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What will it Take for Bitcoin’s Price to Recover in 2019?

  By David Drake   2018 was by all means a difficult year for cryptocurrencies, but the last two months have been even more challenging for the leading digital currency, Bitcoin. In November, Bitcoin traded at less than $4000, the lowest it has reached since October 2017. This price drop sent waves of panic across the market even as the prices of other cryptocurrencies plunged in a trend that lasted several weeks. The price of Bitcoin tumbled despite the fact that Bloomberg reported in a research by the Cambridge Center for Alternative Finance that in the initial three quarters of 2018, the number of verified digital currency users almost doubled. According to the research, the number of cryptocurrency users hit the 35 million mark in 2018, up from 18 million in 2017, and 5 million in 2016. The number of cryptocurrency accounts also increased significantly to reach 139 million in ... Read More »

Bitcoin Price and the Probable Causes of its Downward Trend

  By David Drake   The world’s leading cryptocurrency, Bitcoin, has been on a downhill trend with its price dipping to below $4000 last month. This kind of price drop was last seen in August 2017, yet it is the lowest Bitcoin has ever gotten and raises questions on whether this could be the end of the cryptocurrency. Optimists, however, note that the last time Bitcoin price sunk this low, they dramatically recovered to the highest price of $20,000 in December 2017. Why the Price Dip The most likely reason for the price dip is the ongoing differences in Bitcoin Cash fork which led to two factions, the Bitcoin cash and Bitcoin cash SV. As a result of the fork, these factions have been dumping Bitcoins, leading to an increase in supply and pushing Bitcoin prices down. Also, the tough regulations provided by the Securities and Exchange Commission (SEC) have ... Read More »

Why Community Divisibility Might be Behind the Recent Market Crash

  By David Drake   Over the past weeks, the cryptocurrency industry has experienced a dramatic decline in its total market capitalization. The prices of most cryptocurrencies took a sharp nosedive, disappointing investors. The industry’s growth had started to slow down after hitting highs towards the end of 2017. This is particularly true for Bitcoin which reached an all-time high of about $20,000 in price. After the market crash, its price dropped below the $4000 mark for the first time this year. At its lowest price, the cryptocurrency market lost about $92 million in capitalization since the price began to drop on the 14th of November. Bitcoin History Although this picture might fuel concerns about the industry’s future, crashes like this are not uncommon. Due to the value of the industry and its decentralized nature, compared to traditional markets such as stock and forex markets, the cryptocurrency industry has a ... Read More »

Bitcoin is Going Through a Rough Patch, But its Not Out Yet

  By David Drake   Cryptocurrencies, especially Bitcoin, became popular in 2017. Blockchain, the technology behind cryptocurrencies, was not left behind. In the past 18 months, the technology has captured the attention of individuals and businesses in equal measure due to its ability to facilitate secure and fast transactions. As a result, numerous projects are being developed on blockchain. They include ONe Network, a project that seeks to secure social interactions online, IOU that allows e-commerce businesses to measure customer satisfaction, BQT for hedge fund trading, LiveTradr for portfolio optimization and URAllowance that uses family smart contracts. The Paradox Despite the growing popularity of blockchain, the price of Bitcoin has remained significantly low at this time of the year than it was last year. The year started off on a low note following a period of panic selling triggered by regulatory uncertainty in China and South Korea. Having closed the previous year at an all time high of close ... Read More »

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