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Bitcoin Price Update: BTC Erases Recent Gains, Drops Three Percent in Minutes as Cryptocurrency Market Suffers Fresh Plunge

Bitcoin is currently on a downward trajectory and could easily fall below $7,000 for the first time since the start of September. The price decline comes as other cryptocurrencies are also currently experiencing significant price reductions.

Bitcoin in Danger of Falling Below $7,000

As at press time, Bitcoin was valued a little above $7,000 on Coinmarketcap and has already slipped below the price mark on Bitfinex. The top-ranked cryptocurrency slipped by more than three minutes in ten minutes, erasing the steady gains of the past few days. This reduction takes BTC’s 24-hour price decline to above four percent.

A look at the BTC RSI shows that is currently at 20. The rule of thumb for RSI is that a value below 30 means the asset is oversold. As at press time, the exact for the increased BTC selloff is unknown.

Cryptocurrency Market Shrinks

The current decline isn’t restricted to BTC alone. Ethereum and all other top ten altcoins have also suffered significant declines. Only a handful of the top 100 cryptos have been able to post positive price growths for the last 24 hours.

As at press time, Ethereum, Bitcoin Cash, EOS, Cardano, Monero, and Dash have all plunged by more than 10 percent in the past few minutes. This nosedive has negatively impacted their 24-hour and seven-day trading performances.

Litecoin and XRP aren’t left out from the price reduction group. LTC has shrunk more than eight percent while XRP is down by almost ten percent.

What do you think is the reason for the latest BTC price plunge? What is your forecasted BTC price bottom for this decline? Let us know your thoughts in the comment section below.

Image courtesy of Bitfinex and Coinmarketcap.

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Bitcoin Update: Price Unable to Stay Above $7,000 Amidst News of Tightening EU Regulations and Futures Contract Expiration

The Bitcoin price rally of the previous few days has experienced a slight blip on Thursday. The prices of many cryptocurrencies also declined significantly, causing the total market capitalization to go down by almost $3 billion.

Bitcoin Slips Below $7,000

When Bitcoin broke above $7,000, many experts identified $7,100 as a likely psychological barrier for the top-ranked cryptocurrency. Any significant bull run would mean BTC maintaining a price level above that mark due to the bearish nature of the Daily and Hourly Stochastic Relative Strength Index (RSI).

The emerging consensus at the moment is that BTC could be in for another pullback that could see its price fall between $6,500 and $6,700. With the current mining price estimated at $6,000 the possibility of BTC price falling below that level is remote at best. Many analysts have long declared that a BTC price drop below mining cost is possible only under extreme price manipulation.

As at press time, Bitcoin is down by almost 2.5 percent as it struggles to maintain $6,900. If that support level fails to hold then, BTC will most likely test the mid-$6,000 price region.

Cryptocurrency Market Shrinks Marginally

Bitcoin isn’t the only declining crypto in the market as most coins are in the red based on their 24-hour price movements. Ethereum, the second-ranked virtual currency is down by more than five percent to go below $280. IOTA is the biggest loser among the top ten coins, dipping by about 14 percent in the last 24 hours.

Outside the top ten, TRX has been unable to continue its positive price run after the latest announcements from TRON CEO, Justin Sun. TRX is down by 11 percent over the last 24 hours. The most significant positive price movement in the top 100 is Dogecoin which is up by 21 percent.

Tightening EU Regulations and Expiring BTC Futures Contract

Thursday’s price slump comes firmly on the heels of the announcement by the EU that it would be considering issuing tighter cryptocurrency regulations. Bloomberg reports that finance ministers from EU member states are scheduled to meet in the first week of September to discuss the way forward as concerns virtual currency regulations in the region.

Also, CME BTC futures contracts are set to expire on Friday. The period preceding past expirations has always seen an increase in BTC price volatility. However, BTC futures trading itself has no direct impact on the price of the asset since the trade is cash-settled – there is no movement of the underlying asset.

Do you think Bitcoin will recover swiftly from the blip and resume its price rally? Let us know your thoughts in the comment section below.

Image courtesy of Coinmarketcap.

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Bitcoin Price Will Recover Just Like Internet Stocks did After the Dot-Com Crash, Says Hedge Fund Executive

Bitcoin is currently in danger of slipping below $6,000, and many traders fear that the top-ranked cryptocurrency may test $5,000 or even $4,000 given the lackluster sentiment that is prevalent in the market. However, some cryptocurrency enthusiasts believe this isn’t the end and that the temporary price pains will soon give way to another boom.

Bitcoin Akin to Internet Stocks

Speaking to CNBC, Meltem Demirors of CoinShares compared Bitcoin to the internet stocks that captured the imagination of many in the late 90s and early 2000s. According to Demirors, if indeed the BTC bubble has burst, then real growth can begin to occur in the market.

Commenting on the state of the market, the CoinShares Chief Strategy Officer said:

New technologies that shift the paradigm take a long time to really understand. The narrative around bitcoin is still really hard to grasp. Really the only metric we have for most cryptocurrencies is the price, and price is such an imperfect metric. What does actual utilization look like? That’s really the struggle for crypto right now.

Demirors expects a situation where projects begin to build real utility on top of the cryptocurrency framework. By so doing, Bitcoin and other cryptocurrencies can start to regain their actual value.

Cryptocurrency Market Lacks Momentum

At press time, BTC has declined even further, holding slightly above the $6,000 price mark. The top-ranked cryptocurrency has slipped by more than six percent in the last 24 hours as it looks in danger of falling below $6,000.

The narrative is that if a price bounce does not occur soon, BTC will most likely test $5,000. At that point, experts like Bitmex’s Arthur Hayes believe that the price will bounce to a new all-time high of $50,000 by year’s end.

In the interim, the cryptocurrency market is experiencing a severe momentum dearth. The emergence of many positive developments in the last few months has done nothing to turn the tide of the year-long price decline. The total market capitalization has fallen below $200 billion and is currently a little above $192 million.

What do you reckon is the next step for the cryptocurrency market? Keep the conversation going in the comment section below.

Image courtesy of and Coinmarketcap.


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Cryptocurrency Market Loses $43 Billion in Five Days

August continues to be a dreadful month for the cryptocurrency market. In the last five days, the market has shed billions of dollars from its value despite a flurry of positive developments in the industry.

$43 Billion Decline

Between Wednesday (August 8, 2018) and Sunday (August 12, 2018) the cryptocurrency market lost about $43 billion. During the weekend alone, the loss was a whopping $8 billion as the prices of many cryptocurrencies tanked considerably.

The reticence of the United States Securities and Exchange Commission (SEC) to approve a Bitcoin ETF has eroded most of the positive sentiments that abounded in the market in July 2018. Since then, the SEC has denied the Winklevoss ETF while postponing a couple more, including the VanEck/SolidX filing.

Apart from the influx of Asian money especially from China in the wake of significant currency devaluation, rumors of an impending SEC-approved BTC ETF contributed to the steady price march that saw Bitcoin eclipse the $8,400 mark. However, after the series of SEC shutouts and delays, the price of top-ranked cryptocurrency fell significantly even reaching a three-week low at one point.

Presently, the bears are in the ascendency, and some analysts predict that Bitcoin could test a new sub-$5,000 low for 2018. However, the recent influx of $50 million worth of USDT might help to stabilize Bitcoin. Indeed, the price of BTC reacted swiftly to the news and is currently attempting to push beyond the $6,500. At press time, BTC is still struggling to maintain clearance above the $6,300 resistance level.

Economic Crisis in Turkey Could Spur Cryptocurrency Market Recovery

In another development, the economic crisis in Turkey might offer new opportunities for increased Bitcoin and indeed, cryptocurrency enthusiasm. With the Turkish Lira presently in the midst of a downward spiral, increased cryptocurrency trading activity is being reported in Turkey.

Some of the largest cryptocurrency bourses in the country are reporting a more than 63 percent increase in Bitcoin trading volume. If the situation persists, then another July 19 price spike might not be entirely impossible. The absence of any cryptocurrency ban in the country means that there is little to stop the influx of money into the Turkish crypto market as the economic crisis deepens.

Do you think the situation in Turkey will contribute to a positive cryptocurrency market growth as citizens likely use the market as a hedge against economic uncertainty? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.


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Bitcoin Price Drops to Three Week Low as Altcoin Market Takes a Hit

Bitcoin has slipped below $7,000 for the first time in three weeks as the number one cryptocurrency has failed to gather any post-weekend momentum. Altcoins are also experiencing significant 24 hours trading declines as the week starts of on a sluggish note.

Bitcoin Falls Below $7,000

The top-ranked cryptocurrency has been unable to stay above the critical $7,200 support level. BTC is now trading below $7,000 for the first time since mid-July 2018. Today’s dip is consistent with the struggles of BTC and the market in general since the start of August. Most of the gains made during the previous month have been eroded by a sluggish performance across the board in August.

Today’s dip puts BTC’s year-to-date (YTD) decline at 60 percent. At press time, the top-ranked cryptocurrency was trading at $6989.36 having dropped 0.77 percent within the last 24 hours of trading.

Bitcoin is Lacking Upward Momentum

The preliminary consensus is that BTC is lacking market exuberance resulting in a lack of upward momentum. BTC appears unable to set higher highs and higher lows. Instead, most of the technicals shows negative market driving forces. Commenting on the present situation, Mike McGlone and Eric Balchunas at Bloomberg said:

Bitcoin and the cryptocurrency market appear quite vulnerable early in August. Supply, demand and price indications remain negative.

Last week, Ethereum World News reported that BTC needed to hold on the $7,200 support level or risk falling below $7,000. At the onset of the July price rally, while many experts proclaimed it was the start of a sustained bull run, Arthur Hayes of Bitmex opined that it was only a temporary squeeze. Hayes also went on to say that BTC must test $5,000 before any bull run can begin.

Apart from Bitcoin, other cryptocurrencies are also experiencing significant dips. Among the top ten coins, MIOTA, XLM, and XRP are leading the losers pack. Those three coins have declines 3.5, 1.85, and 1.02 percent respectively.

Do you think Bitcoin will test $5,000 in this latest decline? What is your end of August BTC price forecast? Keep the conversation going in the comment section below.

Image courtesy of Coinmarketcap.


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Bitcoin Suffers Price Decline as Bearish Trend Takes the Upper Hand

The cryptocurrency market was sent tumbling on Tuesday (July 31, 2018) prices of coins declined significantly. The price dip effectively wiped out most of the gains earned in July. Only a handful of the top 100 coins like BNB survived the bleeding market condition that began yesterday and has continued as at press time.

Bitcoin Down to $7,500

Bitcoin is currently down to $7,500 after struggling to hold on to the $7,700 support level at the end of yesterday. It all began in the late morning of July 31 [UTC] when the top-ranked cryptocurrency tanked five consecutive times to take the price from just under $8,200 to $7,500.

At the time of writing this article, Bitcoin has declined by more than five percent in the last 24 hours. Due to yesterday’s price dip, BTC’s weekly performance declined for the first time in July. The top-ranked cryptocurrency is now down by more than six percent in the last one week. Despite the red trading day yesterday, BTC closed out July 2018 with a whopping 22 percent increase.

Bearish Pullback Snuffs Out Bull Rally

All over the cryptocurrency market, the situation remains the same. A robust bearish pullback seems to have snuffed the life out the bullish momentum that had built up over the course of July. Before the start of the decline, many coins had been experiencing sideways trading as analysts pointed to a period of consolidation.

Ethereum is the hardest hit among the top ten coins, losing more than seven percent as at the early hours of the morning, before a slight resurgence saw losses cut to 3.42 percent. While writing this article, both XRP and XLM have begun to show signs of a small recovering gaining a positive 24 trade growth for the first time in almost 48 hours. XRP is most likely boosted by positive news including the attendance of Bill Clinton in Ripple’s upcoming Swell Conference.

Cryptocurrency Bull Run Might be Over

According to Ilya Spivak, senior strategist at IG, the cryptocurrency bull rally might be over. Speaking to Business Insider, Spivak said:

The latest numbers show that close to 78% of IG retail traders are net-long bitcoin, with the ratio of traders long to short at about 3.5 to 1. We typically take a contrarian view of crowd sentiment, and the fact that traders are net-long suggests Bitcoin may be heading lower.

Spivak also said that traders are keeping an eye on the $6,450 price level as a possible bottom that may launch the next price rally. At the time of writing this article, BTC is trading at $7,585.

Do you think this current decline the beginning of another significant bear pullback in the cryptocurrency market? Keep the conversation going in the comment section below.

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Bitcoin Will Die at $43 as Mining Costs Far Exceed Profitability

Bitcoin doomsday prophets are at it again. This time, they are saying that the top-ranked cryptocurrency will die out at $43. In other news, BTC prices have taken another slump, hovering below the $6,200 mark.

The Three Likely Paths for Bitcoin

Bloomberg’s Noah Smith yesterday (July 11, 2018) highlighted three main paths that BTC will likely follow in future. The first scenario is one in which BTC fulfills the expectations of Jack Dorsey and Steve Wozniak in becoming the single global currency. BTC replaces fiat and becomes popular in mainstream use for all sorts of payments – coffee, rent, mortgage, etc.

Smith’s second scenario is one in which Bitcoin becomes like gold. Here, BTC doesn’t replace fiat except in failed economies like Venezuela. However, its market capitalization becomes significant, maybe even in the trillions of dollars region. BTC becomes less of a currency and more of a commodity held by people to hedge against any significant stock market crash.

The third path identified by Smith sees Bitcoin finally becoming worthless as it experiences a cataclysmic decline. The cryptocurrency is then abandoned as it no longer holds any significant value.

Bitcoin Will Die at $43

According to Joseph Carson, the chief security scientist at Thycotic, the third scenario is the most likely outcome for Bitcoin. Commenting on his position, Carson said:

The most likely scenario is that bitcoin will die; my current valuation of bitcoin is approximately US $43 as opposed to the hyped and manipulated valuation.

Carson envisages a point where BTC mining would cease to be profitable thus removing the incentive for miners. There is a lot a debate on what the actual cost of Bitcoin mining is, but there is as yet no consensus on the matter. Speaking on his prognosis, Carson also sad:

Unless Bitcoin is able to become more efficient at mining, and more stable overall, it is likely to die. These higher mining costs and the fact that more retailers are failing to accept bitcoin as payment – as they are unable to convert it as it is too expensive – will mean the end of it.

Bitcoin Relevance not Tied to Top-Ranked Status

In a related development, CEO of LaneAxis, Rick Burnett believes that Bitcoin’s place in the grand scheme of things concerning crypto has nothing to do with it being the top-ranked coin. According to Burnett:

I don’t know if it’s going to be on top but it is always going to be a leader because it’s the founder. It is what people identify with.

Despite continually being criticised as a nothing but a fad, Burnett believes that Bitcoin will continue to remain relevant. The top-ranked cryptocurrency is currently in the midst of another slump, losing more than 3 percent in the last 24 hours.

Which of the three scenarios do you think is more likely for BTC? Will BTC still hold sway even if it is no longer the top-ranked crypto in the market? Let us know your thoughts in the comment section below.

Image courtesy of 99Bitcoins and Coinmarketcap.


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Bitcoin Price Rally Might be Temporary

While BTC permabulls are no doubt happy to see Bitcoin prices recover from a slight dip, one expert believes the increase is only temporary. Spencer Bogart is of the opinion that a coming forced selling will most likely cause prices to decline even further.

Forced Selling by Crypto Hedge Funds May Drive Prices Lower

Spencer Bogart. Credit

Speaking to CNBC, yesterday (June 25, 2018), Bogart said that though he was “super bullish” on cryptocurrency at the moment, another significant price dip was imminent. According to Bogart, many of the cryptocurrency hedge funds established in 2017 are nearing their “one-year lock up.” Bogart argues that with the market declining by more than 50 percent since the start of the year, many liquid providers will be looking to sell. Liquid providers act as intermediaries between brokers and virtual currency exchange platforms. He went on to say:

They’re saying, ‘hey, I want to redeem out of that fund. That means forced selling on behalf of all of these new crypto funds that have popped up. I think that could take prices artificially lower.

2017 saw a massive spike in the number of cryptocurrency hedge funds. Spurred on by the meteoric rise in the price of many major crypto species, these funds have declined somewhat during the “cryptocurrency winter” of 2018. According to Bogart, many fund investors will be looking to count their losses by making forced sales of their holdings. Massive BTC selloffs usually result in significant price drops.

Bogart also had some useful advice for people looking to enter the market, saying:

Most people that are going to wait for lower prices will end up paying higher prices than they are today. So, I think the right move is not to try and time the market and try and average into it.

Spencer Bogart is a partner at San Francisco-based VC firm, Blockchain Capital. The firm focuses on supporting cryptocurrency/blockchain technology startups.

Bitcoin Has Bottomed

Brian Kelly / Courtesy: CNBC

In a related development, Brian Kelly of BKCM LLC believes that Bitcoin may have reached a new bottom. Speaking also to CNBC, Kelly referred to the previous BTC price dip that saw the top-ranked crypto slip below $6,000 on June 25. According to Kelly:

We saw bitcoin hit new lows; I think we went to $5,779. And then within about 10 or 15 minutes, you had a huge ramp up, hundred, two hundred points, and that’s typically the action that bitcoin has shown at bottoms.

Kelly also revealed that the present BTC mining cost was somewhere in the $5,900 region. Thus, miners are incentivized to keep prices above that level or risk incurring significant losses.

The BKCM chief went on reveal that it was still early days as far as knowing the future BTC price trajectory. He, however, noted positive signs such as increasing demand from Asia as well as the latest $250 million worth Tether that was printed on June 26, 2018.

Do you think the scheduled selling by crypto hedge funds will cause BTC prices to tank? What are your opinions on Kelly’s Bitcoin bottom analysis? Keep the conversation going in the comment section below.

Image courtesy of Ethereum World News archives and CoinMarketCap.


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Bitcoin Will Soon Be Dead, Says Wolf of Wall Street

Jordan Belfort, aka, the “Wolf of Wall Street” believes the demise of Bitcoin is imminent. Speaking via Facebook video, Belfort said Bitcoin’s price struggles in 2018 signal the beginning of the end for the top-ranked cryptocurrency. He advised “hodlers” to get out now before the inevitable crash. Despite his negative stance of BTC, Belfort declared that Blockchain, the technology behind BTC and other cryptos, held immense promise.

The End is Near for Bitcoin

cryptocurrency prediction

According to Belfort, the multiple price dips experienced in June 2018 show that BCT is approaching its “final days.” The Wolf of Wall Street went on to say that a major crash that would decimate the perceived value of the crypto was imminent. Belfort also drew upon his past; his stock market manipulation indictment, to show why BTC is heading for disaster. According to him, the perceived value of Bitcoin fell into the category of “the greater fool theory.” He accused permabulls like John McAfee of deceiving the cryptocurrency community with false promises saying:

The only reason why they’re doing that is because they’re trying to get more suckers in. To create unrealistic price projections at ridiculous values.

Bitcoin Technology is Flawed

One prominent sticking point for Belfort is the fact Bitcoin’s technology is flawed. According to him:

Everything is wrong with it [BTC]. There’re too many fundamental flaws with it, and [the] bottom line is, get out if you don’t want to lose all your money.

Despite his negative sentiments toward BTC, Belfort acknowledged that blockchain technology held immense promise. He encouraged viewers to move their attention from BTC to blockchain technology, saying that there were a few cryptocurrencies that had real utility.

Belfort argued that Bitcoin held no real utility, saying that if BTC owned and licensed blockchain technology, then the situation would be entirely different. This isn’t the first time that Belfort has come hard against BTC and cryptocurrencies in general. In September 2017, he agreed with Jamie Dimon that BTC was a “fraud.” Belfort took things a step further the following month, calling ICOs “the biggest scam ever.”

Bitcoin Ownership is Likely to Increase

In a related development, a recent survey by Dutch banking behemoth, ING, shows that interest in BTC is likely to increase. According to the study, ten percent of Europeans currently own crypto. Also, a further 16 percent intend to acquire coins soon. The survey covered 15,000 respondents spread out over 13 different countries.

Such is the increasing popularity of the market that 15 percent of those surveyed said that they were open to being paid in BTC.

Do you agree with Jordan Belfort’s claim that Bitcoin’s end is near? Let us know your views in the comment section below. This statistic is incredibly profound given that cryptos are notoriously volatile. Commenting on the survey, Jessica Exton of ING said:

Cryptocurrency remains an abstract investment for many, but there may be more appetite for digital currencies than some might suggest.

Based on the results of ING’s latest survey, Belfort’s outburst might be nothing more than FUD. Time will tell whether Bitcoin will become the currency of the future, like Steve Wozniak and Jack Dorsey believe, or whether it will come to a bad end like Warren Buffett, Bill Gates, and all the other crypto critics believe.

Image courtesy of Ethereum World News archives and CoinMarketCap.


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Bitmain Dominates Bitcoin Mining Hashrate – Almost at 51 Percent

Bitmain has attained approximately 42 percent control of the Bitcoin network hashrate. This figure brings the company tantalizingly close to 51 percent mark where things could get interesting. Bitmain is the biggest manufacturer of BTC mining hardware, and they also own the largest Bitcoin mining pools in the market.

Bitmain Almost at 51 Percent Control

According to the figures released by, Bitmain’s mining pools continue to dominate the network hashrate. The company owns the and AntPool mining pools. During this past week, and AntPool found 27.2 percent and 14.6 percent of all Bitcoin blocks. Thus, Bitmain effectively controlled 42 percent of the network hashrate in the last week.

Perhaps even more profound is the fact that Bitmain doesn’t utilize all of its hashpower BTC mining. The company also mines Bitcoin Cash, the most popular BTC fork. Both BTC and BCH use the same proof of work (PoW) algorithm. Thus, the same mining hardware can be used to mine both. However, one miner cannot mine both cryptocurrencies simultaneously. As a result, Bitmain shares its hashpower between both networks.

In the previous seven days, and AntPool controlled 10.4 percent and 10.6 percent respectively, of the BCH hashrate. This means that Bitmain found approximately 21 percent of all Bitcoin Cash blocks discovered in the last one week.

Implications of Bitmain Gaining More Control

Assuming the company decided to apply all of its mining resources to the BTC network, its control of the blockchain’s hashrate would increase. This increase, however, wouldn’t be linear since the mining difficulty in BTC exceeds that of BCH by over 70 percent. Thus, only an additional three percent would be added to Bitmain’s control if it stopped sharing its hashpower between BTC and BCH, focusing only on Bitcoin. By so doing, Bitmain would control 45 percent of BTC’s network hashrate.

Bitmain controlling 51 percent of the BTC network hashrate has profound implications for the immutability of the cryptocurrency’s ledger. 51 percent control of a blockchain network, in theory, would enable the company to carry out double-spend attacks thus compromising the integrity of BTC transactions. Bitmain is unlikely to have any incentive to engage in such activities, but cybercriminals could hack the company and commandeer their operations.

To forestall such an occurrence, the company has always operated in small divisions with some pools having a semblance of independence from the company. For example, is somewhat independent of Bitmain even though the company owns the platform.

The Increasing Bitcoin Hashrate

Despite the steady decline in BTC prices since the start of the year, the network hashrate has moved in the other direction. In fact, BTC mining hash rate has tripled since December 2017, while the price of Bitcoin has dropped to approximately a third of its value within the same period.

With the drop in prices and the increasing hashrate, it is currently more difficult to mine Bitcoin than it was in December 2017. For smaller mining operations, the price drop is a significant problem that could render them unable to continue the business. If they close up shop and new miners don’t enter the market, there is the possibility of Bitmain grabbing control of a much larger share of the hashrate. Since Bitmain manufactures its hardware, it can most likely survive for much longer even in the face of increasing mining difficulty and reducing prices.

Bitcoin is currently down to its lowest level since the start of 2018. BTC prices fell below $6,000 for the first time in 2018 as the top-ranked crypto continues to struggle.

Should Bitcoin enthusiasts be concerned about a possible 51 percent control of the blockchain’s hashrate by Bitmain? Will the increasing hashrate and declining price levels force miners to quit? Let us know your views in the comment section below.

Image courtesy of,, and CoinMarketCap.