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Some Major Views On The Current Crypto Market Trend

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There’s a lot of lucrative markets that have gained attention by investors and traders across the world in recent times, but it seems none can be compared to all the buzz and news going around the crypto market.

 Though the crypto market appears to be ideal, there are a lot of controversies, conflicting report with positive and negative predictions and forecast about the market. As the crypto community increases, so as we see the rise in crypto experts view and analysis day in and day out.

Currently, there is a lot of talk about the recent bullish stance and other trends in the market, especially with Bitcoin. Therefore let’s take a look at some views on recent trends in the crypto market.

The crypto market seems dominated by the king Bitcoin; thus, analysts say it takes about more than half of the market share. Most analysts try to translate the value of cryptocurrency in a conversational model and come to the conclusion that when Bitcoin is rising, it drags the rest of the cryptocurrency market along with and making the market green. 

Nevertheless, experts say doing an in-depth analysis of each cryptocurrency’s fundamental structure and its transparency will bring a lot of benefits.

Furthermore, while some believe Bitcoin deserves all the positive attributes out there, especially with the recent rally, others also view and see Bitcoin and other cryptocurrencies as ambivalence, disgusting, overrated, and over-emphasized. 

However, the cryptocurrency market has got much attention from even those in the highest government, commercial and technology space due to its meteoric trend and its more promising future. 

Just recently, US president Donald Trump criticized  Bitcoin, Facebook Libra coin and the entire cryptocurrency market, in a tweet saying its value is based on “thin air” ending his message with an awareness of the US having just only one currency which is he said is the “most dominant currency everywhere” that is the United States dollar.   

While some take this as a bullish signal, others view this as a message that can cause of dip for buyers to take advantage of. Others even interpret it as the fear of cryptocurrency trailing the USD and being the future currency in decades to come.

In general view on the crypto market will continually be heard, but the community must do more research as some might view hurt investment decisions.

Cryptocurrency

Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

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Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

Peter Schiff, a stockbroker, and financial commentator took to Twitter recently to voice his opinion on the direction of BTC. Though he said the crypto asset is on his way to $6K, however, warns that things can go worse, driving price below to $2K.

A Possible Crash Below $2,000 For Bitcoin (BTC)

Peter Schiff, is known for his love for gold while exhibiting intense hate for bitcoin. However, he has kept an eye on bitcoin, updating the community about its impending crashes to prove his point that bitcoin is worthless.

Though he admitted possessing some bitcoin, his recent tweet still shows he doesn’t see the asset as a wise choice for smart investors.

Peter Schiff, in his recent tweet, expressed how horrible things were looking for bitcoin. According to Mr Schiff, bitcoin is in a move to complete a popular pattern, the head-and-shoulder, which will see the asset drop in value to about $6,000. Furthermore, he opines that bitcoin could slump drastically below the $2,000 mark if the pattern is completed.

While many do not agree with Peter Schiff, some others think bitcoin crashing below $2,000 would be an opportunity to buy more bitcoin.

All these, however, is happening at a time when the institutional traders are trying to pick some interest in bitcoin as trading on the futures exchange, Bakkt, continues to rise.

At the time of writing, bitcoin is currently trading at $8,062.72, with a market cap of over $145 billion according to CoinMarketCap.

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder. 

Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet

According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.

McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.

Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.

McCaleb’s Dump of XRP Impacts of Asset’s Market Price

Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.

Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.

Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”

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