Bitcoin

Cryptocurrencies are units of exchange and hold value because people decide they do. While any other currency or asset type does not back others like Bitcoin, stablecoins are backed by such currencies or assets to stabilize them against the highly volatile nature of the digital currency. According to the law of demand, all other factors withstanding, highly-priced resources have less need. Similarly, the law of supply states that the quantity supplied is directly proportional to the price. Therefore, this means…

We usually get puzzled and confused looks from newcomers to the cryptosphere when we talk about a centralized party looking into "Blockchain Technology." Or when a consortium of banks tries to find the best solutions using blockchain to stay in the game. Assuming most newcomers count bitcoin as their gateway to cryptocurrencies, they are exposed to a lot of fancies and disruptive words like "decentralized," "open-source," "trustless," etc. The people who stay are swayed away by the hopes and dreams,…

After an eye-raising decline spell over the week, Bitcoin price made a recovery above $5,000 and $5,500 against the USD. The price looks to be forming a decent support above the $5,000 mark. However, it is facing resistances near the 100 hourly simple moving average (SMA). During the recent upward trend, there was a break above a connecting bearish trend line. At the time, the resistance stood at $5,325 on the BTC/USD pair hourly chart. Although bitcoin faces a struggle…

Get the weekly summary of cryptocurrency market trends, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $155 billion. Bitcoin value crashes by 30%, reaches $4,185 before rising above $5,000 again. Ethereum loses almost 50% of its value and now trades at a little over $126 XRP trades as low as $0.11 mid-week before recovering at $0.15 on Sunday The stock and equity markets experience new historic lows since the 2008…

Cryptocurrency is a digital currency managed by using one of the most advanced encryption techniques called cryptography. Bitcoin (BTC) is the first-ever cryptocurrency that came into existence in 2009 but captured the public's attention in 2013. Cryptocurrency has several merits over conventional currency technology - they have a massive potential for returns, fraud-proof, no identity theft, fast processing, and lower transaction fees. Despite these advantages, most governments are against the use of cryptocurrencies. In this article, I will discuss some…

The Inherent Transparency of Blockchains Blockchain is an immutable, distributed, decentralized, and secure digital ledger. As this digital information is accessible to anyone on the Internet, it becomes transparent and incorruptible. In a blockchain, once a transaction is validated through a consensus process, it is also committed to all network ledgers. These ledgers are distributed databases that store the information recorded from a transaction. Transparency is inherent in a Blockchain network. It is easy to misunderstand what transparency means on…

The Lightning Network is significantly dropping, as reported by the Defi Pulse on the 14th of March.  Charts are indicating the total value locked (TVL) in Lightning Network, revealed an over 2-day period drop. The figure dropped to $4.30m on the 13th of March, from $7.073m the previous day, and thus a decline of about 65% in a day. Bitcoin’s crash accelerated the most long-short liquidations on BitMEX in 16 months. Bitcoin dropped from $7200 to a low of $5675…

BTC traders on Coinbase will soon enjoy lower transaction fees thanks to the exchange's adoption of Bitcoin Transaction Batching. The firm announced the launch of the feature on  March 12th. In a blog post confirming the same, Coinbase states that the new feature will significantly lower the load on the Bitcoin blockchain. Additionally, it can save the exchange's users more than 50% in network fees. Reduced Network Fees on Coinbase In a departure from the norm, Coinbase will now bundle…

BTC miners who are critical to the coin's functioning are starting at massive profit cuts. This is according to a  March 13, 2020, Bloomberg report. According to Chris Bendiksen, head of research at  CoinShares, the almost 40%  decline in Bitcoin’s price this month,  has pushed miners into the red. The miners account for a 3rd of all the network's power. Black Thursday Crypto Twitter has christened March 12 ‘Black Thursday’ on crypto following  Bitcoin's almost 40 percent plunge. As a…