Day: March 29, 2021

Bitcoin market cap is back below $1 trillion as market correction deepens

Bitcoin market capitalization back below $1 trillion as correction deepens

As Bitcoin markets begin to form another daily red candle, its market capitalization has dropped back below $1 trillion once again.

The third major correction in the current bull market is deepening and prices are already down 12.5% from their all-time high of $60,100 on March 13.

According to CoinGecko, the BTC market capitalization is currently $980 billion, having dropped $140 billion over the past seven days since last Thursday, March 18.

The move comes just a few days after analyst Willy Woo predicted that its total capitalization would not fall back below these levels again.

“$1T is already strongly supported by investors. I’d say there’s a fair chance we’ll never see Bitcoin below $1T again.”
The BTC market cap first surpassed a trillion dollars on Feb. 19 but did not remain there long, falling back below it after just four days. The second time it topped ten figures was on March 9, and it remained above the milestone level until today’s slump.

The total market capitalization for the entire crypto ecosystem is currently $1.65 trillion according to CoinGecko. It has fallen by 9.8%, or $180 billion since Monday, March 22.

Profit taking could be a big factor in this pullback, as suggested by analyst Josh Rager who stated that unrealized profits are not realized until they are in the bank.

In reference to MicroStrategy CEO Michael Saylor whose firm has been buying a lot of Bitcoin this year, he added:

“Don’t try to act like Saylor won’t take profits eventually, cause he will along with every other fund on the planet. Then they’ll buy back lower”
As reported by Cointelegraph, there have been a number of signals that the pullback could continue. Analytics provider Glassnode used the risk reserve metric, which assesses the confidence of long-term holders relative to the price of Bitcoin, to suggest conditions are similar to the second half or later stages of a bull market.

CryptoQuant, meanwhile, analyzed BTC flows to and from exchanges to predict that it would take some time to get another leg up in terms of demand/supply.

At the time of writing, Bitcoin was trading down 3.6% on the day at $52,350 as the FUD begins to seep back into the ecosystem.

Source – Coin Telegraph News

Environment, social and govt concerns to crime: Bitcoin’s dark side draws scrutiny

Environment, social and govt concerns to crime: Bitcoin’s dark side draws scrutiny

Bitcoin has enjoyed a blistering rally since last fall, but that ascent has also renewed attention on environmental, social and governance concerns surrounding the world’s most popular cryptocurrency.

Bitcoin’s latest rally to another all-time high north of $60,000 may have lost some steam this week, but its blistering ascent since last year has reignited concerns about the toll Bitcoin is taking on people and the planet.

In the United States, President Joe Biden’s administration has voiced concerns over Bitcoin’s role in money laundering, the potential fallout of financial speculation, and Bitcoin’s environmental impact.
In China, where more than half of new Bitcoins are mined, the vast amounts of energy required to do that are at odds with Beijing’s climate goals, prompting a crackdown by authorities.

Unlike fiat currencies (such as US dollars, euros or yen), Bitcoin is not controlled by a government or central bank, nor does it require a middleman to verify transactions. It is, by design, decentralised.

Instead of a bank, transactions made with Bitcoins are verified by a global, decentralised network of computers (aka mining rigs) that race to verify blocks of transactions to add to Bitcoin’s blockchain – a public ledger. The winner is rewarded with new Bitcoins.

Mining rigs are composed of very powerful computers, sometimes thousands of them, labouring in unison to solve complex math problems. That requires a lot of energy.

Bitcoin proponents argue that it is being held to an unfair standard, arguing that the vast financial systems that undergird fiat currencies consume far more resources than cryptocurrencies do.

But that has not stopped some governments from taking action to rein in Bitcoin’s carbon footprint.

Source – Aljazeera News 

How understanding cryptocurrency terminology can lead to huge profits

How understanding cryptocurrency terminology can lead to huge profits

Cryptocurrencies have become increasingly popular over the past several years; according to Investopedia. there are over 4000 coins as of January 2021 and the number is constantly growing.

Bitcoin took on global prominence in 2009 when it first came into use but today a lot of people still do not understand what it is, how it works and how it can be used to make a profit.

Bitcoin was founded in 2008 under mysterious circumstances and it has taken us on a roller coaster ride of epic proportions and created many “new rich” in the process.

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.

The first step to becoming a successful cryptocurrency investor is to gain a fundamental understanding of the terminology used in the cryptocurrency market (crypto space), this becomes relevant when carrying out your research on various coins and block chain technologies; In conducting your research you can use various sources such as YouTube videos or reading news articles on the subject.

We recommend you invest in projects that solve world problems and have long-term futures. For example, VeChain (VET) project which enables manufacturers and other participants to track the movement and provenance of products in a supply chain.

Once you have decided on the coins to invest in, you will need a digital wallet to store them in. A good knowledge of the various types of digital wallets you wish to store your investments (digital coins) will help you decide on the best wallet to use (refer to the terminology page for the various types of wallets).

There are three ways to make money from cryptocurrencies, the first is by holding (HODL) them in storage (digital wallet) and let the coins appreciate over time, the second is to trade your coins on an exchange. For a short list of reputable digital wallets & exchanges.

Finally, you can invest with cryptocurrency traders who trade with your investment on exchanges and offer you a daily return on investment. An example of this is PGI Global that guaranteed income on investment ranging from 0.5% to 3% in daily commissions. Register here start earning passive income.

MTX Crypto Coins offers the latest news in the cryptocurrency market, highlights potential ‘money making’ coins based on market cap, volume and future potentials. We also present the latest partnerships in cryptocurrency projects involving big corporations such as Amazon, Apple, Google and more.

Author – Ken Uwotu, Blogger/Crypto Analysis

Source – International Business Times