tyler Winklevoss – can’t catch a break

For the second time in 18 months, the S.E.C. has rejected a bid by the Winklevoss twins to create an exchange-traded fund for bitcoin, a blow to the brothers seeking to capitalize on their cryptocurrency dominance.

The blue-chip Winklevoss twins, late of Greenwich County Day School, Harvard, and the Hasty Pudding Club, do not seem like the sort to come in second. And yet, Cameron and Tyler Winklevoss have continually brushed up against fabulous wealth and power, only to have it snatched from their meaty grip. The Internet entrepreneurs’ most recent misfortune came on Thursday, when the Securities and Exchange Commission rejected a proposed rule change that would have allowed an exchange to list shares of Gemini, a cryptocurrency exchange-traded fund launched by the Winklevii. In a release, the S.E.C. explained that it didn’t buy the argument made by the twins that bitcoin markets like Gemini are “uniquely resistant to manipulation.” The agency also said it remains skeptical of the ability of bitcoin exchanges to police trading. “The record before the Commission indicates that a substantial majority of bitcoin trading occurs on unregulated venues overseas that are relatively new and that, generally, appear to trade only digital assets,” its filing read. “Regulated bitcoin-related markets are in the early stages of…

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Meet the 4 Coins you need to watch for in August

As the bear market continues to take hold, many investors are wondering what their next move should be; should you hold your investment and keep an eye out for the next bull run, or should you cut the losses and perhaps find better luck elsewhere.
What’s clear is that we seem to be in a consolidation period with BTC prices hovering between $5,800 and $6,800 for the past month. With no announcements big enough to spark an upward trend, the market will likely continue to engage in a fierce tug of war between the optimists and short sellers.
In the meantime, this is a great opportunity to invest in a handful of coins that are not only undervalued but are showing great development progress and are a couple of times cheaper than their December/ January all-time highs.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.


Current price: $0.89 (July 26th , 2018), All time high price: $11.10 on January 9th, 2018

AION is a multilayered blockchain system that is designed to resolve the issues of privacy, scalability, and interoperability.

Recent developments: This year, AION successfully launched their mainnet ‘Kilimanjaro’, which was a milestone they set out to achieve for 2018 on their roadmap.  They also achieved smaller milestones that were part of the Mainnet launch, including developing their Virtual Machine, Aion Inter-chain, their proof of work algorithm, Aion Core and Aion API’s.

Aion is also part of the Enterprise Ethereum Alliance, which recently partnered with eBay and Foxconn. Aion plans to expand into Korea, Japan, and China.



Current price: $1.32, All time high price: $12.11 on January 9th, 2018

ICON is building a decentralized network that allows independent Blockchains with different governances to transact with one another without intermediaries.

Recent developments: Although the company has missed a lot of its roadmap deadlines, there is still strong evidence of development and business progress being made. The Blockchain already has more than 12 Dapps launched in their Mainnet ecosystem. ICON is also currently one of the most partnered Blockchains in the industry. Some of the industries ICON is partnered with include; Gaming, Biometrics, Education Healthcare, Insurance, and Banking.

One company in particular that ICON has partnered with is Line, the giant messaging app that hopes to launch a crypto exchange in the coming month.



Current price: $1.62, All time high price: $8.06 on January 10th, 2018

Enigma is an off-chain network that compliments blockchain networks by providing a secondary layer for data storage and computation.

Recent developments:

The blockchain launched their Testnet in June, and have announced a roadmap for the next 5 years. They have also just announced a massive partnership with Intel and have hired many new developers, and have set-up a new developer forum.

Lastly, Enigma has just begun expanding into the Korean market.


Current price: $0.14, All time high price: $2.73 on January 10th, 2018

WAX is a decentralized platform that enables anyone to operate a fully functioning virtual marketplace with zero investment in security, infrastructure or payment processing. They’re disrupting the Gaming industry (particularly Gaming skin trading; which is the ability to trade suits, weapons, health packs, and other items that video game characters utilize. This market alone is a $50billion industry).

Recent developments: The platform has made several new announcements over the past few months, and shows promise to make one of the largest comebacks of all the coins during the next Bull Run. In April, WAX selected EOS as their blockchain of choice to build their decentralized marketplace. They’re also partnered with several major blockchain companies like Jaxx, Kyber Network, Nexo, and Bancor.

Most recently, WAX has begun partnering with games like CryptoSpaceX, and Crypto Wars.

Overall, there are plenty of undervalued companies that are likely to regain significant momentum once the markets start to turn more bullish.

However, I believe these four projects in particular, are worth investigating further, as they’ve demonstrated the ability to persevere and show progress even as prices have fallen significantly. If high-value partnerships and main-net launches are what they produce when the crypto market is at its worst, then I can’t wait to see what these companies will bring to the industry once it’s at its best.

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Source: Crypto Potato