Bitcoin’s Fall Suspected Due to Facebook, Libra Could Directly Boost Bitcoin’s Growth

Bitcoin Price Prediction

Bitcoin’s recent downfall isn’t a good sign for the crypto market. It is now fluctuating at a lower level than before and has managed to go down even below US $10,000. At the time of writing this, Bitcoin was traded at a meager $9,685 compared to highs of $13,000 at the end of June. Investors were quick to link this with the Congressional hearing of Facebook happening on the 16th and 17th of July. While many believe it may be just a coincidence, many veterans in the market believe otherwise.

Bitcoin’s Direct Connection With Hearings

Bitcoin’s price has somewhat of a direct relationship with events deciding the future of cryptocurrency. The hearings that take place have directly affected Bitcoin’s growth in the past too. First of all, the days leading up to the hearing have been bad for Bitcoin as it has shown bearish behavior. Also, today on 16th it has been at its lowest in a month at $9,600. While Facebook’s Libra jacked-up Bitcoin’s rally from $9,800 to $13,000, it has leveled it now leading up to the hearing.

In the past, the congressional hearings have influenced the price of BTC. Last year, Bitcoin’s price fell from $6,820 to $6,070 in a matter of five days in July leading up to a hearing regarding the future of Crypto. But, when a suitable outcome came, it rallied up to $7,400 due to a favorable outcome from the hearing. More examples of this include a hearing in February of the same year and in November of 2013.

About the Hearing & Bitcoin’s Connection to it

The Congressional Hearing of Facebook has been held to discuss its new project, Libra. The Crypto was expected to be heavily scrutinized because of the skepticism of the US Congress towards cryptocurrencies. The Facebook head of Calibra – David Marcus has been asked to testify to different lawmakers on the Senate Banking Committee on the 16th and House Financial Services on the 17th. The impact of the hearings will be seen through the fluctuations of Bitcoin’s price.

The cynical behavior of such committees towards Libra may not be good for Bitcoin. The decisions taken in this hearing may send down massive shockwaves in the crypto market. While these hearings go on, the anxiousness is felt throughout the market.

Bitcoin and other Top 4 Cryptos Experience Drops in Price, Even Double Digit Losses For Some

The first week of July set the trend for the Crypto market this month. There were loss in prices but investors were optimistic of gain as the month progressed. But, these price drops have now amplified and taking down even the major cryptos in the market. The investors who were waiting for the major bull run of Bitcoin, it’s bad news as Bitcoin has been caught up in this trend of percentage drop in prices. The losses of these top 4 cryptos are not a good sign for Crypto ahead.

Bearish Sentiments Throughout the Market

The top 4 Cryptos going down have basically made the whole market bearish but it probably isn’t their fault. It was anticipated that in these top 4, currencies like Litecoin and Bitcoin will have a pullback and investors must be ready for it. But, investors of Litecoin weren’t actually ready for such pullback as it has happened just at the eve of the halving event of Litecoin. 

For Bitcoin, it was said by many that it would lay down the foundation of the bull run at the start of July, and would be at least US $15,000 at the start of August. But, in this optimism, the realists who also kept the possibility of Bitcoin dropping a feasible outcome were cast aside. Talking about the other two, Ripple and Ethereum, it is just unfortunate timing that they have dropped when it was a down period in the market.

Losses of the Top 4 – In Figures

Bitcoin, for the first time in almost a month, dropped below the US $10,000 and it is a shocking revelation for many. The valuation of Bitcoin went down as low as $272 billion and showed signs of dropping even below at some point. At the time of writing this article, the price of Bitcoin is $10,795 and growing, fortunately, but it will take time for Bitcoin to assemble momentum for a bull run.

Ethereum, the second largest cryptocurrency in the market, suffered the most. Ethereum has lost nearly 20% of its value in the last 48 hours and took hits in its price. It was trading at $313 on 8th July, and it slowly started wearing down from that. In the last two days, where it was traded at $269, it went down sharply to the $200 mark. At the time of writing this, it is being traded at $229 but is still diminishing.

Ripple XRP, a cryptocurrency who has climbed in terms of valuation due to its blockchain success, has also suffered. It has seen a loss of 9% in valuation and went down from almost $0.40 to $0.32 in a matter of a week. It is trading at $0.31 now, with a stagnant graph of growth.

Litecoin, the fourth largest cryptocurrency, has the most unusual loss due to the timing. It should have been a booming period for Litecoin as the halving period is just three weeks away, but it is quite the opposite. Litecoin price has taken a steep drop from $123 on 8th July to $89 being traded right now. This trend of bearish growth was present even before that period as it wasn’t growing enough at the start of July.

Russia enhancing its economy through Blockchain Technology

If we talk about politics and bureaucracy, Russia is one of the most dominant countries in the world. On the contrary, Russia has the 12th largest economy which results in decreasing its value among the dominant countries. Talking about economics, the United States is the top leader among all and Russia is challenging its trade and investment with the new and enthusiastic technology, Blockchain Technology.

Russian national virtual asset got raised in 2015 and thus Russia knows about what cryptocurrency is and how to work on it, but the only the private sector is the one who discusses about it. In the year 201 itself, Qiwi and Webmoney, two Russian Payment entities, sent the proposition to the Russian’s Central Bank but it got rejected. But the deputy of State Duma, Andrei Lugovoi, has suggested that Cryptocurrency will benefit Russia to avoid the sanctions from the EU and US.

Talking about trade and investment, Russia is consistently trying to break the US stronghold for a long time. It seems like the political sector of Russia is now trying to go beyond the dominated financial system by the US. Not only the trade sector, but Russia also wants to reduce the sanctions done by the US and improvise its currency reserves from foreign. To do so, Moscow is working on blockchain technology to implement the security goals for long term purpose and improve the economic conditions of the country.

In Russia, the craze for cryptocurrency and blockchain has increased, and in 2017, in an international blockchain conference, Russian intelligence officer stated that “The internet belongs to the Americans – but blockchain will belong to us.” The Kremlin officials also backed up Russia in the following year to motivate them to build their own cryptocurrency or financial system based on blockchain. However, the President of Russia, Vladimir Putin, didn’t agree with the idea of bringing cryptocurrency in the country but after going into its depth and understanding about this technology, he conceded to move forward with the revolution of cryptocurrency.

The Russian National Security Depository is currently working on in laying down the foundation of cryptocurrency in Russia but the facts say that it will take decades for the cryptocurrency to lay down its feet in Russia to bring out the better results. Central Bank has also said that they will support the cryptocurrency revolution in Russia but the head of the working group on cryptocurrencies, Elina Sidorenko at the State Duma claimed that “The country lacked the legislative framework, regulatory authorities, and technical requirement to immediately combine its financial system with cryptocurrencies.”

As it seems, there are many things to do in Russia in order to make Cryptocurrency to work better but the beginning seems to be good and it has also been said, “Every long journey start with just one step.”

Bearish Correction in Cryptocurrency Market: Cardano, Ontology and VeChain drops by 40 to 50%

The Cryptocurrency market is under the bearish correction again and all the major currencies in the market are suffering from great loss. The currencies such as Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, but the currencies who are suffering from around 40% to 50% loss are Cardano, Ontology, and VeChain in the course of two weeks.

Since the high values of 26th June, the cryptocurrency market has got over $100 billion has quitted the total worldwide market capitalization.

Current Status of Cardano: Currently, the currency is trading at the value of $0.0058195 USD and its value is decreasing by -7.52%. The market capitalization of the currency is $1,508,833,915 USD and the 24-hour volume of currency is $117,480,994 USD. The circulating supply of the currency is 25,927,070,538 ADA.


In the previous three months, ADA value has almost got doubled and the launch of Cardano’s first staking test was the exciting news for the investors and non-investors. These are all who wait for a long time to reap profit from Cardano. The news assisted Cardano value to surge almost around 25% in the days leading up to June 26th high, but the gains could not be remains for long. Since then, the price of Cardano has decreased from $0.106910 to the value of $0.060580, making it decrease of value by 43%. Today, the value of Cardano has decreased even more.

Current Status of VeChain: Currently, the currency is trading at the value of $0.005632 USD and its value is currently decreasing by -6.83%. The market capitalization of the currency is $312,303,681 USD and the 24-hour volume of the currency is $28,395,752 USD.


The recent loss in the cryptocurrency market has also affected the chain value. The currency has collaborated with Walmart China, which then caused a surge in its value. The currency’s value has surged around 25% in June when the news of VET collaborating with Walmart came out. Yet the currency’s value got a decrease in the course of 18 days and from the high of $0.010624, the value decreased to the value of $0.005632 at the present time trading value. The VET value has registered the loss of around 46% in the course of 3 weeks.

Current status of Ontology: At the time of writing, the value of Ontology was trading at the value of $0.896612 USD and its value is decreasing by -7.87%. The market capitalization of the currency is $478,122,803 USD and the 24-hour volume of the currency is $142,413,272 USD.


The currency was increasing since the starting of the year and in the previous quarter, the value of the coin was almost doubling its value, but there is no bullish movement in the currency’s value since a previous couple of months that concrete anything in the value. Since the high of June 26th, the Ontology’s value has decreased from $1.85 to $0.920239. The total value decreased of the currency is around 50.25%.

At the beginning of this year 2019, the currency was going great and crossed its previous parent chain that is NEO (NEO) in the ranking of market capitalization. But Ontology has decreased back to 26th and NEO is holding its place at 17th.

Conclusion: These three altcoins is waiting for an opportunity for some bullish movement. These currencies were an earlier better performer in the market could not be able to handle their stableness in the values. The experts are hoping the same fate for the Chainlink (LINK), which has decreased by 38%. On the other hand, Bitcoin has dropped by 50%.

Dogecoin Price Analysis: This year Dogecoin has a noticeable surge in its price

Dogecoin Price Prediction

Dogecoin was clearly enjoying the bullish surge in its price and the bullish movement of the Dogecoin was triggered by the positive increase of the currencies in the market especially Bitcoin. Bitcoin was the most influential currency for Dogecoin’s value and when Bitcoin was going up, Dogecoin too was going up.

Today, Bitcoin open in the market with decreased price but the value of the currency is currently is around $11,300. Despite its bearish performance, the experts think that the currency will recover and achieve the value of $11,800 by the end of today and this surge will impact on the value of Dogecoin too.

Current Value of Dogecoin: Currently, at the time of writing the value of Dogecoin is trading at the value of $0.003254 USD and its value is currently decreasing by -2.33%, but the BTC trading value of the currency is 0.00000029 BTC and its increasing by 0.35%. The market capitalization of the currency is $391,527,244 USD and the 24-hour volume of the currency is $33,271,184 USD.

Dogecoin Year-to-date Analysis: This year Dogecoin has been going great in the market. Dogecoin started this year with the value of $0.0023 and the currency experience decrease in few starting months. In the month of February, the currency was at its all-time low of $0.0018.

As at the month of April came the currency surged by 80.21% from the value of $0.0020 to the high of $0.0036. Unfortunately, the coin again dropped down and from $0.0036 it came to $0.0034, with the decreasing of 34.26%. In May again the value of Dogecoin goes up from $0.0024 to the value of $0.0033 increasing the value by 39.71%. A few days ago the currency reached up to the high of $0.0038 and the value increased by 41.02% as the value goes from $0.0022 to $0.0032.

The experts are predicting that the value of Dogecoin will increase in the coming future. The market is also expected to go up because of the leap in the value. The experts are predicting that the coin will achieve the value of $0.007 by the end of the year 2019 and the best investment in the coin would be a long-term investment.

Cardano Price Analysis and Prediction: The Currency is going down by 2%

Cardano Price Analysis

The cryptocurrency was recovering this week and going forward in the upper direction. The cryptocurrencies such as Bitcoin, Dogecoin, and USD coin is growing great in the market today. But, the other currencies than Bitcoin in the top 10 are not able to hold their pace in the upward direction and they are going downward.

The currencies such as Ethereum, Ripple, Litecoin, Bitcoin Cash, and Tron are going downward. The 11th position cryptocurrency Cardano is also suffering the pressure of the bearish correction. Yesterday, the currency has surged up to $0.082 from the value of $0.079, but later the fall back the value of $0.079. The currency has decreased by 3% at 08:50:29 UTC.

The market capitalization of the currency was at $2,063,601,407 USD and the 24-hour volume of the currency was $122,905,252 USD on July 09, 2019.

Current status of Cardano (ADA): At the time of writing, the currency is trading at a further declining value of $0.076817 USD and its value is decreasing by -2.45%. The BTC value of the currency is also decreasing by -7.44% and it is at 0.00000591 BTC. The market capitalization of the currency is $1,991,638,680 USD and the 24-hour volume of the currency is $102,110,614 USD. The circulating supply of ADA is 25,927,070,538 ADA. The ROI of the Cardano is 254.36%.

Clearly, the currency has even fallen more than its value of yesterday and the value of the market capitalization and the 24-hour volume has also decreased respectively. In the previous week, the highest value recorded at $0.083 and the anticipation was that the coin will move above the value of $0.084.

Cardano (ADA) Price Forecast: The value of the cryptocurrency Cardano is going down currently. The 4-hour value chart of the ADA/USDT is also below the bearish zone near the value of $0.080 support at 25 simple MA. There was an upside correction near $0.075.

The 23.6% Fib retracement level of the past main slide from the high of $0.0909 to low of $0.0757, but the upward trend was stopped at the $0.0820 level. The key bearish trend line creating with the resistance close to the value of $0.0800. The price also failed to examine the 50% fib retracement level of the past main high to low.

The value could revisit the $0.0760 or $0.0755 level and if the price break below the value of $0.0757, then the value could decline the support area of $0.0750. Then the price could find the major support at the value of $0.0732 and below this, the price could test at the value of $0.0715. If the trends go upside then the bulls need to make the trend line at the resistance level of $0.0820. The price is bearish so there are many obstacles in between near the next resistance levels of $0.0845 and $0.0850. The value must get settle above the resistance of $0.0850 pivot level a bring a good recovery in the trading value and then only the price could make up to $0.0920 and $0.0950.

Crypto Mining in the present market is something that you must be aware of

Bitcoin Price Prediction

A recent move by the Iranian government has grabbed the attention of the majority of the population in the market. The incident made its way to the headlines when the Iranian government decided to cut off the power supply to the local Bitcoin miners.

This incident is not only one of its kind but its actually a reminder that one can never even imagine when such regulatory laws can disturb the stability of the crypto market.

Brief Glance At the Entire Process of Crypto Mining

Crypto production involves machine equipment to work specially designed code to compete against different miners to solve mathematical puzzles. If miners get this contest, so they take this stop advantage of whatever crypto they are mining (blocking intervals are crypto-specific — some payout advantages every two hours, while cryptos like bitcoin, pay a block reward every ten minutes).

Crypto production is a relatively direct business from a value standpoint. The primary value is energy, as it takes a considerable amount of force to get all the production rigs. Thus, the most productive production processes are those in areas with cheap energy (lowers the price of running the rigs) and cold climates (lowers the price of cooling the rigs ). Iceland and Sweden (where hive’s new and future facilities can be placed) are perfect destinations as they have comparatively cold year-round climates and the abundance of affordable energy.

Crypto Mining and the Present Market

South Korea

It has been reported that crypto investors found at South Korea have begun to buy crypto production CPUs, with play graphics papers offered, in order to mine these cryptocurrencies named in the country’s exchanges.

The new cryptocurrency market correction was when hardware makers noticed The difference in great need was taking place. The 70% drop in the listed cryptocurrencies amount led investors to seek alternative ways of getting profits.

This information was reported by the local information outlet EKN. The representative from Jooyeon engineering, one of the most common options among hardware miners, has said:

“The versatility of crypto miners, which can be used as normal CPUs as well, Was also the cause for this increase in great need.”

Venezuela

But miners in Venezuela are taking advantage of this nation’s subsidized life, which makes it a good place to run the crypto production process.

Most of the machine hardware available is light (older desktop GPUs, primarily), then tech-savvy Venezuelans are setting up small-time production processes concentrated on some of those easier to mine cryptos (like Zcash ).