The crypto market is yet to start the much expected bull run. All the digital currencies in the market are still deep in the red. Bitcoin (BTC) is yet to recover, and it’s still struggling to break over the $4,000 level. The digital currency recently broke below the key psychological levels of $6,000 and $5,000. The value of the coin is now eyeing the $3,000 mark.
The value of Ethereum (ETH) is one of the most discouraging in the market. Looking at the value of the coin alone, one would think the glory days are long gone. Ethereum (ETH) traded close to the $1,500 in December last year. Nevertheless, the digital currency is now down by more than 90 percent from its all-time high. Ethereum is now trading below the $110 mark at the press time.
According to Forbes, the co-founder of BTC China – Bobby Lee – no longer believes in the use cases of blockchain technology outside the world of Bitcoin. The DLT (Distributed ledger Technology) is the main deal that is more likely to transform our lives. No doubt, the government have also used this technology for a lot of pilots.
For instance, blockchain technology is used for land registry in Georgia. This has greatly reduced the time, as well as the cost, of registering a property. Many governments, all over the world, have adopted this technology for one thing or the other.
Another Bitcoin (BTC) Whale Moves Over $250 Million Worth of Bitcoin (BTC)
A big Bitcoin (BTC) whale was recently spotted in the crypto verse. According to a report, a Bitcoin (BTC) whale just moved Bitcoin (BTC) worth over $250 million. The fund was moved from a very old Bitcoin address. A move of such magnitude could have a huge effect on the value of the digital currency.
Nevertheless, orders of this nature don’t go through normal trading platforms. This would greatly disrupt the price of the coin in the market. Hence, they adopted another route in the movement of the fund.
Bitcoin (BTC) is yet to start a major bullish run. A lot of investors and traders are patiently waiting for the sharp recovery of the crypto market. However, no one knows how huge the next recovery would be and when it would be.
Will Bitcoin recover? Bitcoin is currently sitting in votality in the market, though it is hard to predict how investors will react to the recent events.
It is hard to see prices bouncing back after the most recent hack, though Bitcoin’s notorious volatility makes it impossible to predict.
Bitcoin Price Today USD Live: Bitcoin (BTC) Price Today / USD
Bitcoin Price Prediction 2019
In a statement after the hack, Bithumb said: “We checked that some of the cryptocurrencies valued about $30,000,000 were stolen. Those stolen cryptocurrencies will be covered from Bithumb and all of the assets are being transferred to a cold wallet,” the platform wrote in the official Twitter account.”
Bitcoin Price Today
The last month of 2018 has started and BTC is still on its downtrend. The main reason what the crypto folks are pointing out to is not getting a green light from the SEC regarding the BTC ETF. But, 2019 is what the crypto enthusiasts are looking forward to. Even NASDAQ, the second largest stock exchange in the world has also vowed to launch Bitcoin futures in the first half of 2019. It is going to start on a good note as the digital assets platform, Bakkt is going to get introduced.
Now that the state government of Ohio has announced that it is going to accept tax payments in BTC wherein the government has partnered with Bitpay to make this happen conveniently so that the Bitcoins can be converted into dollars on behalf of the tax office. This is just a glimpse of the adoption rate going higher and higher.
Why Bitcoin Price Is Changing So Fast?
In 2017, Bitcoin’s value soared from $1,000 to just under $20,000 before dropping down to around $13,000 at the end of the year. Since then, it’s value has risen and dropped sporadically from day to day, dragging smaller cryptocurrencies like Ether and Ripple along with it.
If you’re new to cryptocurrencies, this kind of volatility can be dizzying (and painful if you invest at the wrong time), but if you take a closer look it starts to make sense. Here’s why Bitcoin’s price keeps changing so drastically, and why it may get more stable in the future.
Reasons of Price Changes in Bitcoin: Popularity and Regulations
First, individual owners have less power over the price of Bitcoin, and, second, it creates stability since more people have a stake in the cryptocurrency. The other possibility is that government regulation could help stabilize Bitcoin. In the short term, that could cause its value to drop drastically (like what happened in China and South Korea), but in the future it could help calm down speculation and drive out the types of sketchy Bitcoin-related business that threaten to drag down the entire concept of cryptocurrencies.
Bitcoin prediction: Cryptocurrency price WILL rise despite fears of collapse