Connect with us

Crypto News

Bitcoin Price Drops Below $10k Following Government Pushback | The Home of Altcoins: All About Crypto, Bitcoin & Altcoins

Published

on


Yesterday we might have spoken too soon about the bullish effects of US Treasury Secretary Steve Mnuchin’s and US President Donald Trump’s comments on Bitcoin

Immediately following their comments, the price of Bitcoin went up and it even got close to the 70% level of Bitcoin dominance. Brian Armstrong, CEO of Coinbase, previously tweeted that these tweets and comments reflected an “unlocked achievement” for the industry, and was a sign of good things to come. He isn’t necessarily wrong, but in the short-term, Bitcoin has dropped below $10k in a heavy dump. 

Facebook’s Effect on the Industry

It seems as if the massive Bitcoin dump that has occurred in the last 24 hours is partly because of the comments made about Bitcoin, but also because of a 2nd hearing taking place regarding Facebook’s Libra Project. 

Many have attributed the recent rise in Bitcoin’s price to the unveiling of the Libra project, so as the tech giant stablecoin receives more pushback, this jump would naturally get reversed. 

A follow-up hearing will occur today as U.S. Congress investigates the possible effects of nearly 3 billion people having their finances controlled by a tech giant that has already proven untrustworthy with user data. They are in the midst of a stakeholder analysis on how consumers, investors, the government, the financial system, and other parties would be affected. 

Concerns About the Government

The worry is that regulators will forget how different Bitcoin and other decentralized coins are from projects like Libra, and regulate them all equally. Yes, Libra has brought more legitimacy to the market and attracted market inflows, but they are fundamentally different, and should be regulated as such. 

Refreshingly, U.S. House Representative Kevin McCarthy seems to agree: 

“When I’m on Facebook, I’m not the customer, I’m the product. Facebook is free because they sell your data to make money. Now they want to get into the business, and they’re not Bitcoin, in this Libra. They’re not decentralized. I want to see decentralization because Libra concerns me that they’re going to control the market.”

What This Means For Bitcoin’s Price

Bitcoin has dumped nearly 15% in the last 24 hours and is now hovering around the $9,300 mark, as shown in the chart below. 

Dropping below $10k is a mental barrier that many worry will lead to a further retracement as the trend reverses. Lower lows will bring the price down for at least the short-term before BTC finds a good bounce. Analysts are predicting moves down to anywhere between $6k and $8k as a result of this lack of support. 

On the plus side, average daily transaction value on the Bitcoin market has continued to rise in the last few weeks. This means more users are both buying Bitcoin and selling Bitcoin as trading intensifies. Since breaking $3 billion on July 11, it has maintained this level, even with the price drops. This increase in interest represents a more than tripling of the previous levels shown 3 months ago. None of the altcoins have shown the same uptick in volume, and recent losses for ETH, LTC and BNB show that even though they may not participate in the upside, they still get the downside of changing crypto market sentiments. 

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto News

Bitcoin Cash Represents 93% of November’s Crypto Spending in Australia

Published

on

By

Bitcoin Cash Represents 93% of November's Crypto Spending in Australia

News.Bitcoin.com recently reported on web portal Bitcoinbch.com’s in-depth report, which detailed BCH outshining BTC retail spending in Australia by a wide margin during the month of September. The next month, BCH captured 90% of October’s crypto spending in the country. Now the website has published its November report that discloses all the crypto-based expenditures at retail businesses and once again, BCH is “dominating the Australian retail scene.”

Also Read: Bitcoin Cash Captured 90% of October’s Crypto Spending in Australia

October’s Crypto Retail Expenditure in Australia

Bitcoinbch.com’s Hayden Otto has published the third monthly Australian Cryptocurrency Expenditure at Retail Businesses report and bitcoin cash (BCH) usage continues to shine in the region. Otto’s latest report says that October’s numbers derive from “large retail payments” that come from businesses and professionals like “lawyers, accountants, engineers, electricians, and builders.” In order to source the data for October’s report, Bitcoinbch.com used statistics from the underwriting firms Travelbybit (TBB) and Hula (Hockings Underwriting Logistics App).

Bitcoin Cash Represents 93% of November's Crypto Spending in Australia

“The Hula system has expanded and provided valuable BCH visibility on the largely hidden retail peer-to-peer economy in Australia. Surprisingly, less than 20% of the Bitcoin BCH merchants are visible via the Hula data, lending confidence to these Bitcoin Cash retail numbers,” Otto writes. “On the other hand, our source of BTC retail data (and that of other cryptos) is more extensive due to their localisation to a single point-of-sale platform in Australia, the Travelbybit point-of-sale (PoS).”

Bitcoin Cash Represents 93% of November's Crypto Spending in Australia

A few of the highlights from the report note that BCH recorded a “267% month-on-month growth” and bitcoin cash payments accounted for approximately “$51,996.73 of the total $55,725.05 expended during the month.” Otto stresses that while BCH sales are swelling, BTC recorded less than a transaction per day and the Lightning Network (LN) statistics were even worse. Bitcoinbch.com’s expenditure report also emphasized that the “professional sector accounted for a small number of large payments” in October compared to the last two months of data.

Bitcoin Cash Represents 93% of November's Crypto Spending in Australia

Bitcoin Cash Captured 93% of November’s Crypto Spending in Australia

As far as platforms that allow merchants to accept bitcoin cash payments in-store, Otto’s report detailed that Bitcoin.com’s Cash Register PoS shined. The Australian crypto expenditure research underlined:

The Bitcoin Cash platform of choice in Australia is the Bitcoin.com Cash Register App, a simple, effective and very fast point-of-sale system that continues to gain market share from its rivals, recording 93% of expenditure in November up from 90% in the previous month.

Bitcoin Cash Represents 93% of November's Crypto Spending in Australia

The research goes on to say that Australia was the first country to see a large populace of BCH-only acceptance. Because of this, Otto says not only does the region have a high concentration of BCH accepting retailers, the vast majority of these merchants also “walk-the-talk with only a Bitcoin Cash crypto payment option.” Moreover, the report details that in Australia there’s been some BCH development and several of these projects, not immediately visible, are attributing to the expenditure growth. The report concludes that as BCH saw 267% growth and represented 93% of all crypto retail expenditure, Australian fiat turnover saw a measly 0.2% growth last month.

What do you think about the Australian Cryptocurrency Expenditure at Retail Businesses report for November 2019? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Bitcoin.com’s Cash Register, the third monthly Australian Cryptocurrency Expenditure at Retail Businesses report, Pixabay, and Bitcoinbch.com.


Enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

Tags in this story
Australia, Australian Crypto Spending, BCH, bitcoin cash, Bitcoin.com Register App, Bitcoin.com’s Cash Register, Bitcoinbch.com, Hayden Otto, Hockings Underwriting, Hula, large retail payments, P2P Cryptocurrency, Point of Sale, PoS, report, Spending Report, third monthly, Travelbybit

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.



Source link

Continue Reading

Archives

Categories

Trending