Bitcoin Price Falls to $7,800 as Cryptocurrency Market Drops $27 Billion Overnight

Join our community of 10 000 traders on Hacked.com for just $39 per month. On yesterday’s report, CCN emphasized that if the bitcoin price falls below the $8,200 resistance level once again, a reentry into the $7,000 region is inevitable. Over the past 24 hours, the bitcoin price dropped by around 4 percent from $8,300 to $7,850. Bitcoin Price Trend As CCN previously reported, the recent correction of the cryptocurrency market can be attributed to three major factors: Mt. Gox sell-off in early May, Bitfinex taxation policy, and scandal involving…

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Bitcoin Price Watch: BTC/USD Breakdown Looks like Real Deal

Key Points Bitcoin price failed to hold the $8,240 support and declined sharply against the US Dollar. There is a major bearish trend line formed with resistance at $8,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair may well correct higher in the short term towards the $8,100 and $8,160 resistance levels. Bitcoin price broke key supports near $8,200 against the US Dollar. BTC/USD may continue to face selling interest near $8,100 and $8,200. Bitcoin Price Analysis Yesterday, we discussed about a major support…

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Cardano Price Analysis: ADA/USD Upsides Remain Limited

Key Highlights ADA price declined recently and broke a key support at $0.2300 against the US Dollar (tethered). There was a break below an important bullish trend line with support at $0.2450 on the hourly chart of the ADA/USD pair (data feed via Bittrex). The pair traded towards the $0.2100 level and it seems like it could revisit the $0.2000 zone. Cardano price tumbled recently against the US Dollar and Bitcoin. ADA/USD could correct higher, but upsides may be capped by the $0.2300 and $0.2400 levels. Cardano Price Analysis There…

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Ripple Price Analysis: XRP/USD Broke Significant Support

Key Highlights Ripple price failed to hold a major support area near $0.6500 and declined against the US dollar. There is a crucial bearish trend line forming with resistance at $0.6450 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair may correct higher, but the broken support at $0.6500 is likely to act as a hurdle. Ripple price declined further against the US Dollar and Bitcoin. XRP/USD is now well below $0.6500 and is eyeing more losses in the near term. Ripple Price Bearish Bias…

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Bears Push Bitcoin Price Back Below $8,000

Join our community of 10 000 traders on Hacked.com for just $39 per month. The bitcoin price fell back below the $8,000 level on Tuesday after the flagship cryptocurrency failed to receive a Bitcoin Pizza Day bump. Bitcoin had briefly peaked above $8,600 on Monday, giving investors a false hope that it would make a run back toward $9,000. Unfortunately, this rally proved unsustainable, and the bitcoin price entered Tuesday morning trading near $8,400 and continued to decline throughout the day. Shortly before 22:40 UTC, the bitcoin price slipped below…

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Why Large Investors Aren’t Scared by the Bitcoin Price Drop

Join our community of 10 000 traders on Hacked.com for just $39 per month. Avi Salzman, a senior editor for Barron’s magazine, released a report this week featuring big money investors and executives from the rapidly growing cryptocurrency sector who generally believe, despite the recent bitcoin price drop, cryptocurrency will inevitably replace fiat. Inevitable Outcome Over the past five months, the valuation of the cryptocurrency market has dropped by more than 55 percent, from $829 billion to $372 billion. In January, at its peak, the valuation of the cryptocurrency market…

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Crypto Investment Manager Touts 3 Catalysts for Bitcoin Cash Bull Run

Join our community of 10 000 traders on Hacked.com for just $39 per month. Cryptocurrency portfolio manager Brian Kelly has been touting Bitcoin Cash for weeks, and now he’s doubling down on his bullish call. Bitcoin Cash outperformed other leading digital currencies, the latter of which have taken it on the chin in recent weeks. The Bitcoin Cash price advanced 6% over the last month compared to declines of 5%, 9% and 11% for bitcoin, Litecoin and Ripple, respectively. Kelly on CNBC made the case for Bitcoin Cash. Kelly, the founder…

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Bitcoin Price Going to Zero? Debunking Vanguard’s Illogical Arguements

Join our community of 10 000 traders on Hacked.com for just $39 per month. Following the footsteps of Tim Buckley, the CEO at Vanguard, an investment firm that oversees $5.1 trillion in assets, the company’s chief economist Joe Davis stated that he sees the price of bitcoin dropping to zero in the long-term. Argument 1: No Viable Use Case The core argument Davis offered on his ETF.com opinion piece to support his theory that the price of bitcoin drops to zero in the long-term is the lack of a viable…

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Bitcoin, Ethereum Prices Drop 3% in Sluggish Crypto Market: Factors and Trends

Join our community of 10 000 traders on Hacked.com for just $39 per month. Over the past 24 hours, the valuation of the cryptocurrency market has dropped from $390 to $373 billion, by more than $17 billion. The bitcoin price dipped below $8,300 and the value of Ether, the native cryptocurrency of the Ethereum network, dropped to $690. Main Factors Behind the Cryptocurrency Market Slump The recent correction of the cryptocurrency market and the short-term decline in the price of bitcoin, Ethereum, and other major cryptocurrencies and tokens can be…

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Bitcoin Price Watch: Can BTC/USD Hold 100 SMA?

Key Points Bitcoin price formed a short-term top near $8,600 and started a downside move against the US Dollar. There was a break below a key bullish trend line with support at $8,370 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must hold the $8,240 support and the 100 hourly simple moving average to avoid more losses. Bitcoin price is trading above a major support at $8,240 against the US Dollar. BTC/USD should stay above the 100 hourly SMA to trim recent losses. Bitcoin…

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