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Bitcoin (BTC.X): what's dragging the price down?
Bitcoin (BTC.X) price dropped 4% but is still hovering above 9,000. What's driving the latest movement in Bitcoin price?
The price decline might have been caused by the negative sentiments of famous investors/entrepreneurs: Warren Buffett and Bill Gates. The billionaires' view of cryptocurrencies has an impact on retail investors. Buffett has been firmly negative about bitcoin, but he also stated he didn’t understand it and would never hold any asset that he didn't understand thoroughly.
Gates was quick to comment that he would short bitcoin if he could.
Some market analysts have noticed that bitcoin price is correlated to the stock market. When money is being poured into the market, as it happened last week, bitcoin price is moving up.
Analysts are starting to use Dow Jones as a predictor of how bitcoin price will move. On May 4, when the Dow got a stick save from breaking lots of technical levels, Bitcoin started moving up minutes later.
What is the bitcoin price forecast for the rest of the year? It varies between 0 and 200K, depending on whom you ask. The CEO of cryptocurrency research company Brave New Coin, Fran Strajnar, sees improving infrastructure and strong fundamentals as the key reasons behind the potential price hike.
For the latest news on Bitcoin, visit Finstead and search for "BTC.X price" and "BTC.X news".
Bitcoin (BTC.X): will this rally sustain?
Bitcoin (BTC.X) appreciated 22% since April 17, the US tax filing deadline, but the question many investors have is whether this ride will sustain. And what is the Bitcoin price prediction?
There are some positive news about Bitcoin. The fact that the cryptocurrency is steadily climbing again signals that fear is not a dominant emotion among traders and investors any longer.
Another important development is that the investment banking powerhouse Goldman Sachs will start trading Bitcoin futures using its own money.
While the exact launch date of the new trading operation is not yet set, Goldman's board of directors already approved the project. Goldman will create its own, more flexible version of a future, which is also known as a non-deliverable forward.
But there are some key questions about the long-term viability of the commercial model for Bitcoin that still need to be answered.
The payments company Square recently reported Q1 2018 earnings release: Square made $34 million in revenue in the most recent quarter from cryptocurrency purchases. Roughly 5 percent of its revenue came from customers purchasing bitcoin through its Cash app.
However, because of the costs of purchasing the cryptocurrency, the company's total profit in the time period was about $223,000.
The world's largest cryptocurrency approached $10,000 in price this week. Last week, the 17 millionth bitcoin was mined. (Bitcoin was originally designed to have a limited supply of 21 million).
Will this ride sustain? It's hard to tell: if you haven't already jumped on the Bitcoin bandwagon, we recommend you exercise caution at this point in time.
Litecoin price prediction: ready for new highs?
Litecoin is an open source software project with peer-to-peer characteristics. This altcoin has been the industry leader since 2009 and has the reputation as the most secure cryptocurrency with unexplored potential.
Litecoin creator Charlie Lee sold all of his holdings in December last year. He’s now regretful about his decision but thinks this was the right long-term move as he tried to make Litecoin a truly decentralized cryptocurrency.
Litecoin has lost more than half of its value since its peak times, but here are some indicators that this cryptocurrency is poised to reach new highs:
- Coinbase is a cryptocurrency brokerage that supports only three cryptocurrencies, one of which is Litecoin. Coinbase is still witnessing a significant influx of users, which is a positive sign for the top 3 cryptos (Litecoin included).
- As an open source project, Litecoin has the flexibility to incorporate tech enhancements such as SegWit and the lightning network.
- It takes 2.5 minutes to execute transactions on Litecoin, whereas Bitcoin needs 10 minutes to do the same.
- Compared to Bitcoin, Litecoin transaction fees are negligible.
- Unlike Bitcoin, Litecoin reach is not as widespread—and there is some potential to reach additional masses.
- The presence of a platform known as lightning network helps with fast transactions.
On the negative side, you should be aware that Litecoin market development will be somewhat limited until scaling issues are fully resolved.
Regardless of what your position on Litecoin is, and whether you think this cryptocurrency is poised for new highs, exercise caution before making any speculative bets!
To get the latest price and news about Litecoin, please visit Finstead and type “LTC.X price” and “LTC.X news”.
Ethereum (ETH.X): will the bull run sustain?
After the market recovered from the US tax deadline, Ethereum's (ETH.X) price witnessed a continuous rise, reaching the level of $706 per coin.
This depicts strong signs of a bull run. For the latest price and news about Ethereum, please visit Finstead and type “ETH.X price” and “ETH.X news”.
The deadline for filing taxes in the US caused a huge sell-off of cryptocurrencies, causing Ethereum’s price drop. This is because crypto investors and speculators paid their capital gains taxes by raising money from cryptocurrency sales.
London Block Exchange has recorded a notable rise in cryptocurrency trading. It is being seriously considered by institutional investors (from hedge funds to pension funds). This remarkable rise in the Ethereum has left its creator Vitalik Buterin surprised as he had no long terms plans for its success.
Here are some developments you need to know about Ethereum:
- Higher volumes of complex smart contracts now can be supported by Ethereum scale through the use of a newly designed protocol.
- The security proofs implemented by the team enhanced the safety of Ethereum. This is because the security flaws are directly associated with the cryptocurrency's monetary value.
- There are chances that Ether would be classified as a security which would subject it to more rigorous regulatory inspection.
- There are plans to invest funds raised in space startup projects in the ether cryptocurrency.
No matter how alluring Ethereum may appear to you, investing in it is highly speculative. You may get a huge return, but also be prepared to lose all your money.
For further guidance on investing in cryptos, read the Finstead Bitcoin investment guide.
Tronix (TRX.X): why is the price going up?
Tronix jumped 25% over the last 24 hours. What's driving this spike?
The TRON (TRX) main net is being launched at the end of May. The launch of the TRON main net means that TRON will be eliminating its ERC20 identity and moving off of the Ethereum platform.
Crypto enthusiasts are wondering why the Tronix founder Justin Sun decided to drag Ethereum down. There was even a Twitter fight between Justin Sun and Etherium founder, Vitalik Buterin.
You should know that Tronix is an 8-month-old altcoin, while Etherium is now over 4 years old.
Tronix has introduced almost 3k nodes in under 2 weeks, which is fairly impressive.
The fact that TRX is already able to challenge and in many ways beat Etherium has some investors running from the hilltops screaming: "take my child’s milk money".
But a potential problem with Tronix is that it has too many day traders and a good number of bear hands.
Traders will be looking to make quick bucks from Tronix, so be careful about jumping in without having done your due diligence.
For further guidance on investing in cryptos, read the Finstead Bitcoin investment guide.
Bitcoin Private: will the rise continue?
Bitcoin Private (BTCP) price surged over 120% in the last 7 days. This altcoin has a market cap of over $1 Billion--and it’s that this cryptocurrency is on a bull run.
What do you need to know about Bitcoin Private? What is the price forecast? Should you invest in it now?
Bitcoin Private is a cryptocurrency with open-source and peer-to-peer characteristics. Unlike other cryptocurrencies such as Bitcoin, which had a completely transparent transaction history, it comes with an optional feature of maintaining the privacy of the sender, receiver, and the transaction amount. Thus, by using this, it is possible for the owners to redeem funds without a traceable history.
Why did the Bitcoin Private price spike? From our perspective, this can be attributed to a few reasons:
- Bitcoin private makes the monetary transactions between individuals faster and easier, without the involvement of any intermediary.
- The highly secured technology lets only the owner of a wallet make a transaction, i.e., send or receive money.
- A low or no processing fee, unlike the one that banks or payment processing companies charge, makes it an attractive option.
Despite the benefits, there are some points of concern about Bitcoin Private :
- Though there has been a continuous rise in its price, the trading volume has remained low, which is a reason to worry about.
- Payments once made can't be reversed because of the lack of a centralized processing center.
- Current conditions are not quite favorable regarding the acceptance of digital currency as a mode of payment, though there are chances that the scenario would change in the near future. This reduces options open for buyers.
- Loss of the device where the currency is stored can't be recovered because of lack of any authority to call and report the problem.
Despite the Bitcoin Private surge, you should be careful about investing in it. There are some chances that you will get a huge return, but you are much more likely to lose all your money investing in it. And keep in mind, Bitcoin Private will likely remain extremely volatile.
Will Rory MacDonald Make Dash Instantly Famous? Here Is Why This May Happen...
Dash is an open source peer-to-peer cryptocurrency. Its main feature is offering instant transactions (known as InstantSend) and private transactions (a.k.a., PrivateSend). It was previously known as Dark Coin.
Dash is known for having a decentralized governance model. It has a self-governing and self-funding model that enables the Dash network to pay people and companies to perform work that adds value to the network.
However, Dash is now making headlines because of its foray into the world of mixed martial arts.
The former UFC welterweight title challenger Rory MacDonald was represented by Dash in his championship bout with Douglas Lima at Bellator 192.
Jeff Smith, Dash’s head of network operations, reached out to MacDonald and offered him a unique sponsorship deal for Bellator 192.
MacDonald received $250,000 for representing the cryptocurrency at Bellator 192, which was more than Reebook’s total payout ($165,000) for all fighters on the UFC Austin Fight Night.
This wicked marketing tactic is making Dash instantly famous among UFC fans. Here is a reminder how strong the UFC fanbase is:
- 6.6 million followers on Twitter for UFC. Since UFC 182 in 2014, the number of followers on the platform has grown over 120%, according to Twitter analytics.
- 9.3 million followers on Instagram. Since UFC 182, the social channel has grown over 400%.
- 1.2+ billion TV households reached by UFC programming. At the time of UFC 100 in 2009, that number was at 415 million.
This would be a winner for Dash!