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According to Goldman Sachs, the cryptocurrency markets will not recover from their present correction. On 5th February, Steve Strongin (Goldman Sachs head of investment research) said, the high correlation between several cryptocurrencies makes him really anxious. Some currencies that do not survive are expected to trade to zero due to the lack of intrinsic value.

Strongin is worried about the possibility that maybe one or a few of the existing cryptocurrencies could ascend from the speculative bubbles, just like the crypto equivalents of Google or Amazon. However, he said that he doesn’t think that most of the coins will ever recuperate to their all-time highs.

There have been many questions arising like, is there any cryptocurrency that’ll be like Google or Amazon? Or are they going to end up just like the other now-defunct search engines? Strongin said that this doesn’t mean that the prices of cryptocurrency cannot increase at all because they are in a speculative bubble at this time. But at the same time he said, that most of the cryptocurrencies might bounce back to their all-time highs, but some of them are never going see their current peaks ever again.

This clearly shows that the speculative bubble is coming to its end and rather than as a collective asset class, investors are going to start judging the cryptocurrencies from their individual merits as a lot of casual retail investors are already familiar with it. It also seems like the ICO (initial coin offering) success will suddenly come to its end.

Strongin said that the winners-take-most sight of the market is not very unique to Goldman Sachs. On Wednesday, the founder of DCG (Digital Currency Group) Barry Silbert, offered the same remarks at “Yahoo Finance All Markets Summit: Crypto” with explicably more positive stance on the entire industry.

According to Silbert, a huge majority of crypto-assets are facing a binary outcome. They are either going to become extremely valuable or they are going to become worthless. He added, this is why Grayscale Investments (a DCG portfolio company) launched its newest product, a fund related to crypto-asset investment and it holds the market cap (weighted positions) in the most major five cryptocurrencies and balances it again quarterly to imitate market movements.

Many other experts have also warned the investors on cryptocurrencies. Nouriel Roubini, who’s a well- known economist said on Tuesday, that the price of bitcoin would also crash to zero. Warren Buffett also said in a recent interview that cryptocurrencies are definitely going to have a bad ending.

 

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Crypto Exchange EtherDelta Gets Hacked – Loses Coins Worth Millions

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A renowned crypto exchange EtherDelta got its DNS server breached by an attacker on Wednesday, allowing the hacker to redirect millions of users to a malicious website.

The announcement of the hacking was made in a series of tweets where EtherDelta warned users that a hacker had temporarily hacked their DNS server and was redirecting users to a malicious version of the site.

Being a decentralized exchange, EtherData comes under the control of Smart Contracts, meaning that it doesn’t provide the third-party control of user funds. However, the exchange does allow users to import private keys to the exchange itself.

As a result of this attack, the hacker was able to steal private keys from users who unwittingly imported their private keys into the imposter website.

The data obtained has revealed that the hacker stole around 308 ether – worth around $250,000 at the time of writing.

EtherDelta said that clients who got to the exchange using either MetaMask or a hardware wallet are “totally sheltered” from the phishing attack. The organization included that funds from clients who never imported their key on the malicious site “should be safe,” but brokers might need to consider moving their assets to another wallet address as a safety effort — and reconsider their choice to import their private keys directly into a site.

The Risks Associated With Crypto Exchanges:

The attack came days after South Korean exchange Youbit revealed that it lost 17 percent of its assets as the aftereffect of a hack — the second the organization had faced this year — compelling its administrator, Yaipan, to declare bankruptcy.

Like Youbit, EtherDelta was a small exchange. CoinMarketCap reports that it processed just around $7 million of volume during the previous 24 hours, a figure that is, to some degree, lower-than-normal because of the breach. However, the exchange was well known among ERC20 token merchants, as it was one of the first exchanges to support tokens derived from lower profile ICOs (Initial Coin Offerings).

Neither of these hacks will prompt a huge disturbance in the worldwide digital currency markets, but each exhibits the risks related to using crypto exchanges.

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Bitcoin price analysis

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Bitcoin Price Analysis:

Bitcoin reaches the heights of its value. Because its value is zooming up to $1700. The price of coins may vary from time to time. At this time, bitcoin is enjoying the rise of its value.

 

 

Over the past week, block size and scalability debate were taking back seat and have a look to value’s variation. According to the users perspective, the rise in value is due to the heavy traffic of transactions and busy network.

Technical Analysis

On 5 may 2017, a number of unconfirmed transactions hit the ATH at 140,000. Actually, this is not the right way you are analyzing the values. No doubt, there may be a large number of scams behind transactions. Prices and premiums between the various USD exchanges have been fluctuating wildly, with GDAX and Bitfinex often leading in price.

 

Bitcoin Price History:

 

 

GBTC, an over-the-counter, an American financial market is using a BTC plagiaristic to the public. Yesterday, which hit the ATH of $2,000 We expect the premium if COIN FTE gets approved.

 

In price estimation mode, it is really hard to estimate targets and true resistance in price. Accordingly, the price target of $4000 isn’t impossible. A few weeks ago, it hits the measuring target of $1575.

A slightly modified pitchfork yields targets around $1,800–2,000, with price recently breaking the resistance diagonal rather cleanly.

Similar to the structure of January 2017 and November 2015, the Heikin-Ashi chart represents the price fluctuations of bitcoin.

Summary

The transaction will continue to plague bitcoin when mostly new users and traders join the bitcoin network. By using suitable fee, avoid from the stock transactions. Trading and investing in a digital world is much risky. This above analysis of price is for information and for advice as well. Therefore, these data or figure can be different on other sites. The reason is, the price fluctuates.

 

Tags: Bitcoin technical analysis.

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Factors behind the success of Bitcoin’s Value

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Something, which facilitates the people in their lives, automatically will have some values. Whether it is in goods or in services. Therefore, Bitcoin’s uses and its benefits are the reason behind its value. Bitcoin community is active as other social networks. In addition, the main reason behind its increasing worth is the limited supply of bitcoins. Whereas, the government is unable to trace and tax. Bitcoins are in limited quantity. Accordingly,  the price of bitcoin in this year is 50x. which is seriously an insane swing of any currency.

Currency needs some qualities

There are some qualities which should be in any currency.  These qualities make the money more powerful.

Rare

Actually, money/currency should be limited in supply.  As economics proves that demand will increase with limited supply. Similarly, with the bitcoin, the total supply of 21 million coins increases its demand. In the result, its values increase day by day. Today’s value of bitcoin is $2251 as of May 23rd 2017.

Utility

The utility of any currency or object plays an important role in the determination of its value.  In the result, higher demand enhances the higher price.

Transferable

As currency/money always use in the transaction process, or in exchange meanings. Accordingly, If money has an ability of easily transferable then it will use by a large number of people. Moreo, if it has not, then money/currency’s demand will be low. Accordingly, Bitcoin’s transfer availability is in more than 100 financial sectors.

Unspecified

Everyone in the world has an authority to keeps his/her transactions private. Whereas, People like the process, which provides them such kind of privacy for their transactions. However, Bitcoin provides such type of process to its users.

Here is some discussion about how bitcoin value.

Scientifically

Bitcoin technology has worth for solving the long-standing two general problems. Clever solution for transactions of digital spending is achieved by the self-organizing and time-base record. The blockchain populate the bitcoin network, is well known public ledger.

Technologically

There is not central server to control or shut down the bitcoin protocol. Censorship resistance of bitcoin is critical. Clearly, means there is no one to control the usage of bitcoin. Censorship resistance to digital currency and its payment system makes the bitcoin an irreversible disruptive technology.

Social values

In the field of computer science, Satoshi Nakamoto’s innovations are milestones. Even so, with no limitation, bitcoin become the number one exchange and payment network. Each bitcoin users are responsible for his/her bitcoin’ security. Most of the people like the anonymous behavior of transactions are one the reason of bitcoin’s fame.

Bitcoin’s design

To the solution of double-spending, Bitcoin’s explicit design features offer users additional value:

  1. Bitcoin’s payment method
  2. Secure storage and transmission of user’s data
  3. Blockchain (decentralize public transaction ledger)
  4. Contract mechanism

 

Secure way for transactions

In addition, bitcoin user’s wallet generates the public keys.  Therefore, no one is allowing to step-in transaction’s process.

Network

Bitcoin is peer-to-peer decentralize network. However, nodes are distributing to decentralize the whole network. Whereas, Bitcoin is designed to seek the nodes. In short, the greater decentralization the healthier the network.

Above all are few aspects, that makes the bitcoin valuable. So, take time and make the decision with bitcoin world.

Tags: current bitcoin value, Bitcoin’s success factors.

 

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