Blockchain Training Institute: Bitcoin dropped down by 4.4 percent on Friday. It slipped below 9000 USD for the first time in 2 weeks.
According to TradingView, the price dropped by 8,800 USD. This is not going affect much as the Bitcoin price as of now is double the price at the beginning of 2019. Hence, Bitcoin is considered one of the best performing asset class of 2019.
Bitcoin had recovered $2,000 in late October as Chinese President Xi Jinping declared that the country would accept blockchain. This will follow by the reveal of hundreds of blockchain projects already in motion. Since then, the price had mostly fluctuated within a range between $9,100 and $9,600.
With the ongoings, Kevin Kelly, co-founder at Delphi Digital, a cryptocurrency research firm in New York said: “This is a pretty classic example of a technical move, it just sort of broke to the downside.”
Kelly also stated that the price drop appears to have triggered margin calls for some traders, leading to position liquidations and creating additional selling pressure.
According to Greg Cipolaro, co-founder of Digital Asset Research, some investors are doubtful that China's stand towards Bitcoin, would create new demand.
Many traders thought bitcoin was the original blockchain and highest digital asset by market value. This will effect from broader adoption of the technology, if China plans to have its own currency, it could be a win for blockchain technology on the whole and it means little for bitcoin today.
Cipolaro said, “My opinion is that that wasn’t the right read of that news, they were clearly saying blockchain, not bitcoin.”
Also, he said, “you really haven’t seen follow-through on the price, there hasn’t been a major catalyst post that $2,000 rip two weeks ago.”
“How does a cryptocurrency gain value?” – this is a very important question to know, specially before investing your money into any cryptocurrency out there.
What are the factors that are going to give your cryptocurrency value and whether it will be successful in the future?
There are many cryptocurrencies in the market which are manipulated, their prices are pumped and then it reduces drastically.
The concept of introducing your cryptocurrency in the market should be unique and appealing.
After purchasing cryptocurrency user should trade it in the market.
If people are not willing to trade with those cryptocurrencies then how on earth they will ever gain value?
Blockchain Training Institute: Bitcoin mining giant Bitmain’s co-founder Micree Zhan, says he is going take legal action to make his return to Bitmain.
However, he was removed from the company a week ago.
Jihan Wu, co-founder of Bitmain addressed his staff and conveyed a message saying that Micree Zhan was dismissed from all roles.
Also, he added that employees are prohibited from engaging with him.There was a struggle between the two to have powers which ended in the removal of Micree Zhan.
Zhan remained silent until Wednesday by not address any media questions.
Later on Wednesday, he posted on his WeChat saying he did not have prior information about the removal from roles and he would take legal actions to get back to the firm.“I have never thought that as a person focusing on technology and product, I have to start thinking from legal perspectives.
What is Litecoin (LTC)?Litecoin was founded in 2011, 3 years after the creation of Bitcoin in 2008 .
It was developed by Charlie Lee as a blockchain fork of the world's first cryptocurrency, but with radical differences.
Furthermore, Litecoin is considered the oldest active fork of Bitcoin.According to the developer team behind crypto, LTC is:“A P2P digital currency that allows instant payments at almost zero cost.
Furthermore, Litecoin is an open source global payment network which, like Bitcoin, is completely decentralized… Litecoin is a means of commerce to complement Bitcoin ”, says the Litecoin team on its official website.What differentiates LTC from BTC?Litecoin is a cryptocurrency with more in common with Bitcoin than differences, but these differences are significant.An example of this is the time it takes to generate a block of LTC which is much less than that of BTC, which goes from 10 minutes in Bitcoin to 2.5 minutes.
In addition, Litecoin has a greater number of units available and a different mining algorithm.Let's delve into these differences!SPoW consensus algorithmOne of these permanent differences that did not make the projects compatible was the change from the original mining method of Bitcoin Proof of Work (PoW) to Scrypt Proof-of-Work (SPoW), an algorithm developed in 2009, by Colin Percival.SPoW eliminates the need to use more and more computing power when the blockchain technology is increasingly used.
Bitcoin had been criticized from day one for having great goals of becoming the alternative money of the internet, but with great limitations when it comes to transaction times and costs.Therefore, a series of developers set out to develop alternatives to Bitcoin, which were faster when making transactions.
History KuCoin exchange was founded back in 2013 by Michael Gan and Eric Don and is based in Seychelles.
Supported Cryptocurrencies Bitcoin (BTC),Ethereum (ETH)Litecoin (LTC)Tron (TRX)Tether (USDT)NEO (NEO)Ripple (XRP)KuCoin Shares (KCS) KuCoin exchange keeps extending its number of digital assets for its users.
Traders can buy crypto with fiat money such as EUR, CNY, GBP, CAD, AUD, and the list will go on.
FeaturesKuCoin P2P Fiat Trade: A platform that offers traders digital assets and legal tender transaction servicesKuCoin Instant Exchange: A crypto-to-crypto exchange service.
Therefore, traders can swop their cryptos without chargesKuCoin Fast Buy: Allows traders to instantly purchase cryptocurrencies using fiet money such as Chinese Yuan (CNY), Indonesian Rupiah (IDR), and Vietnamese Dong (VND)KuCoin Shares: The native cryptocurrency for KuCoin Exchange P2P Marketplace KuCoin exchange's P2P marketplace is one of the top services provided by the platform.
Payment methods like PayPal and wire transfers are also supported on the platform.
There are a few that have lately been on the rise and are worth watching in 2021.Crypto analysts and experts predict that some of the best cryptocurrencies that will go boom this year include Litecoin, Cardano, Bitcoin, and Ethereum.
To help you plan on how you will buy or invest in cryptocurrencies in 2021, we have compiled a list of the top three cryptocurrencies that will go boom this year.1.BitcoinBitcoin is considered the king of cryptocurrencies because it is currently the most widely used digital currency.
Bitcoin was one of the first cryptocurrencies, and most other digital currencies have been developed from its framework.There are many indicators that Bitcoin will be the best cryptocurrency for 2021.
At the beginning of the year, tech giant Tesla bought a $1.4 billion stake in bitcoin and may even start accepting the digital currency as payment in the near future.
Miners are likely to stick around Litecoin because of its high block reward of 12.5 LTC and short average mining time.Experts also predict that Litecoin is likely to remain immune to future market changes seeing that it currently ranks as one of Coinbase’s big four.
Even with the strong competition and limited supply of coins compared to other major cryptocurrencies like Bitcoin, Litecoin is likely to keep standing strong throughout the year.
