BitCoin Update


Bitcoin (BTC) Regains Trading Dominance as Market Prices Fall

Bitcoin (BTC) Regains Trading Dominance as Market Prices Fall

Altcoin fatigue has taken over the crypto markets, and most trading activity has circled back to concentrate on Bitcoin (BTC). Typically, the original cryptocurrency takes up around 30% of all trades, but the proportion increased to more than 37% as of December 14. While prices struggle to remain in their current range, another sell-off has pushed them closer to $3,300.An even more dramatic change for BTC trading is the expanded influence of Tether (USDT) pairs. During Thursday’s sell-off, more than 71% of all trades happened in the BTC/USDT pair, based on data from CryptoCompare. Later, the proportion fell to about 68%, remaining relatively high.Altcoins still have a relatively high market dominance due to their sheer number. Some tokens and coins continue to see the occasional pump. However, Bitcoin’s dominance expanded to more than 54% after dropping to as low as 32% in January.
As Bitcoin sinks, industry startups are forced to cut back

As Bitcoin sinks, industry startups are forced to cut back

Around this time last year, the price of Bitcoin  hit an all-time high of nearly $20,000. Cryptocurrency enthusiasts everywhere boasted about the wealth 2018 would bring, initial coin offerings exploded and startups continued to pull in record amounts of venture capital. Fast-forward one year: Bitcoin is down 75 percent to a meager $3,700, sinking as quickly as its meteoric rise, and industry startups are paying the price.The latest victim is Bitmain,  a provider of bitcoin mining hardware that very recently submitted its IPO prospectus to the Stock Exchange of Hong Kong. The company confirmed to CoinDesk this week that cutbacks would begin imminently: “There has been some adjustment to our staff this year as we continue to build a long-term, sustainable and scalable business,” a spokesperson for Bitmain told CoinDesk . “A part of that is having to really focus on things that are core to that mission and not things that are auxiliary.”
Bitcoin crosses $4,000 for the first time in two weeks

Bitcoin crosses $4,000 for the first time in two weeks

Bitcoin has surpassed $4,000 for the first time in two weeks, continuing to break away from a months-long rout.The price of the world’s best-known cryptocurrency climbed almost 7 percent to $4,037 on Thursday, according to CoinDesk’s index tracker.The last time the digital currency was trading at the $4,000 level was on Dec. 4. It began to plummet in mid-November after months of stability, restoring volatility in an asset known to jump or fall hundreds of dollars within hours.It has fallen almost 80 percent since a record high near $20,000 in December last year. Earlier this week, bitcoin began to jolt upward on the anniversary of the cryptocurrency’s all-time high.
Facebook imposters are trying to swindle users out of bitcoin

Facebook imposters are trying to swindle users out of bitcoin

Earlier this month, some Facebook users noticed something odd: bitcoin mining company Bitmain seemed to be posting in the comments of one of its posts, advertising some sort of “partnership” tied to bitcoin and requesting a cryptocurrency transfer. The post was suspicious; some wondered whether the company had been hacked.But the post wasn’t from Bitmain at all, the company explained in a follow-up comment on Facebook. Instead, a savvy imposter had set up a fake account, then commented on a legitimate thread from the company, attempting to draw users into sending bitcoin. “There are plenty of users creating fake accounts with our profile picture and inputting the same name as Bitmain,” the company wrote in a Facebook comment. “We always have these taken down but new ones always come out.” Users with pages like Bitmain’s rely on flagging content to Facebook and then waiting for the company to take it down. It’s not clear in this case how long the posts were visible. (Bitmain declined to comment.)
Coinbase Might Be Behind Those 856,000 BTC Worth of Transactions

Coinbase Might Be Behind Those 856,000 BTC Worth of Transactions

Last week, it was reported\ that a Bitcoin whale had moved thousands of bitcoin into different wallet addresses. Between December 1 to December 6, 2018, the whale split 856,000 bitcoin between 107 wallets, sending an equal 8,000 BTC into each wallet. Speculators have formulated different hypotheses since the monstrous sum was moved. Was it a market whale moving funds to Over-the-Counter (OTC) markets? Could the sender be the Foundation for Economic Education (Fee.org)? (This second theory is highly improbable as the listed address on the organization’s website reveals it has only ever received a total of 2.2 BTC.)
UnitedCorp files suit against Bitmain, Roger Ver, Kraken and others over alleged manipulation during Bitcoin Cash hard fork

UnitedCorp files suit against Bitmain, Roger Ver, Kraken and others over alleged manipulation during Bitcoin Cash hard fork

The aftermath of the tumultuous Bitcoin Cash hard fork has hit the courts after Florida-based United American Corp. filed a suit against some of the biggest names in the cryptocurrency market, accusing them of manipulation of the Bitcoin Cash network during and after the Nov. 15 hard fork. According to a press release, Unitedcorp UAMA, -18.20%  alleges that parties including Bitmain, Bitcoin.com, Roger Ver and the Kraken exchange engaged in “unfair methods of competition” that were detrimental to UnitedCorp and other stakeholders.
Bitcoin drops 8% to kick off December

Bitcoin drops 8% to kick off December

Bitcoin is kicking off the last month of 2018 with another downward drop. After ending November deeply in the red, the world's largest cryptocurrency fell as much as 8 percent on Monday to a low of $3,790.96, according to data from CoinDesk. At this time last year, bitcoin was beginning its climb to almost $20,000 and ended last December up 40 percent. It entered its hot streak just after Thanksgiving last year, surging in price largely because retail investors were buying in.
Bitcoin crashes 37 percent in November, wiping $70 billion off of cryptocurrencies' market value

Bitcoin crashes 37 percent in November, wiping $70 billion off of cryptocurrencies' market value

November will be a month to remember for bitcoin investors. The world's largest cryptocurrency ended November down 37 percent, its worst drop since April 2011 when the cryptocurrency fell about 39 percent, according to data from CoinDesk. Bitcoin hit a low of $3,878.66 Friday after starting November above the $6,300 mark. The digital currency is now down more than 70 percent since the start of 2018 and 80 percent from its all-time high hit late last year.
Bitcoin Is 'Here To Stay' Says Wall Street Boss Amid Crypto Rout

Bitcoin Is 'Here To Stay' Says Wall Street Boss Amid Crypto Rout

Bitcoin has been struggling recently, losing 40% of its value in just two weeks, as a civil war in rival cryptocurrency bitcoin cash and fears much-anticipated institutional investment will fail to materialize weigh on bitcoin and cryptocurrency investors. Bitcoin's woes have caused many to doubt the future of cryptocurrencies, though others are confident bitcoin and its peers will soldier on, with New York Stock Exchange (NYSE) chairman Jeff Sprecher among the more optimistic.
Bitcoin Surges 8% Overnight in Corrective Rally, Potential Full Reversal?

Bitcoin Surges 8% Overnight in Corrective Rally, Potential Full Reversal?

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