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98 of the top 100 cryptocurrencies have badly dropped within the 24 hours and once again we’re seeing a day in the red for the cryptocurrency markets. The price of Bitcoin headlined the retreat by seeing an 80-day low decline, and other top coins have also fared quite poorly. The cryptocurrency market cap has declined by more than $60 billion and is currently valued at $292 billion, which represents a single-day reduction in the price of all cryptocurrencies.

Bitcoin Price Falls Below $7000:

The decline has reduced the price of Bitcoin by almost 23% and has brought the most leading cryptocurrency to an 80-day low. The price of Bitcoin is currently trading at $6,307, with the market cap of $106 billion only.

Fintech platforms like Square’s Cash App and Robinhood Crypto will probably play an important role in the coming time. Robinhood’s cryptocurrency trading platform could literally see a speed in its recovery real soon. Plus, other financial institutions are also trying to ban their customers from using their credit cards to buy these cryptocurrencies.

Cryptocurrency Market Cap

Ethereum Price Drops Below $700:

Well, many investors believed that the downturn in the cryptocurrency market would provide an opportunity to Ethereum for finally becoming the largest cryptocurrency and surpassing the Bitcoin’s price. But it didn’t go so well in that case because the price of Ethereum also got largely tracked with the Bitcoin’s decline.

The price of Ethereum dropped below the $700 mark today and is currently trading at $618 with the market cap of $43 billion, which clearly shows a single-day decline of 27%.

 Drop in The Altcoin Markets:

Overall altcoins declined worse than the Bitcoin, which represents that diversifying into the altcoins won’t essentially provide the investors with a hedge against the declines in the major cryptocurrencies market. Both, the price of Bitcoin Cash and the price of Ripple has declined by more than 20%, which reduces the 3rd and 4th largest cryptocurrencies to the current values of $0.62 and $820, respectively.

Number 5th cryptocurrency in the ranking, Cardano, showed the worst performance as compared to any top 10 cryptocurrencies, as it has dropped by 23% and is currently valued at $0.28. Meanwhile, Litecoin and EOS have returned single-day declines of 24% and 27% respectively.

Stellar, which is ranked on number 8th has seen a decline of 25% today, which demonstrates the austerity of this downturn. NEO and NEM have finished out the top 10 with the declines of 34% and 24%, reducing their prices to $71 and $0.40.

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One thought on “Cryptocurrency Market Cap Has Once Again Dropped Below $300 Billion

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What is a Hardware Wallet? (or How to Make Your Cold Storage Hot)

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Bill Miller and Josh Brown – The Modern Wall Street Professionals to Test the Bitcoin Waters

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Some famous names in the financial or economic industry are buying Bitcoin which is a good sign for Bitcoin.

Bill Miller:

Bill Miller is one of the renowned names in Bitcoin community. According to Forbes report on Tuesday, Bill put 1% of his net wealth into Bitcoin in the year 2014. The report reveals that the cryptocurrency is one of the top properties in Miller’s $120 million hedge fund.

Showing its image of volatility, Bitcoin fell in January 2014 from a peak of $1023. According to CoinDesk, on October 2014, it was just around $287. That’s the reason which puts the return of Miller’s Bitcoin anywhere from 126% to 707% – based on the price of Bitcoin which was $2315 on Wednesday.

Josh Brown:

The other name is Josh Brown – Chief Executive of Ritholtz Wealth Management and a CNBC contributor. In a blog post on Tuesday, Josh stated that he used Coinbase to purchase Bitcoin by a “Small Amount of Money”.

He said I think I have been through proper seasoning at this point. In case it does not drop this year after the fork, the developers argue that this could split Bitcoin. He revealed that it is going to drive mainstream among financial pros. Brown said: My main thing is, this would not go away”.

If a greater number of developers don’t favor an upgrade system for the Bitcoin, the cryptocurrency may split on 1st of August. However, a majority of Bitcoin miners have started to show their support.

Lastly, the announcements of this week follow the Standpoint Research’s Ronnie Moas. Ronnie Moas purchased a small amount of Bitcoin and thinks that it could hit $5,000 within a year.

 

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Bitcoin market value

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Cryptocurrency enjoys a notable increase in its price. Especially when it crosses the gold and dollar price. It became the center of attention to the media and another financial sector. Recent price of bitcoin is,

Bitcoin market value

We know that bitcoin market value varies from time to time. Its price is not stable. Which factor is contributing in price fluctuation of the bitcoin? How they create a positive or negative impact on the users. In this article, we will discuss the factors creating the strong impression on a price of the bitcoin.

Government rules & regulation

When government regulates the bitcoin, it declares whether bitcoin is legal or illegal. If it is legal by the government, they will guide people on how to use bitcoin.

There is a large group of people who afraid of government regulations. Whereas, the government controls the circulation of digital currency in the country. They are not able to decrease the amount of money but they have the ability to generate more money. Bitcoin store in wallet addresses. In addition, Which is being the cause of rising in the value of bitcoin.

Now, the scenario is that government declare that only they will mine cryptocurrency. And, only government’s currency will legal in the country. Accordingly, we have the situation od currency same as before cryptocurrency. The government will have the authority to mint all money and shut down the system. Furthermore, they can change the code for more currency mining when. There is a lot of scary things like above discussion. That is why people get afraid of these new regulations.

People who are in favor of bitcoin regulation will buy more bitcoin. Whereas, who are afraid of government regulations might start selling of bitcoins in the response to the news like NYDFS BitLicense. That is a factor of government regulation.

Shopper  

When people use bitcoin as a currency. They show to the world that they admire the credibility of the bitcoins. People do transactions including sale and purchase with bitcoin. The companies like Dell, New Egg and much more allow its customer to purchase their products pay in bitcoin. In addition, Xapo introduces a new credit card to spend with bitcoin market. Even though shoppers don’t have the direct influence on price. Indirectly or directly they help to spread bitcoin around the world. Therefore, shopping factor of the bitcoin has offered a large market with no short-term influence.

Mining

All the transactions of bitcoin are because of the bitcoin mining. The network is secure because the more miners, the network will be more secure. Where no one owns the 51% of the network. A 51% attack is only possible in case of one entity own all mining power on a network. Basically, 51% attack is potential panic selling. Which being the factor of bitcoin price decrease in value. Some miners keep saving their bitcoin while other cash it out.

News  

News is the most effective part of any society. People who read news can also have an ability to act on it. For example, if a person has 51% mining power on the network. And, this news spread from a television channel. In addition, the reaction of the people regarding bitcoin value will entirely change. Few of them get panic and sell their bitcoin and other will try to overcome this difficulty. This factor of news provides articles to the public about the fluctuation of bitcoin prices.

Dumping to fit

For example, a business wants to sell a number of bitcoin to pay business expenses. In addition, they don’t want to own the bitcoin. This discarding will tend the bitcoin to depress state. It all depend on the company’s capacity of selling bitcoin. This factor is basically a depression in the bitcoin value.

Selling on exchange

If a person has 1000+ bitcoin and sells them in exchange, a price of the bitcoin decrease automatically.

Buying on exchange   

The number one thing that influences the value of a Bitcoin is how much someone is willing to pay for one Bitcoin, of course. When you place an order on an exchange in order to buy Bitcoin, you decide what is the value of a Bitcoin to you. The more people who are willing to buy Bitcoins, the greater the chance for an increase in the overall value of a Bitcoin. Sellers sell to the highest bid price first, so whoever is the highest bidder at the moment, is the one who decides the value of a Bitcoin at the moment.

The Bitcoin price factor of someone buying Bitcoins on an exchange is always a rise in the value of bitcoin.

Good luck!

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Blockchain Technology – Will It Change the Future of Accounting Industry?

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There’s going to be a major technological change in the accounting industry soon. No doubt cloud-based technologies, artificial intelligence and process automation have influenced the world, but the most promising one is “blockchain.” If we combine blockchain and accounting, the combination of both can offer some far-fetched business benefits. However, the first question arises – what is blockchain?

what is blockchain

Blockchain

  • Blockchain is a continuously growing, decentralized public ledger of all transactions.
  • Completed transactions/records are called blocks and are dispersed to a P2P network of computers.
  • Blocks are linked to each other in a linear/sequential order.
  • Each block comprises a cryptographic hash of the preceding block, which ensures that the data is secured.
  • The data can be dispersed in a secure way and once the blocks gets recorded, they can’t be changed without shifting blocks subsequently, and that would require the involvement of the majority of the network.
  • When a record is changed, it is allotted a new hash.

Blockchain and Accounting

Blockchain and accounting are related in many cases. Blockchain technology offers the subsequent logical step for more high-tech accounting with various potential influences.

  • Blockchain offers an instant-verifiable and strong set of records that can’t be meddled or changed without the involvement of the whole network.
  • Transactional data would be promptly recorded and added at any time to the blockchain through its own exclusive and unique hash code.
  • If accountants/auditors want to recover that data, they will be required a pertinent hash code.
  • Having blockchain work as a record for transactions will not require the accountants/auditors to interact different departments amidst businesses to get receipts in order to validate transactions.

Streamlined Accounting Strategies

  • Accountants and auditors can standardize records through blockchain and combine them in a ledger, making it accessible to all verified and approved users.
  • When all transactional data is gathered at one place and updated electronically – whenever an alteration is made, accountants and auditors can assess all the activity and can cooperate with the departments to settle accounts.
  • Through such approach, the cost and time linked with manually swotting the transactions can be condensed significantly.

Promptly Verifiable Transactions

  • For auditors, validating transactions and asset history is important, however, this process can take some time and can be complex, especially when businesses have diverse accounts.
  • As data security is becoming more important, blockchain offers a means of demonstrating that files have remained inviolate.
  • With a unique hash, auditors can simply “cross-reference” and can instantly validate transactions.
  • If a record is changed later, a new hash is created and the record once again gets timestamped.
  • If this information varies from what an auditor has there, they can be sure that the record has been altered, as they will have a clear review trail.

blockchain and accounting

Better-Quality Acquiescence and Regulations

  • If we talk about compliance, many companies take quite a few months to modify/update their core accounting and finance developments to put up new regulations, strategies, and standards.
  • With blockchain, alters to the ledger are manifested across all copies within just a few
  • As it’s a decentralized database, no radical changes should be made for the alteration of data.
  • If an accountant wants to update a record, this can be done quite easily and quickly.

Future of Accountants and Auditors

  • The major change – banks have begun to offer accounting type amenities as a chunk of business package.
  • NatWest applied Open Banking protocols in 2017, to share information with FreeAgent, which is a cloud-based accounting product, providing consumers more discernibility over the course and letting them share their data directly amid the bank and accounting software.
  • By adding blockchain and the accurate software to the combination, the record-holding procedure could be mechanized and, by means of open banking protocols, data could be directly shared.

Is there a need for an accountant?

  • The future of accounting/auditing lies in combined-keys as they all can interconnect with each other instantaneously whilst distributing unparalleled sanctuary.
  • Though many would see the technology as a risk, however, it’s a chance for auditors to concentrate on regulations and explore irregularities inside the transactional environment.

The blockchain is a chance to boost processes, however, auditors and accountants can apply their proficiency and vision to deliver value to the customers.

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Cryptocurrency Market Continues to Improve as Ethereum Records 6.06% Increase

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Multiple major cryptocurrencies, including Bitcoin and Ethereum, have recorded major gains, as the cryptocurrency market continues to recuperate at the rapid rate over the past 24 hours.

Ethereum’s Hefty Gain:

The native cryptocurrency of Ethereum network, Ether, demonstrated an astounding 6.06% increase in the price over a night and is currently trading at $1,224. The recent surge in the Ether’s price can be attributed to the progress in the Ethereum open-source development community that has directed in scaling the network.

Over 899,005 transactions have been settled by Ethereum within 24 hours, indicating a daily transaction volume that is seven times larger than that of the Bitcoin network.

There’s an increase in the daily transaction volume of the Ethereum which indicates the exponential rate of decentralized applications (launched on the top of the Ethereum Protocol). Over the past few months, applications like CryptoCribs, EtherDelta, Radar Relay and 0x have gained a considerable amount of active users.

Cryptocurrency Market

Coinbase CEO, Brian Armstrong, also commended CryptoCribs, which is a decentralized Ethereum-based Airbnb like platform with a non-ICO model. It is quite hard to find commercially successful decentralized applications in the cryptocurrency industry, that had not conducted ICOs. This is because ICO has become an easy way of cash grab for the actual developers.

Luis Cuenda, who is a co-founder of Aragon, said in July of 2017, that he literally doesn’t know any Ethereum developer who’s not a millionaire because of the ICO market. Cuende noted manifestly, that there are many developers who are trying to take advantage of this opportunity because they have heard by many that they might make a lot of money from it, and that’s why a large-scale of investors are trying to dive into the Ethereum market.

Furthermore, as we can already see that the scalability of the Ethereum network continues to recover through advanced solutions such as Sharding and Plasma, Ethereum will be able to offer an improved ecosystem and infrastructure for decentralized applications.

The market evaluation and price of Ethereum uniquely depend on the performance and implementation of decentralized applications that are launched on the Ethereum protocol. The price of Ether will imitate the success of decentralized applications if they continue to perform well.

Market Trend:

Over the past week, the cryptocurrency market has shown positive signs of recovery. To bring the market to its previous highs, major cryptocurrencies in the global market like Ethereum, Ripple, bitcoin, Bitcoin Cash, and Cardano will have to record some hefty gains in the upcoming weeks.

However, cryptocurrencies like Bitcoin Cash and Ripple are down by almost 50% from their “all-time highs” and with the exemption of bitcoin and Ethereum, most major cryptocurrencies have not performed so well.

Based on multiple factors like the entrance of institutional investors through bitcoin futures and the acceptance of cryptocurrencies by large-scale financial firms which also includes the Robinhood, analysts are still enthusiastic about the short-term growth trend of the cryptocurrency market.

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