Price of a Unit Bitcoin Drops on Wednesday as Supply Surges
Bitcoin, the world’s cryptocurrency frontrunner, declined from the $9,772 it traded per coin on Tuesday morning to $9,202 on Wednesday following reports that Bitcoin supply is on the rise.
The dominant coin retraced slightly to $9,368 per coin at around 2:08 p.m Nigerian time as shown below.
This may not be unconnected with the Bitcoin Halving highlighted by Investors King in May.
Investors King posited that due to the huge cost of running mining operations and the reduction in block reward, miners are likely to withdraw more often henceforth to meet the difference in operating cost created by the third halving.
Experts now expect sellers to pressure price below the current level as the coin fundamental gradually changed from positive sentiment to break $10,519 resistant level to bearish.
“There has been a big spike in miner outflows overnight, I’m expecting a whole lot of selling, starting real soon,” stated Cole Garner, a popular cryptocurrency analyst.
As predicted last week, a break below $8,781 support level would turn outlook bearish and open up $8,231 support. However, Investors King needs a break of $10,519 resistance level to confirm the bullish continuation.
Why I am Bullish on Ethereum Despite Global Uncertainty
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.
Therefore, 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
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.
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.
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.
Twitter Hacker Has $3.3m Worth of Bitcoin, Says Lawyer
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.
Bitcoin Price Drops by $1,458 Within One Hour, Liquidating $1.4bn Positions
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.
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