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Bitcoin drops to one-year low as slump persists; ethereum down sharply


bostonangler
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NEW YORK/LONDON (Reuters) - Bitcoin fell to a more than one-year low on Wednesday, breaching a key support level of $6,000 and causing a wave of selling in the digital currency and other crypto assets in what has been a prolonged market slump that began early this year.

Bitcoin fell to as low as $5,533.09 (BTC=BTSP) on the Bitstamp platform. It was down 9 percent at $5,690.47.

"For the last few days you could see the consolidation happening and the price was moving on the downside," said Naeem Aslam, analyst at ThinkMarkets, a multi-asset online brokerage.

"The break of $6,200 yesterday gave a fair indication that there are no buyers on the sidelines at this point," he added.

Bitcoin's weakness spread to other cryptocurrencies, with ethereum, the second-largest, dropping to a two-month low. Ethereum was last down 10 percent at $182.41 (ETH=BTSP).

Wednesday's sell-off in cryptocurrencies pushed the sector's market capitalization to under $200 billion for the first time since around mid-September, according to data from industry data tracker coinmarketcap.com.

"What you are seeing... is a breakout on the downside. Sometimes when things happen, it takes a while for the true reason to become clear - an exchange trade or regulatory action," said Charlie Hayter, founder of industry website Cryptocompare in London.

Other market participants suggested that Thursday's impending "hard fork," or split of bitcoin cash - another cryptocurrency that emerged out of bitcoin - into two separate currencies, has caused some volatility as well.

Twice a year, bitcoin cash undergoes scheduled protocol upgrades, which include splitting its network.

"For our trading activities, the hard fork recently has generated tremendous interest and trading volume, above 4 billion daily, among traders," said Ricky Li, co-founder of crypto trading and advisory firm Altonomy.

Overall, analysts said the outlook for bitcoin remains unclear, with longer-term forecasts dependent on the virtual currency becoming a reliable store of value or a viable payment mechanism.

However, there are growing signs of greater institutional participation in bitcoin, such as increased demand for a bitcoin exchange traded fund and rising bitcoin futures volume, analysts said. But they noted that actual participation remains low among both institutional and retail investors.

https://finance.yahoo.com/news/bitcoin-extends-losses-drops-lowest-172436544.html

 

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It’s not been a pretty year for anyone who owns Bitcoin, but the last 24 hours has been a period to forget as the cryptocurrency dropped below $100 billion in market cap for the first time in more than a year.

You have to go back to the end of October — the 29th to be precise — for the last time that the total circulation of Bitcoin in the market dropped below $100 billion.

It looks like this will be the first 24-hour period to hold that rate — so much for the relative price stability that many in the industry had complained about, be careful what you wish for!

The dip follows a decline that took Bitcoin’s price below the mark $6,000 for the first time this year — it has since plunged below $5,600. That, in turn, caused havoc in the altcoin market with valuations plummeting double-digit percentages nearly across nearly all of the top 100 valued tokens. Of the top ten, Cardano is down 14 percent, Litecoin 13 percent and Ethereum and EOS 12 percent. The changing prices also saw Ripple’s XRP token rise above Ethereum to become the second most valued cryptocurrency behind only Bitcoin.

Screenshot-2018-11-15-17.18.23.png?w=680

As ever, the source of the malaise is tough to diagnose.

Bitcoin Cash, which is about to undergo a hard fork, looks to be the most likely cause.

Bitcoin Cash is about to undergo a hard fork that’ll result in two different chains — Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) — and that has caused a great deal of uncertainty in the market.

You could argue that this situation caused the value of Bitcoin to decrease, that often draws owners of altcoins who trade their tokens for the cheaper Bitcoin. That movement can negatively impact both Bitcoin and the altcoins that are traded.

Of course, there are a wide number of theories as to what is happening out there. One thing that is for sure is that the markets are bleeding pretty hard today.

https://techcrunch.com/2018/11/15/bitcoin-be-careful-what-you-wish-for/?yptr=yahoo

 

 

EEK

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And this is part of what scars me...

 

 

Four Fake Cryptocurrency Wallets Found on Google Play Store

 

Malware researcher Lukas Stefanko has found four fake cryptocurrency wallets on the Google Play Store that were trying to steal users’ personal data, according to a blog post published Nov. 13.

The apps were posing as cryptocurrency wallets for NEO, Tether and an extension for accessing Ethereum (ETH), MetaMask. They were purportedly designed to phish users’ mobile banking credentials and credit card information.

Stefanko classified the wallets into two groups, wherein the fake MetaMask app was a “phishing wallet” and the other three apps were “fake wallets.” Once the phishing app is installed and launched, it requests the user's private key and wallet password.

In a video attached to the blog post, Stefanko explained his research into the “fake wallets,” noting the example of the fake NEO app dubbed “Neo Wallet”, which had over 1,000 installs since its launch in October.

The fake crypto wallets reportedly did not create a new wallet through generating a public address and a private key — which are needed to securely send and receive digital currency — but only displayed the attacker’s public address with no user access to the private key. Thinking that the app generated their public address, users would deposit their funds to that wallet, but were unable to withdraw them as the private key belonged to a cybercriminal.

Stefanko noted that the apps were developed using the Drag-n-Drop app builder service, which does not require specific coding knowledge from the user. This means that nearly anyone is able to “develop” a simple malicious app to steal sensitive personal data, “once the Bitcoin (BTC) price rises,” according to Stefanko.

The analyst states in the post that he reported the fake apps to the Google security team, after which the wallets were subsequently removed.

Just yesterday, Cointelegraph reported that the official Twitter account of Google's G Suite was supposedly compromised to promote a Bitcoin (BTC) giveaway scam. Scammers reportedly spread a message luring users to participate in a fraudulent 10,000 BTC giveaway.

https://www.yahoo.com/finance/news/four-fake-cryptocurrency-wallets-found-022500887.html

 

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1 minute ago, ladyGrace'sDaddy said:

$3000 at the lowest, and that was by design. 

 

Did you neg me for posting a news article? I've always said I don't really understand how bitcoin is valued outside of what people are willing to pay for it. I don't see what backs it... But I do think it has a lot more to drop. To me it is a gamble, like the stock market in general, but I might buy some at $2,000. What really kills me is that a friend told me to buy it when it was $300... Duh!!!

 

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I did drop the Ruby, but it wasn't directed at  you as much as I meant towards the article which was clearly written by someone who doesn't know what they're talking about. If there's one thing I've studied more here than anything else it's cryptocurrency. I have in the past tried to explain it to you, though I understand it is difficult to grasp. 

What you don't know is that major financial institutions all over the world have spent the last year sitting up platforms so that they may  enter into the cryptocurrency market. They didn't do this for a fad, and they don't open in New Markets until they have control of it. You above all know this full  well. What comes next is Major regulation and cryptocurrencies controlled by central banks.

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22 minutes ago, ladyGrace'sDaddy said:

I did drop the Ruby, but it wasn't directed at  you as much as I meant towards the article which was clearly written by someone who doesn't know what they're talking about. If there's one thing I've studied more here than anything else it's cryptocurrency. I have in the past tried to explain it to you, though I understand it is difficult to grasp. 

What you don't know is that major financial institutions all over the world have spent the last year sitting up platforms so that they may  enter into the cryptocurrency market. They didn't do this for a fad, and they don't open in New Markets until they have control of it. You above all know this full  well. What comes next is Major regulation and cryptocurrencies controlled by central banks.

 

I do agree if the Banksters get control it will become accepted... And like the markets, they will drive it down so they can buy all they want before they let it go back up... That's one reason I'm waiting for a low entry point. I don't think we are there yet.

 

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