On Coinbase and other major fiat-to-cryptocurrency exchanges, the Bitcoin price (BTC) has dropped to a new yearly low at $3,456.
Over the past 24 hours, despite its relatively low daily volume at around $5.2 billion, BTC demonstrated a drop of over 12 percent, showing weakness in short-term momentum.
The volume of BTC has since risen to $6.3 billion, mostly due to an overwhelming amount of sell orders.
The drop in the price of the dominant cryptocurrency on November 25 remains a troubling sign for the short-term trend of the crypto market because the sell-off was materialized with low volume.
Without immense sell-pressure, BTC dropped to a new yearly low at $3,456. In contrast, when the price of BTC initially dropped to the low $5,000 region in early November, the volume of BTC averaged around $8 billion.
On November 23, when the Bitcoin price dropped to $4,100 for the first time in 2018, the volume of BTC was still relatively low at $5.1 billion. In the past week, Bitcoin has experienced one of its worst sell-offs in the year without the presence of large sell orders from bears.
A CCN report read:
“One alarming trend of both Bitcoin and other major cryptocurrencies is that the prices of leading digital assets are dropping by relatively large margins with low daily volumes. The volume of BTC is averaging at around $5.1 billion, which suggests that BTC has fallen by more than 3.5 percent in the past 24 hours without significant sell-pressure from bears.”
Peter Brandt, a prominent trader and technical analyst, stated that Bitcoin had entered a phase during which newcomers and casual retail traders capitulate while strong hands continue to accumulate more BTC.
“BTC is entering the stage of its life cycle when stale and weak money capitulates and strong hands accumulate strategically.”
As Coinbase CTO Balaji Srinivasan said at TechCrunch: Sessions held in Zug, Switzerland, the cryptocurrency market tends to go through a bubble-burst-build-rally cycle, and major investors in the sector believe the latest crash of BTC is no different.
One of the major factors subsequent to the in-fighting between Bitcoin Cash and Bitcoin Cash SV that has affected the cryptocurrency market is the abrupt decline of the US stock market and its impact on the global economy.
Due to the sell-off of investors in US markets, the stock markets of China, South Korea, Japan, and other leading economies in Asia have started to suffer as a consequence.
No Inverse Correlation Yet
Cryptocurrency is still an asset class in its infancy with relatively low liquidity and volume. For BTC to operate as an inversely correlated hedge against the global financial market, it would have to achieve multi-trillion dollar market valuation.
Until then, major cryptocurrencies are expected to be vulnerable to instability in the global economy especially during periods of uncertainty and doubt wherein the world’s largest asset managers and banks experience net outflows.
Source: https://www.ccn.com/bitcoin-price-plung ... ausing-it/
Exactly. I think it's bullshit, I mean what's with the whole overreacting and dumping good computer gear out?
Even thought Bitcoin is worth less than it costs to mine now you'd think they would at least HODL onto their gear right?
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Breaking: Numerous Bitcoin Wallets May Have Been Compromised by Rogue Developer
A Node.js module called event-stream is used in millions of web applications, including BitPay’s open-source bitcoin wallet — Copay — and this module was reportedly compromised thanks to what can objectively referred to as social engineering, laziness, and incompetence.
A user with very little coding activity on GitHub requested publishing rights to the event-stream library from its previous maintainer, Dominic Tarr, who said that he had not maintained the repository in years and gave control to the new user, called right9ctrl.
The library event-stream is used in many Node.js applications. According to a complainant on GitHub, the new maintainer right9ctrl either pulled a sneaky move to inject malware or unknowingly had the same effect as if he had, that effect being that it would leak private keys from applications that relied on both the event-stream and copay-dash modules.
Ayrton Sparling wrote:
“He added flatmap-stream which is entirely (1 commit to the repo but has 3 versions, the latest one removes the injection, unmaintained, created 3 months ago) an injection targeting ps-tree. After he adds it at almost the exact same time the injection is added to flatmap-stream, he bumps the version and publishes. Literally the second commit (3 days later) after that he removes the injection and bumps a major version so he can clear the repo of having flatmap-stream but still have everyone (millions of weekly installs) using 3.x affected.”
Basically, the developer updated the module with malware and then patched the problem to avoid detection, but the numerous people who had already installed it remain affected. Copay — whose open-source code is itself used by many crypto applications — would be just one of many that use the library, but it happens to be built and maintained by a multi-million dollar Bitcoin payment processing company — BitPay — which raises questions on its own.
Why Does BitPay Use Upstream Libraries?
Those outside of open source development may have the misconception that it is all done for free due to ideals or hobbyism, but this is far from the case. The majority of major and important open source development, such as work on Bitcoin Core or work on the Linux Kernel, for instance, is done by developers who are employed by companies with a stake in the development of such software.
Companies like Red Hat contribute code to the Linux Kernel and companies like Blockstream employ Bitcoin Core developers. The reason is obvious: while they could simply wait on releases and rely on the work of others, these companies understandably have aims to achieve in development and also, most importantly, have a lot of money at stake in kernel development.
This model works for major software development, and this author believes that there is no reason it shouldn’t be applicable here. Rightfully, BitPay should arguably not be using software on a trust basis. Millions upon millions of dollars in client wallets are being entrusted to them, not upstream developers. If BitPay is not interested in actively developing libraries like event-stream, then they should use forked versions, verifying that each update is safe. Instead, as many industry stakeholders have alleged, they’ve demonstrated incompetence.
CCN has reached out to BitPay for comment and will update this article upon receiving a reply.
Source: https://www.ccn.com/breaking-numerous-b ... developer/
Starting this week businesses throughout the state are allowed to use the crypto coin to pay for as many as 23 taxes with just 1% fee, which is a smaller charge than the standard 2,5% credit card fee.
For the time being the authorities in Ohio accept only Bitcoins and not any other of the major crypto coins like Ethereum, Ripple, Monero or Dash. Also, the option is limited to corporate taxes and citizens are not allowed to pay personal taxes with the crypto currency.
The main concern for Chairaman Claiton remains the fact that cryptocurrencies can still be too easily stolen or manipulated on the so called crypto exchanges. The remarks were made at the Consensus Invest Conference in Manhattan, New York. He added that the problem has to be resolved before SEC would make any move to allow the first Bitcoin ETFs.
“What investors expect is that trading in the commodity that underlies that ETF makes sense and is free from the risk of manipulation,” Clayton said, adding that such “kinds of safeguards do not exist currently in all of the exchange venues where digital currencies trade… It’s an issue that needs to be addressed before I would be comfortable.”
The whole cryptocurrency market has been bleeding ever since the bear stepped in, earlier this year. Along with all the cryptocurrency witnessing a drastic fall, quite similar to its drastic rise, it also drew the attention of the entire world including well-known politicians, media outlets and celebrities.
The one cryptocurrency majority of the people around the world have heard of, at least once, is Bitcoin, the largest cryptocurrency by market cap. This was solely because of the hike in its price, wherein Bitcoin almost reached $20,000.
However, the virtual currency has crushed the sentiments of its investors as the coin is now touching its lowest points from its all-time high. Today is one of the days the cryptocurrency marked another low point, wherein the coin reached over $3130.29 on Coinbase.
Apart from its price, the coin was recently in the spotlight because of a statement made by Atulya Sarin, a professor at Santa Clara University. The professor stated that the cryptocurrency is on its path to zero as it has entered the death spiral phenomenon, because of its price falling below the mining cost.
Now, an early Bitcoin adopter has stepped in and remarked that Bitcoin is dead. The person in the spotlight this time is Erik Finman, a teenager who ended up becoming a Bitcoin millionaire during the 2017 bull run. Additionally, Finman has reportedly been investing in Bitcoin since 2011. In an interview with MarketWatch, he said:
“Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last. It may have a bull market or two left in it, but long-term, its dead.”
Bitcoin was not the only currency critized by the teenage millionaire. Litecoin [LTC], the seventh-largest cryptocurrency, also joined his bandwagon, stating that Litecoin has “been dead for a while”. Finman went on to say:
“It’s like when the sun is going down and there’s that eight minute period just before it goes dark. Litecoin is in its seventh minute.”
Nonetheless, he considers that cryptocurrencies which are project driven possess the potential to succeed, with his top picks being Ethereum [ETH], ZCash [ZEC], and Bitcoin Cash.
Source: https://ambcrypto-com.cdn.ampproject.or ... &_gsa=1#
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