According to cryptocurrency price news, after recording an immense buy volume in the major cryptocurrency exchanges, the price of bitcoin is currently trading at $8,089 however, the price of Cardano has risen by 12% which makes it one of the best performers of the day.
Cryptocurrencies Following Bitcoin Trend Line
Most of the cryptocurrencies have followed the bitcoin trend line during the time of extreme volatility. Cryptocurrencies that have small market caps usually don’t perform well against bitcoin, which makes the most leading cryptocurrency in the crypto-market end up as one of the best performing cryptocurrencies of the year.
Short-Term Market Trend
When investors start to feel ambiguous about the future of crypto-market and concern about the short-term market trend, both long-term traders and day-traders tend not to allocate their funds as a highly risky and volatile assets. Basically, cryptocurrencies like bitcoin and Ethereum have performed a lot better than small-cap cryptocurrencies in the past four months.
After this cryptocurrency price news, some experts have ascribed the poor performance of Cardano to the high-demand for bitcoin from investors that perceive it as a safe asset, which is logical but, at the same time it is volatile, and has the highest liquidity.
Cardano Price Surge
Investors and traders have recently become more determined and have started to get more small-cap cryptocurrencies along with other cryptocurrencies outside of Ethereum and Bitcoin. This autonomous development of cryptocurrencies and the reluctance of traders to compete for the bitcoin’s price trend show solidity in the market, as well as it ensures that the market has started to recuperate. Over the past 24 hours, the price of Cardano has surged by 12% against the US dollar.
Bitcoin Price Trend
The price of bitcoin rose from $6,900 to $8,000 mark just within the time of 30 minutes, last week. Traders were scared that an immediate correction may occur because an enormous buy volume was noted shortly, which appeared to be out of the blue for most of the investors and traders. But, against the predictions of experts, the price of Bitcoin continued to be strong for many days and ultimately surpassed the $8,000 mark.
Due to the unexpected upsurge in the price of Bitcoin, it is still well that it recorded a slight decline over the past 24 hours. It is likely that the price of Bitcoin will surpass the $9,000 mark in the upcoming time, only if it holds up the $8,000 level over the next few days, as traders are also expecting another short-term rally for recuperating the past shortfalls.
Bitcoin rate has been frequently consolidating due to the absence of main market catalysts so far.
Bitcoin Price Main Highlights:
- Bitcoin price has cut lower highs and higher lows, generating a symmetrical three-way relationship on its 1-hour chart.
- Price just rebounded off support and is due for a test or trial of resistance around $2600.
- Technical measures are demonstrating that the resistance is more to be expected to hold rather than breakdown.
Technical Indicators Signals:
The 100 SMA is under the longer-term 200SMA so the route of minimum resistance is to the downside. The 200 SMA is adjacent to the three-way relation (triangle) resistance, providing it strength as a ceiling. If it holds, alternative step to support at the $2500 area possibly will take place.
Bitcoin value has been getting a benefit of dollar weakness just as financial data has been approaching in below expectation. Some degree of profit-taking is initial to kick in top up to the weekend, end of month, and quarter.
The digital-currency is also shrugging off damaging updates from the past in the month when stockholder Mark Cuban warned that bitcoin might be in a bubble and a Goldman Sachs expert also gave a bearish analysis. It should also be distinguished that some of Bitcoin exchanges experienced outages because of trading activity and high levels of traffic.
The mentality of people also tends to affect most of Bitcoin and digital currency arrangements as a huge amount of it is based on demand and speculation. It can involve another durable positive catalyst to produce constant rallies again. By this way, there is still a potential downside for Bitcoin value, specifically since risk-craving has been recurring to the financial markets. Commodities and stocks appear key for a bounce when uncertainties decrease. But, of course, there is also a possibility that geopolitical hazards might shore up another asset as Bitcoin once again in the end half of the year.
Image and Story Credit: www.newsbtc.com
The bitcoin market worries experts
At the moment, the value of bitcoin is sky rocketing due to the rising demand of the cryptocurrency. This has led many experts to believe that a fall is expected in the market soon. Currently, Bitcoin is preparing to reach a new record as it is on the journey of going from $4,031 to $4,500.
Bitcoin value has increased by 60% in the past month and experts are predicting that something could go very wrong in the market.
The reason behind bitcoin’s drive to such high notes is that a larger number of people have begun to obtain bitcoin and this increased demand has led to increasing the market capitalization of the cryptocurrency.
The head of investment strategy at Black Rock, Richard Ternhill, recently commented on the Cryptocurrency Exchange situation as “terrifying”.
In the meantime, Goldman Sachs specialists predict that the bitcoin price is expected to experience a sharp drop and its duplicates would downfall to zero. They are expecting the price to drop to $1,800.
Story Credits: marketsmorning.com
Image Credits: shutterstock.com
Bitcoin and Ethereum’s Gains
It only took a few hours for Bitcoin to shoot back up from $3,894 to $4,264.26 on Wednesday, which caused the total market capitalization of the entire cryptocurrency world to surge above $150 billion.
It’s opposite team mate, Ether, also rose on Wednesday, marking the highest it’s ever been since June. These two unknowingly, drove the market cap of the digital currencies insane.
In particular, at the moment Bitcoin’s market capitalization is around $69.8 billion, which makes it twice as large as Ethereum, its closest rival.
However, Bitcoin has been a tad bit volatile lately, suffering from a 10% drop after it had crossed $4000 earlier. These fluctuations were an after effect of the scaling issue that was recently undertaken by the network. This is intended to increase the transaction sizes in the blockchain network. This new protocol is known as Segregated Witness, which is said to solve the scaling matter.
Related: Bitcoin drops below $4000
On the other hand, Ether rose to $324.07, its highest since June 23. It’s known to have doubled since its last low hit in mid-July. Overall, its performance has been well in 2017, as it is up more than 4000%, which brings its market cap to around $30.1 billion.
These recent increases in Bitcoin and Ether have brought together the total market cap of all digital currencies above $150 billion.
News Credit: marketwatch.com
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?
- 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.
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.