George Town, Cayman Islands, Nov. 26, 2018 (GLOBE NEWSWIRE) --
On Monday, Bitcoin Hit Its Lowest Mark of the Year, $4,600, Having Lost Almost 15% of Its Value over the 24-Hour Period
The existing trend was further fueled by the speculators' activities at BitMEX exchange and the recent Bitcoin Cash hardfork. The situation may also have been affected by the traders' drive to get out of Bitcoin and turn to Tether stablecoins. According to CryptoCompare portal, the BTC/USDT pair today accounts for about 60% of all key cryptocurrency trades. So it appears that Tether, paired with Bitcoin, is even more popular than the good old USD. The Bloomberg Intelligence analysts further stirred the pot by predicting that Bitcoin will continue its downward spiral, dropping all the way to $1,500.
Investors are concerned that a software update may result in lowered transaction speed not only on the BCH platform but also in the Bitcoin network itself, and these negative expectations were originally caused by the news that the Bitcoin SV network – one of the new forks in the Bitcoin Cash split – encountered a so-called blockchain reorganization attack, which slows down, or even sends back transactions. And it is still unclear whether this was a deliberate attack by hackers or if the consensus failure was an accident.
Andriy Zinchuk, CEO at ICOBox, comments on the matter. “Calm down and take no abrupt action either way, because we're in the middle of the so-called "hash war." When big guns fights, the common folk get the flack. The apologists of Bitcoin ABC and Bitcoin SV are using various hash rate functionalities to lure the economically viable majority to their side. They are not being very successful at it so far, because immediately following the latest hardfork miners started mining new versions of Bitcoin Cash at a huge loss, on average "burning" about $300K per day. This simply makes their mining economically impractical and creates panic in the marketplace.”
The Debate on Future Bitcoin Value Grows
Bloomberg Intelligence analysts are forecasting that Bitcoin will drop to $1,500. In turn, a famous software developer and crypto analyst John McAfee tells his Twitter followers "to relax”, while Tom Lee of Fundstrat Global Advisors believes that by the end of the year, the fundamental cryptocurrency will bounce back and reach $15,000.
“We do not really believe in the $1,500 number, but we also aren't expecting the bounce up to $15,000. The truth is most likely somewhere in the middle, so we at ICOBox are more inclined to side with McAfee's more reasonable take. Bear trends occur regularly, in various corners of the market, but don't forget that the market's nature is cyclical, and every crash is followed by the rise. This is what McAfee calls a "beautiful spring,” said Daria Generalova, Managing Partner at ICOBox
Bitcoins Now Can Be Used to Buy Apple and Facebook Stock
For Bitcoin holders this is a chance to grow holdings and gain access to traditional securities market, including stock in major companies. For the platform's developers it is a way to attract new customers. WorldMarkets is striving to close the gap between cryptocurrencies and traditional finance.
Dima Zaitsev, Head of International PR at ICOBox, commented on the matter.“As I understand, the project team intends to continue growing the list of companies whose stock can be bought for digital currencies. And this is no reckless scheme on their part, but rather a deliberate choice to look beyond the ongoing market crash.”
Canada, the Uk, and Singapore Plan to Issue Central Banks' Digital Currencies (CBDC) for Trans-Border Transactions
“This is about the anonymity of all processes, absolute availability of digital currencies, and elimination of risks, which are ever present when transacting with partners. It doesn't even matter if it will be a universal cryptocurrency exchangeable for various fiat tenders, or if each country will be issuing its own coins overseen by the state's financial institutions – what is important is that it will create an opportunity for countries to settle their accounts in digital currencies. Can you believe that we are living in the time when the International Monetary Fund is beginning to develop the legal framework for the cryptocurrency market, and its chief Christine Lagarde is urging central banks to issue crypto money? That means that things may really start rolling soon,” says Daria Generalova, Managing Partner at ICOBox.
About ICOBox:
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