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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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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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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No Investors Affected, Hard to Charge Cryptocurrency Exchange UPbit

Join our community of 10 000 traders on Hacked.com for just $39 per month. Experts in the cryptocurrency sector of South Korea have stated that it will be difficult for the government and local financial authorities to file charges against UPbit, South Korea’s biggest cryptocurrency exchange, given that no investors were affected. Funds Real, No Investors Affected Last week, CCN reported that UPbit was raided and investigated by local police, Korea Financial Intelligence Unit (KIU) and Financial Services Commission (FSC) due to suspicions of fraud. Local financial authorities accused UPbit…

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‘Decent Probability’ Bitcoin Price Goes to Zero: Vanguard Economist

Join our community of 10 000 traders on Hacked.com for just $39 per month. An economist at one of the world’s largest asset managers believes there is a “decent probability” that the bitcoin price will eventually crash to zero. Joe Davis, the chief economist for $5.1 trillion asset manager Vanguard, wrote in an ETF.com op-ed that although the firm is enthusiastic about blockchain technology in general, it does not believe cryptocurrencies constitute a viable use case.” “I’m enthusiastic about the blockchain technology that makes bitcoin possible. In fact, Vanguard is…

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Bitcoin Bull Tom Lee Sticks to Strong Forecast Despite Failed Prediction

Join our community of 10 000 traders on Hacked.com for just $39 per month. Widely followed cryptocurrency analyst Thomas Lee’s short-term market forecast may not have materialized, but he’s sticking with his bullish long-term prediction despite the setback. If anything, Fundstrat Global Advisors’ Lee is digging in his heels even further, reportedly reiterating his forecast for a $25,000 BTC price by year-end. What Happened Lee placed a great deal of stock in last week’s Consensus conference, having said that a combination of a “sanity check” among market participants that innovation on the…

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How Bitfinex Tax Requirement May Have Contributed to the Bitcoin Correction

Join our community of 10 000 traders on Hacked.com for just $39 per month. On May 17, one of the world’s largest cryptocurrency and bitcoin exchange Bitfinex officially asked its users to submit tax IDs and social security numbers that could be utilized by government agencies in the countries its users are based into tax gains recorded in the cryptocurrency market. “We request that you complete the appropriate self-certification form and upload it to your Bitfinex account by May 24, 2018, at the latest. If you are a US person…

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Fundstrat’s Bitcoin Price Rally Prediction Fell Flat: Tom Lee Explains Why

Join our community of 10 000 traders on Hacked.com for just $39 per month. Fundstrat Global Advisers is a finance market strategy firm well-known for making bullish predictions on cryptocurrency prices. Co-founder Thomas Lee posted the group’s predictions that the bitcoin price would reach up to $64,000 by the end of 2019, citing the future trajectory of Bitcoin mining infrastructure growth as an underlying cause. He also predicted $91,000 in two years. CRYPTO: Our quant/data scientist @fundstratQuant publishing #bitcoin mining white paper. Crypto mining economics lead/explain $BTC price—suggests $39,000 per…

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