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[UPDATE] Bitcoin Heads For $ 5,000 As Ripple (XRP) And Ethereum Fall – Here's Why





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Bitcoin, along with other major cryptocurrency ripple (XRP), ethereum, bitcoin cash, stellar, and litecoin, have fallen again over the last 24 hours as investors and traders fret over a flood of warnings on the future of cryptocurrencies.

[Update] Bitcoin & nbsp; is fast approaching $ 5,000 for the first time this year, according to recent trades on the Luxembourg-based Bitstamp exchange, Bitcoin's market capitalization has now fallen below $ 90 billion, down from more than $ 1[ads1]10 billion just now. Two weeks ago. The bitcoin price has now lost some $ 1,500 in value over the last 24 hours.

Bitcoin has been stuck in a downward trend all year and the bitcoin cash civil war has further tested support. (Photo by Jordan Mansfiel D / Getty Images) Getty

The bitcoin price has been dropping since a civil war in a fork of bitcoin, bitcoin cash, led to the smaller cryptocurrency splitting again in two last week. The bitcoin cash so-called hard fork, a consequence of the coin's developers and miners being unable to agree on a direction to take the cryptocurrency, resulted in the creation of bitcoin ABC and bitcoin SV .

 

The two continue to fight it out for dominance, waging what's known as a hash wa r as each tries to gain the upper hand in computing power and take control of the bitcoin cash network .

The bitcoin cash hard fork was blamed last week for the initial sell-0ff, wiping billions from the value of bitcoin, ripple (XRP), and ethereum, but led to many analysts and groups decrying the chaotic nature of cryptocurrencies and their & nbsp; unsuitability as a currency and a store of value.

The row has resulted in & nbsp; bitcoin and cryptocurrency exchanges making hasty decisions on how to handle the & nbsp; split, with & nbsp; Hong Kong-based OKEx, which claims to handle more than $ 1 billion or crypto trades daily, changing the terms on $ 135 million of derivative contracts without warning, leaving several with losses according to Bloomberg and highlighting the risks of using unregulated virtual currency platforms.

US-ba sed cryptocurrency exchange Kraken meanwhile warned users against potential risks of trading bitcoin SV, writing in a blog post that it " does not meet Kraken's usual listing requirements " and " should be seen as an extremely high-risk investment. "

After last week's sell-off the bitcoin price found support at around $ 5,500 but that has now eroded, with bitcoin falling some 3% over the last 24 hours to under $ 5,380 – its lowest price since October last year, according to CoinDesk's bitcoin price tracker.

Having traded at almost $ 20,000 last December, bitcoin fell sharply last week, down some 70% from its peak.

Meanwhile, ripple, the common name for the XRP digital token, fell more than 6%, all but erasing its gains over the last few weeks . The ethereum price dropped further, losing 8% and firming up ripple's position as the world's second largest cryptocurrency, with bitcoin still way out in front.

The bitcoin price slipped again over the last 24 hours to yearly lows. Coindesk

Accounting giant KPMG last week warned bitcoin and other cryptocurrencies are not ready to be classified as real currencies and that using bitcoin as a store of value is a " fool's story. " [19659002] KPMG found that for cryptocurrencies and related assets to prosper they need " institutionalization " -something many expected to happen this year but has so far failed to materialize as the world's banks and financial institutions wait for the sidelines to see how regulators will move first.

Institutionalization is, according to KPMG, the large-scale participation of fintech companies, banks, payment institutions, exchanges, broker dealers, and oth There are entities in an industry.

" KPMG chief economist Constance Hunter said, "More participation from the broader financial services ecosystem will help drive trust and scale for the tokenized economy and help the crypto market grow and mature. " 19659002] " Consider for a moment extending a person or entity a loan in a cryptocurrency, " Hunter added. " The value is too unstable at the moment to be assured repayment. Under these conditions, neither lenders nor borrowers would be willing to take the risk of transacting in cryptocurrencies. "

Adding to bitcoin's negative sentiment, analysts polled by Bloomberg predicted the bitcoin price could fall to $ 1,500

" I did not sleep well last night, " Travis Kling, founder of the hedge fund Ikigai, told the newswire. " Bloomberg analyst Mike McGlone of bitcoin's " enduring bear " Bloomberg analyst Mike McGlone of bitcoin's " " There's a small chance that, it's difficult to estimate that something could really happen to be related to Bitcoin Cash. market "adding: "[The recent pump] a few weeks ago got the market a bit too offsides with speculative longs playing for the good-old days. "

Ethereum led the top five cryptocurrencies lower over the last 24 hours. CoinMarketCap

Elsewhere, in a story headlined " Bitcoin's repeated splits undermine its long-term value "Financial Times journalist Jemima Kelly, a long time critic of cryptocurrencies, wrote: " Under the laws of supply and demand: Something that can be infinitely replicated must lack long-term value. Anyone trying to market such a thing – however many new bells and whistles they put on it – are essentially trying to sell hot air. "

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Bitcoin, along with other major cryptocurrencies ripple (XRP), ethereum, bitcoin cash, stellar, and litecoin, have fallen again over the last 24 hours as investors and traders are concerned about a flood of warnings on the future of cryptocurrencies.

[Update] Bitcoin is fast approaching $ 5,000 for the first time this year, according to recent trades On the Luxembourg-based Bitstamp exchange, the fusion of the cryptocurrency market is heading for collapse. Bitcoin fell short of $ 5,050 earlier today before rebounding somewhat to trade around $ 5,100.

Bitcoin's market capitalization has now fallen below $ 90 The bitcoin price has now lost some $ 1,500 in value over the last 24 hours.

Bitcoin has been stuck in a downward trend all year and the bi tcoin cash civil war has further tested support. Getty

The bitcoin price has been dropping since a civil war in a fork of bitcoin, bitcoin cash, led to the smaller cryptocurrency splitting again in two last week. The bitcoin cash so-called hard fork, a consequence of the coin's developers and miners being unable to agree on a direction to take the cryptocurrency, resulted in the creation of bitcoin ABC and bitcoin SV.

The two continue to fight it out for dominance, waging what is known as a hash war, as each tries to gain the upper hand in computing power and take control of the bitcoin cash network.

The bitcoin cash hard fork was blamed last week for the initial sell-0ff, wiping billions from the value of bitcoin, ripple (XRP), and ethereum, but led to many analysts and groups decrying the chaotic nature of cryptocurrencies and their unsuitability as a currency and a store of value.

The row has resulted in bitcoin and cryptocurrency exchanges making hasty decisions on how to deal with the split, with Hong Kong-based OKEx, which claims to handle more than $ 1 billion of crypto trades daily, changing the terms on $ 135 million of derivative contracts without warning, le aving several with losses according to Bloomberg, and highlighting the risks of using unregulated virtual currency platforms.

US-based cryptocurrency exchange Kraken meanwhile warned users against potential risks of trading bitcoin SV, writing in a blog post that it "does not meet Kraken's usual listing requirements "and" should be seen as an extremely high-risk investment. "

After last week's sell-off the bitcoin price found support at around $ 5,500 but that has now eroded, with bitcoin falling some 3% over the last 24 hours to under $ 5,380 -its lowest price since October last year, according to CoinDesk's bitcoin price tracker.

Having traded at almost $ 20,000 last December, bitcoin fell sharply last week, down some 70% from its peak.

Meanwhile, ripple, the common name for the XRP digital token, fell more than 6%, all but erasing its gains over the last few weeks. . The ethereal price dropped further, losing 8% and firming up ripple's position as the world's second largest cryptocurrency, with bitcoin still way out in front.

The bitcoin price slipped again over the last 24 hours to yearly lows. Coindesk

Accounting giant KPMG last week warned bitcoin and other cryptocurrencies are not ready to be classified as real currencies and that using bitcoin as a store of value is a "fool's legacy."

KPMG found that for cryptocurrency and related assets two prosper they need institutionalization -something many expected to happen this year but has so far failed to materialize as the world's banks and financial institutions wait for the sidelines to see how regulators will move first.

Institutionalization is, according to KPMG, the large-scale participation of fintech companies, banks, payment institutions, exchanges, broker dealers, and other entities in an industry.

"More pairs Ticipation from the broader financial services ecosystem will help drive trust and scale for the tokenized economy and help the crypto market grow and mature, "said KPMG chief economist Constance Hunter.

" Consider for a moment extending a person or entity a loan in a cryptocurrency, "Hunter added. "The value is too unstable at the moment to be assured repayment. Under these conditions, neither lenders nor borrowers would be willing to take the risk of transacting into cryptocurrencies."

Adding to bitcoin's negative sentiment, analysts polled by Bloomberg predicted the bitcoin price could fall to $ 1,500, a drop of more than 70% from current levels.

"I did not sleep well last night," Travis Kling, founder of the hedge fund Ikigai, told the newswire. "

Bloomberg analyst Mike McGlone or bitcoin's" enduring bear market ", adding:" There's a small chance that it's difficult to estimate that something could really happen to be related to Bitcoin Cash, which could then impact the entire crypto market. [The recent pump] A few weeks ago got the market a bit too offsides with speculative longs playing for the good-old days. "

Ethereum led the top five cryptocurrencies lower in the last 24 hours. CoinMarketCap

Elsewhere , in a story headlined "Bitcoin's repeated splits undermine its long-term value," Financial Times journalist Jemima Kelly, a long time critic of cryptocurrencies, wrote: "Under the laws of supply and demand: something that can be infinitely replicated must lack long term value. Anyone trying to market such a thing – however many new bells and whistles they put on it – are essentially trying to sell hot air. "



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