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Bitcoin Continues to Drop, Hits $8,977 Per Coin

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Price of Bitcoin Continues to Drop on Thursday

Bitcoin continues to drop on Thursday as the world’s most dominant cryptocurrency set a new low for the week after hitting $8,977 low following surged in supplies from miners.

A report that supplies of the coin rose in June due to the increase in miners’ conversion rate weighed on the digital coin bullish breakout expected above $10,000 resistance level.

Price of the coin declined from $9,772 attained on Tuesday to $9,271 on Wednesday before plunging further to $9,163 per coin on Thursday morning at 1:56 p.m Nigerian time.

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This was despite Tuesday’s optimism that Paypal Inc was about to jump into the crypto exchange business.

The decline started after a report by CryptoQuant, a on-chain monitoring resource, showed HaoBTC and Poolin miners moved over 7,000 Bitcoins as anticipated bullish run to have stalled due to lack of new capital.

The reports created panic and broad-based selloff among retail traders, pushing prices below $9000 for the first time this week.

 

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial market.

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Why I am Bullish on Ethereum Despite Global Uncertainty

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Why I will be Investing in Ethereum on a Long-Term

Ethereum, the world’s second most capitalised cryptocurrency, broke through the $362.73 resistance level on Monday August 3, 2020 for the first time since July 22, 2018.

While Bitcoin attractiveness has surged on the back of the recent bullish run, a strategical look into Ethereum and the entire crypto market painted a unique picture of the world’s second most capitalised cryptocurrency.

The digital coin has gained over 35 percent since July 24, 2020. However, its recent bullish run started on May 12, 2020, a day after the third Bitcoin Halving happened. Suggesting that investors that understand market parameters have started buying Ethereum even before the present cryptocurrency bullish run.

This is because as Bitcoin becomes more expensive and out of reach of retail investors, they would naturally jump on the next affordable digital coin, which is Ethereum.

ETHUSDDailyTherefore, I expect the price of Ethereum to grow further, especially if the $362.73 support level continues to hold. Again, in the near-term, I will expect the digital coin to hit a $545.72 resistance level and expect a sustained break of that level to open up a $748.44 resistance level.

Here is Why I am Bullish on Ethereum

Usage/Purpose

Ethereum blockchain technology is multi-purpose compared to Bitcoin that is basically ‘digital money/asset to store value’. Ethereum can be used to power other programs like the smart contract and automate agreement or payment of agreement across key sectors using Ether, Ethereum payment unit. Meaning, there is room for Ethereum to grow going forward while Bitcoin will continue to struggle with acceptance against fiat currencies.

Affordability

Ethereum is generally affordable. This, I believe would boost its attractiveness as Bitcoin becomes more expensive and out of reach of most retail investors that propelled Bitcoin to the current level.

Known Founders Behind Ethereum

Bitcoin will forever struggle with credibility issues because of the mystery surrounding its founder and the people behind it. However, Ethereum has known faces and people behind it.

These people have granted several interviews and attended events. Therefore, they can be held accountable for whatever goes wrong with the Ethereum technology going forward.

If Bitcoin crashed today, the team behind it will stay anonymous forever.

Fraud/Scam

Bitcoin has been used to siphon billions of dollars across the cyberspace than any known cryptocurrency. It has gotten to a point where Bitcoin is gradually becoming funnel for cybercriminals despite its seemingly value.

While Ethereum has had its fair share of scam and fraud, it is nothing compared to Bitcoin. Hence, Bitcoin will continue to struggle with perception going forward. Therefore, it is a good idea it was capped at 21,000,000.

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Twitter Hacker Has $3.3m Worth of Bitcoin, Says Lawyer

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Twitter Hacker Has 3000 Bitcoin, Says Attorney

Graham Ivan Clark, the 17-year-old ringleader behind the recent Twitter hack, reportedly has 300 Bitcoin estimated at about $3.347 million.

The lawyer representing Clark made the disclosure on Saturday at Hillsborough County Courthouse, Florida.

Clark’s bail was set at $725,000 during his first court appearance on Saturday.

The 17-year-old was arrested on Friday as authorities see Clark as the ringleader and mastermind of last month’s ‘CryptoforHealth’ Twitter hack — that attacked about 30 high profile accounts and promised to double the money of users who sent cryptocurrency.

The report shows in total about $117,000 worth of cryptocurrency was transferred to the hackers in one afternoon.

Two other accomplices were also picked and charged in California, according to the report.

Authorities had previously confiscated 400 bitcoin from Clark before returning 300 in 2019 when authorities accused him of acquiring them illegally. An accusation his attorney has argued it was legitimate because it was eventually returned.

Clark now faces 17 counts of communications fraud 11 counts of fraudulent use of personal information, as well as one count of breaking into an electronic device and another for organized fraud.

Meanwhile, Bitcoin has rebounded from Sunday low following the flash crash it suffered. The coin rebounded slightly from $10,960 to $11,157 on Monday during the New York trading session.

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Bitcoin Price Drops by $1,458 Within One Hour, Liquidating $1.4bn Positions

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Bitcoin Drops by $1,458 on Sunday, Liquidating  Almost $1.4bn Positions

Bitcoin, the world’s most capitalised cryptocurrency, on Sunday suffered a price drop of $1.458 within one hour to $10,960 per coin.

The world’s most dominant coin broke through the $10,519 resistance level last week Monday following months of trading below that level.

While crypto experts have predicted bullish run henceforth given the recent Bitcoin halving that limited market supplies, series of uncertainties amid unchecked activities continue to hurt the coin stability.

On Sunday, Bitcoin price crashed from $11.446 per coin it traded earlier in the day to $10,960, closing several open positions across major exchanges, according to data from Bybt.

BitMex, a Seychelles based cryptocurrency exchange, said the price drop triggered $144 million worth of sell liquidations or closed long positions on the platform, the highest since May 10.

Also, the exchange said it register buy liquidations of $7.6 million worth of positions on Sunday.

Findings revealed that 95 percent of closed positions on BitMex were long positions, indicating that traders were bullish on cryptocurrency prior to the crash.

BTCUSDDailyHowever, on Monday the coin rebounded slightly to $11,157 to establish higher lows above the $10,825 resistance level.

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