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Most of the cryptocurrencies in the cryptocurrency market have fallen by more than 16% and the market has experienced another major correction as the bitcoin price has dropped by 14%.

The price of Bitcoin has dropped below $9,000 and is currently trading at $8,704. Many investors are now wondering about the bitcoin crash reasons.

The major cryptocurrencies like Bitcoin Cash, Stellar, Ripple and Cardano have also dropped by 12-16%. Analysts have shown their concern towards Ripple because it fell below the $1 mark for the second time in two weeks.

Bitcoin Crash Reasons

For many bitcoin investors, the mark of $10,000 is a psychological threshold. Similarly, the $1 mark indicates the same threshold for XRP or Ripple investors. We can clearly see that Ripple’s price has recovered after dropping below $1, whereas the XRP’s price has fallen below $1 twice within the past 2 weeks.

Other cryptocurrencies are also struggling to show signs of short-term recovery. Cardano and Bitcoin Cash have remained constant for weeks and have continued to maintain their positions as the 4th and 5th most valued cryptocurrencies in the market. In the past week, these two cryptocurrencies have dropped significantly, while the other cryptocurrencies have moved in the same trend. Over the last 24 hours, many major cryptocurrencies have suffered losses and also, there’s been a decline in the value of many virtual currencies.

The whole cryptocurrency market has fallen by almost $120 billion and the previous month had been a slump for the cryptocurrency market. Even after the major corrections, the market usually records gains in the mid-term, often on a monthly basis but based on the momentum indicators, daily trading volume, and overall interest, it looks dubious that we’d see a rise in the cryptocurrency market by a large margin in the short-term.

Well, it is a feasible period for many newcomers to enter the cryptocurrency market, but on the other hand, it is not actually the best time to invest in the market. Investment in the market would be an option if it shows some signs of recovery in the short-term, but at this time, the most important thing is to expand the assets and minimize the risks.

What Triggered the Crash?

We’ve seen that the cryptocurrency market was hit with a series of developments and negative news. Even some regions are still struggling to recover from trading ban FUD that was started by the government of South Korean and now, the Indian government.

The cryptocurrency market was typically composed of casula investors and speculators, who’ve been keeping their eyes on the short-term profits. However, the speculators left the market after the slump in the price of most cryptocurrencies. So apparently, the market needs to struggle in order to recover.

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Bitcoin Cash Down By 42% In Single Day – Will It Recover?

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Out of 10 biggest cryptos, Bitcoin Cash took the biggest hit on Friday as its value dropped by ~42% in one day.

Over the previous week, the South Korean crypto market‘s Bitcoin Cash frenzy and the reconciliation of BCH on the CoinBase and its digital currency exchange GDAX prompted a meteoric boost in the value of Bitcoin Cash.

Within seven days, the cost of Bitcoin Cash surged from $1,760 to $4,300, increasing by more than 144 percent.

As allegations against Coinbase’s potential insider exchanging of Bitcoin Cash rose, the cost of Bitcoin Cash encountered a minor revision, from $3,500 to $3,300. Still, a couple of hours later, the cost of Bitcoin Cash crested at $4,300, because of the rising interest for the crypto in South Korea.

For a concise timeframe, CoinBase and GDAX suspended Bitcoin Cash exchanging given its unforeseen unpredictability and suspicious value development of BCH before the coordination of Bitcoin Cash by CoinBase and GDAX. CoinBase CEO Brian Armstrong composed:

“I take the confidentiality of non-public data very seriously as CEO. Given the cost increment in the hours driving up the announcement, we will lead an investigation regarding this issue. If we discover confirmation of any worker or contractual worker damaging our arrangements — directly or indirectly — I won’t falter to fire the person quickly and make a legal move.”

So, Is BCH Going To Recover?

The latest slump in the cost of BCH isn’t just specific to BCH. Each and every digital currency in the market, from the biggest to top 100 have fallen in value. Bitcoin, Ethereum, Litecoin, Ripple, Monero, and IOTA have recorded more than 30 percent slump in cost in the course of recent hours.

Thus, the cost of Bitcoin Cash will probably recoup if the crypto market can recuperate quickly. Throughout 2017, the whole digital money market had not encountered a hit of this size in which each cryptocurrency in the market was influenced.

However, experts have noticed that the current cost adjustment of crypto money was essential, given the exponential increment in value and market valuation of cryptographic money since January 1.

Story Credit: ccn.com

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Will Bitcoin Casinos Continue to Grow in Popularity?

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Online Casinos and Cryptocurrency

There was a time when the word “cryptocurrency” raised a lot of questions and doubtful expressions. But with the impressive amount of attention bitcoin and other cryptocurrencies have gained through the media, digital currencies are one thing everyone is shuffling around to get their hands on.

With more and more outlets bitcoin games accepting Bitcoin as a payment option worldwide, including online casino operators. We’re aware that casinos have become a huge business in the industry and the competition there is very fierce. Thus, casinos have opted for a different attraction like offering deposits and withdrawals via bitcoin.

Now the question is will Bitcoin casinos really get somewhere or is this just a waste of time?

A setback that we’re aware of is that there aren’t many online casinos for bitcoin gambling. Unibet, a famous online casino might eventually add Bitcoin to its list of banking options however, that will take its own time since it depends on its demand. Due to this, there are lesser possibilities of bitcoin casinos to be on the rise, although there might be a possibility in the long run.

It’s only fair if we look at the positives and really, there are many. The major reason why customers would definitely opt for online bitcoin casinos is that they ensure 100% anonymity for the player and owner. Cryptocurrencies are completely independent which means that all your personal information is kept safe and never at risk. Another plus point is that with cryptocurrencies you never have to worry about chargeback issues which is a common problem for credit cards.

Also, with normal online casinos, you usually have to wait around for 2 to 3 days for the money to be withdrawn to your bank account. But that’s not the case with bitcoin, your withdrawals are almost instant each time.

When compared to a few minor setbacks, the advantages outweigh the disadvantages. The more the people become aware of these cryptocurrencies the more the demand. It is true though, we need to give cryptocurrencies their space to become mainstream so a number of people take notice and decide to acquire it.

 

Story Credits: livebitcoinnews.com

Image Credits: bitcoingamblingsites.net

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Taiwan – the Crypto Nation and Blockchain Island

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In the recent time, there is a huge awareness being conveyed to the public regarding the Crypto currency. Crypto currency is the digitalized currency or an alternative currency which doesn’t depend upon the country, its economy and its centralized banking system. Crypto currency represents a digital token which carries some value against itself. The first Crypto currency is bitcoin which is regarded as the new gold in the crypto industry due to its overall minimal value. Crypto currency paved the way for the digital payment. Crypto currency differs from fiat currency in terms of exchange rate and other banking trades.

blockchain technology

Many Countries have allowed the trade in the Crypto currency such as in Taiwan according to the legislator Jason Hsu Yu-Jen the legislators in the country have formed a blockchain alliance to provide parliamentary blockchain group to promote the crypto industry in their region and to define regulations so they can attract global crypto exchanges in Taiwan.

Block Chain

The computer protocol which allows its user to transact their cryptocurrencies is called Blockchain. Basically, blockchain represents the blocks of data which are made secure by using cryptography. It acts as a transacted database which is decentralized and can be stored on many computers at once. It can be accessed by only using the cryptography. This technology confirms the legalizing of the trades in real time using only cryptography. There are three types of blockchains which are mentioned below:

  1. Public Blockchains
  2. Private Blockchains
  3. Consortium Blockchains

Public Blockchains which have no restrictions and anyone can access their data or blocks. Anyone can send transactions and as well as can become an activator of the blockchain.

In the Private blockchain provides security and have some set of rules to follow in order to become the validator of this blockchain. This type of technology considered as the permanent block in the companies regarding the blockchain industry.

Consortium Blockchain is also referred to as the semi-centralized. In this type of blockchain multiples of permission is required from multiples companies instead of a single unit.

Taiwan’s Parliamentary Blockchain Alliance

Crypto currency has started a new revolution in the modern time and many countries are moving towards the crypto industry. In this way, Taiwan has also started to promote crypto industry in their country.

According to Jason Hsu Yu-Jen, a member of Taiwan’s parliament and one of the big supporter of crypto industry in the country has said that the Taiwanese legislators have formed a parliamentary blockchain alliance in order to promote crypto currency in their country. Hsu further said that he hopes that the Taiwanese legislators will decide on a clear regulatory network for the blockchain and Crypto currency for the development of crypto industry in the country. The Taiwanese government should be open-minded towards the new technology and innovation said, Hsu. In this way, Taiwan can attract all big and global crypto exchanges to their country and attract global leaders of digital cryptocurrencies in order to make Taiwan a crypto nation.

In this end, many countries are trying to set up the crypto-industry in their countries and Taiwan is one of them and the actions taken by the Taiwanese legislators to make blockchain alliance in the form of parliamentary blockchain to promote crypto-industry in the country and define set of rules regarding its market.

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Bitcoin Spurs a Shortage of Graphic Card

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The increasing popularity of Bitcoin is causing a prominent shortage in the supply of graphic cards. It is considered a key component of the digital currency system over the last few years.

The chief executive of JIB group of computers, known as a leading IT retail and computer gaming chain said that the price of graphic cards is also increasing since mid of May 2017.

Graphics cards are the main part of computer systems which used for mining the cryptocurrency like Bitcoin. People who invest in Bitcoin can get revenues on their investment from Bitcoin much faster than other investments. They can get returns of their investment within only 5 to 15 months.

A mining rig is a computer system which miners use for mining cryptocurrency. According to Mr. Somyot, people think investing in a mining rig is not very risky. They use minimum six graphic cards. At a price of almost 2940 USD, for a mining rig.

In gaming markets, the margin on graphic cards has also been increasing since the 2nd quarter this year, and it is about 2-3% to 8-10%. The graphic card companies need to reserve the cards to dodge a negative impact on gamers. In the markets, the demand for the graphics cards is also at a high point.

 

 

The most commonly used graphic card for Bitcoin are NVIDIA 1060 and 1070, and AMD 570 and 580. These were in short supply and causing a 20% price hike.

According to predictions, the higher prices will remain until October.

Don Sambandaraksa is a long time Bitcoin enthusiast associated with cryptocurrency since 2013 when the price of Bitcoin was at 40 USD, he said, these days Bitcoin may no longer be efficiently mined with CPUs or even GPUs (Graphics Processing Units).

He said people have made chips that could only do Bitcoin hashes, nothing else.

Mr. Don said, 1080Ti card’s price is about 700 USD and it can get a return on investment in almost 108 days. Over a year can make 2300 USD, an annual return on investment of about 300%. He said, as more people come to buy graphic cards then the less profitable they will be. Mr. Don also said it is a sign of the crazy levels of the profitability that mining offers.

Story Credits: www.bangkokpost.com

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