Connect with us

Blockchain

Bitcoin Cash Recovers From The Hard Fork Crash: Report

Avatar

Published

on

ADVERTISEMENT

Bitcoin Cash recovers from the hard fork crash that happened recently, with a price of $286 marking an increase of 19% from the last weekend’s dip after the hard fork as we are reading more in the latest Bitcoin Cash news.

BCH today hit a price of $286 with an increase of 12.39% over the past day after it crashed when the blockchain split into two pieces by marking a 5% decrease. The market cap of BCH is now set at $5.3 billion which places it at the 7th place ranking below LTC which has a market cap of about $5.5 billion. The price of the asset today hit $286 which is an increase of 12.39% in the past 24hours according to CoinMarketCap. The price increase marks a culmination of the weekly recovery from the last week’s hard fork which depressed the price. The price of the BTC spinoff dropped last weekend after the blockchain split into two. Bitcoin Cash’s price fell from $255 to $240, marking a 5% decrease.

The fork concerned the unpopular mining tax of 8% which go to one of the teams developing BTC. A lot of people didn’t want to happen as they choose a different fork. The uncertainty threw a blow to Bitcoin Cash and once the hard fork happened, some crypto exchanges halted deposits and withdrawals as the future of the network dropped in balance. Today’s price marks an increase of 19% from last weekend’s dip and therefore Bitcoin Cash recovers. The network recovered from the loss that it incurred. Bitcoin Cash’s market cap is now set at $5.3 billion, at the 7th place, ranking below LTC which has a market cap of $5.5 billion. Coinciding with the BCH price hike is great news with the COVID-19 pandemic that is still ongoing.

ADVERTISEMENT

bitcoin cash crashed, hard fork, bch, price

As recently reported in our Bitcoin Cash news, Amaury Sechet’s Bitcoin Cash ABC increased by 70% today once he announced the latest upgrade for the client software which includes stability-related fixes for both forks of the BCH client. The latest release brings more life into the Bitcoin ABC faction of the Bitcoin Cash which got crashed by the rival BCH Node in the hash war over the past week, moments after the hack on November 15. This led to many rumors about its demise. According to CoinMarketCap BCHA started trading at $11.78 and the coin is now trading with a strong volume on exchanges which was initially low at $10.50. Now it increased to $21 before settling back in the $19 and $20 range.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source: https://www.dcforecasts.com/bitcoin-cash-news/bitcoin-cash-recovers-from-the-hard-fork-crash-report/

Blockchain

The Curious Case of a Conflicted Bitcoin Bearish Wedge

Avatar

Published

on

Bitcoin is stuck below $20,000.

The flagship cryptocurrency has attempted to break above the psychological resistance level multiple times in the last two weeks. In one of the instances, it reached as far as $19,915 only to face a bearish assault at the new record high that pushed its price lower by $2,000. It is evident that traders’ profit-taking behavior goes wild when Bitcoin closes towards $20,000.

Bitcoin Wedge

But looking from a wider perspective, the entire range between $19,500 and $20,000 prompts traders to exit their bullish positions for a short-term profit. In late November, the BTC/USD exchange rate made two back-to-back attempts to break above $19,500, but it succumbed to higher selling sentiment near the level, falling to as low as $16,200 later.

A pullback ensued, and the price again faced the same bearish bias near 19,700 — a development from $19,500, nonetheless. And now, the $19,900-area is giving the same vibes, having been crashed the price to $18,109 upon its latest test.

The price behavior has left Bitcoin in a sequence of modestly increasing higher highs and lower highs. Envisioning them together makes it look like that they are forming a Rising Wedge.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Rising Wedge pattern in development. Source: BTCUSD on TradingView.com

In retrospect, traders see Rising Wedge as a bullish-to-bearish reversal pattern. So it typically happens the price ascends inside the Wedge range but breaks below its support trendline eventually. If accompanied by higher volumes, the negative breakout crashed the price by as much as the maximum distance between the Wedge’s upper and lower trendline.

Bitcoin’s current Rising Wedge pattern’s height is $3,249. Depending on where it breaks lower from, its price would likely fall by roughly $3,000. That would mean a plunge towards $17,000 — at least.

But There Is A Catch

The Wedge’s upper trendline is almost flat, with the difference between higher high levels close to $200. Some traders can also assume that it is a horizontal resistance level. If true, it would throw the entire bearish reversal theory, as discussed above, into a bin.

A horizontal line makes the entire Bitcoin structure looks like an Ascending Triangle. It is a continuation pattern wherein the asset in concern typically continues in its previous trend’s direction with a breakout above the upper trendline. An ideal bull target is as much as the height of the Triangle.

That means Bitcoin price — again — expects a move worth $3,000-3,249 but to the upside. It puts the cryptocurrency’s bull target at around $23,000.

So far, fundamentals favor Bitcoin.

The inflation narrative sticks because of the Federal Reserve’s likelihood of buying short-dated bonds and corporate debts amid a low-interest environment. On the one hand, excessive US dollar liquidity prompts investors to dump the greenback. On the other, the prospects of earning lower yields divert their attention to riskier assets like Bitcoin.

That explains why the cryptocurrency’s Rising Wedge pattern appears less threatening.

Source: https://bitcoinist.com/the-curious-case-of-a-conflicted-bitcoin-bearish-wedge/?utm_source=rss&utm_medium=rss&utm_campaign=the-curious-case-of-a-conflicted-bitcoin-bearish-wedge

Continue Reading

Blockchain

Hackers Demand 200 Bitcoin Ransomware After Compromising Leading Israeli Insurance Company’s Sensitive Data

Avatar

Published

on

A notorious hackers’ group called The Black Shadow has compromised one of the largest insurance companies in Israel – Shirbit. The attackers have already released sensitive client documents and have demanded a ransom in bitcoin, which could rise to $4 million by the end of the week.

Israeli Insurance Company Hacked

According to a local media outlet, the first confirmation of the hack came on Monday evening. Representatives of The Black Shadow group posted an initial batch of compromised documents on a Telegram channel.

Shirbit had contacted the National Cyber Directorate and Capital Market Authority to open an investigation. Shortly after, the organizations confirmed the breach and indicated that the hackers have also leaked numerous insurance details, alongside the initial documents.

According to the report, Shirbit has many high-profile customers, including government employees. Company CEO Zvi Leibushor said that the safety of its clients is Shirbit’s top priority.

“Shirbit has invested millions of shekels in securing databases and protecting against cyber-attacks and meets all the stringent regulatory requirements in this area.” He added that the firm has invested “all resources and efforts needed for an effective safe and rapid solution to this cyber-attack, whose real goal is to try to harm the Israeli economy.”

Demand Requested In Bitcoin

After releasing a small part of the compromised documents, The Black Shadow reps have contacted the victims to request 50 bitcoins (about $960,000 with today’s prices).

However, in case Shirbit failed to pay the attackers within the first 24 hours, the demand would double to 100 bitcoins. The procedure will repeat and double to 200 bitcoins if another 24 hours pass without payment.

Furthermore, the hackers threatened the insurance company that if it fails to transfer the funds by the end of this week, they will sell all compromised data to other bidders.

It’s worth noting that numerous other Israeli companies and high-profile individuals have recently become victims of similar hacks and demands.

CryptoPotato recently reported that 20 Israeli crypto executives, all clients of the local telecommunications giant Partner, were hacked by stealing their SMS messages.

Another coverage informed that a new type of ransomware attacked called Pay2Key has been executed against several Israeli companies in the second part of 2020. The perpetrators had requested the demand in bitcoins, similarly to the Shirbit hack.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/hackers-demand-200-bitcoin-ransomware-after-compromising-leading-israeli-insurance-companys-sensitive-data/

Continue Reading

Blockchain

Bitcoin Price to Hit $36,000 in 2021: Kraken Crypto Sentiment Survey

Avatar

Published

on

From what happened in the last couple of weeks, it appears that the crypto bull market is upon us. Bitcoin has been consistent with its volatility-induced rallies, and this is infusing confidence in investors.

So much, so that VIP clients in Kraken’s latest Crypto Sentiment Survey say that BTC will skyrocket to about $36,000 in 2021. They also feel that ETH could revisit its previous highs of $1500.

Bitcoin And ETH To Trade At Average Prices Of $15K and $549 By 2020 End

The latest Kraken Crypto Sentiment Survey covers investor sentiment for the second half of 2020. The exchange had already conducted a similar survey back in March this year. But then investors were way more optimistic about BTC and ETH price growth by December.

Now, the same respondents have retracted their bullish calls for bitcoin and ether (ETH) this year. According to the latest numbers,

The average bitcoin price target among 309 responses fell -35% surveyover-survey to $14,866, well below February’s average of $22,866. The median price target also retraced -28% from $19,424 to $14,000, and the most commonly cited price target was $15,000, down -25% from $20,000.

With respect to ether (ETH), the average price target among 289 responses was $549, off -32% from the previous survey’s average of $810. The median price target was unchanged at $500 and the most frequently cited price target was $500, up +66% from $300.

At 72 percent, traders and investors (down from 81 percent when the survey was conducted in March) comprised a majority of the survey responses. 18 percent of responses came from Institutions (broker, custodian, family office, hedge fund, lender, market maker, private equity firm, proprietary trading firm, or venture capitalist).

And the rest 4 percent – from crypto service providers (ATM, exchange, lender, payment processor) and miners. As compared to March, the researchers at Kraken anticipated a lower price growth optimism from the said respondents since the year is so close to its end.

The Outlook For 2021 Remains Super Bullish

When asked about how they see bitcoin and ether prices in the next year, respondents didn’t shy away from expressing their mega bullish calls. Survey participants called for an average bitcoin price target of $36,602 in 2021. Some put the median bitcoin price target at $25,000, but a lot of folks (approximately 61 percent) felt if not anything else, BTC will at least hit $20,000.

A small section of respondents reported hopium-induced ultra bullish calls.

Approximately, 8% of respondents provided a price target greater-than-or-equal-to $100,000, roughly 20% of respondents reported a price target greater-than-or-equal-to $50,000…

Survey participants were very optimistic about ETH’s outlook as well in the next year. This sentiment came from the discussions around Ethereum’s network upgrade and the growing popularity of the DeFi ecosystem. Respondents think ETH will trade at an average price of $1454 in 2021. Also, at the same time:

Close to 59% believe that ether will, at least, hit $800. Additionally, 22% of respondents see ether surpassing its previous all-time high of $1,595 set in early-January 2018 and just under 92% see ether, at the very least, trading higher than current price in 2021.

What becomes evident from the aforementioned numbers is that participants in a price prediction survey tend to project bullish figures for a longer-term.

Will Bitcoin(BTC) and ether (ETH) hit the above price targets in 2021? That still remains to be seen.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/bitcoin-price-to-hit-36000-in-2021-kraken-crypto-sentiment-survey/

Continue Reading
Blockchain19 hours ago

Spotify Thinking of Accepting Bitcoin

Blockchain19 hours ago

Litecoin, Cosmos, Dogecoin Price Analysis: 03 December

Blockchain3 days ago

Greenheart Punt World Debut on DigiFinex

Blockchain5 days ago

Coinbase unwilling to participate in Spark’s airdrop

Blockchain2 days ago

IlCOIN Launches Blockchain-Powered VR First on Steam

Blockchain5 days ago

EOS Finds Support above $2.80, Resumes Upside Momentum

Blockchain5 days ago

ECB Lays out ‘Reinvention of Money’ Strategy

Blockchain3 days ago

Mining City: A Blueprint for Success?

Blockchain5 days ago

Ethereum Strengthens Polish City’s Emergency Services

Blockchain5 days ago

Trading 212, PayPal Crypto User Ban, BTC and ETH Tank: Editor’s Pick

Blockchain4 days ago

Yearn Finance Continues Growing with Latest DeFi Acquisitions

Blockchain5 days ago

Bitcoin Grows By 5%, $18K Level Holds The Key For More Upsides

Blockchain5 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain5 days ago

Bitcoin (BTC) Surges 5% Above $18,000 As Guggenheim’s Entry Sparks Excitement

Blockchain5 days ago

Wall Street Giant Guggenheim Fund Seeks SEC Approval to Buy Bitcoin Worth up to $500 Million

Blockchain5 days ago

Weekend bull trap? Traders remain cautious as Bitcoin price rebounds to $18K

Blockchain4 days ago

Bitcoin, Ether, and XRP Weekly Market Update November 30, 2020

Blockchain4 days ago

Golff Vault 2.0’s New Launch – One-Stop Services Encrypted Bank

Blockchain5 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain5 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain5 days ago

Curve Finance to Distribute Almost $3 Million in Fees

Blockchain4 days ago

BREAKING: Bitcoin Miners in China’s Yunnan Province Cut off from Electricity Supply

Blockchain2 days ago

Facebook Libra changes name to Diem

Blockchain5 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain5 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

J.P. Morgan Analysts Foreshadow Further Bitcoin Declines

Blockchain4 days ago

Nicholas Baumer Appointed Chief Marketing Officer by Tickmill

Blockchain5 days ago

Guggenheim Funds Intends $500 Million BTC Investment

Blockchain5 days ago

Editorial: Why the 2020 Bitcoin Bull Run Ain’t Over Yet?

Blockchain4 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

TRON’s BitTorrent Partnered with Huawei

Blockchain5 days ago

Guggenheim Macro Opportunities Fund Considering Investing Up to $500M in Bitcoin

Blockchain5 days ago

Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

Blockchain5 days ago

UAE, Saudi Arabian central banks release report on Project Aber CBDC trial

Blockchain4 days ago

5 Reasons Why Bitcoin Just Hit an All-Time High Price

Blockchain5 days ago

Stellar Lumens, NEM, DigiByte Price Analysis: 29 November

Blockchain5 days ago

Can RippleNet bridge ‘local CBDCs’ efficiently? This exec thinks so

Blockchain5 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain5 days ago

Visa CEO Alfred Kelly: ‘We Are Very Interested in Cryptocurrencies’

Trending