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| comment | | "parent_author":"",<br>"parent_permlink":"cryptocurrency",<br>"author":"davidlanz",<br>"permlink":"bitcoin-drops-to-9300-cryptocurrency-market-loses-20-billion-overnight",<br>"title":"Bitcoin Drops to $9,<br>300,<br> Cryptocurrency Market Loses $20 Billion Overnight",<br>"body":"<p><img src=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/03\/Bitcoin-dimishing-chart-760x400.jpg\"><\/p><div class=\"entry-content\">\n<div class=\"post-thumbnail\">\n<a href=\"https:\/\/www.ccn.com\/bitcoin-drops-to-9300-cryptocurrency-market-loses-20-billion-overnight\/\" title=\"Bitcoin Drops to $9,<br>300,<br> Cryptocurrency Market Loses $20 Billion Overnight\">\n<img alt=\"bitcoin price\" class=\"attachment-large-thumb size-large-thumb wp-post-image\" height=\"400\" src=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/03\/Bitcoin-dimishing-chart-760x400.jpg\" width=\"760\"\/> <\/a>\n<\/div>\n<div class=\"content-ads\">\n<div class=\"widget text-12 widget_text\"><h6 class=\"widget-title font-weight-bold\">Advertisement<\/h6> <div class=\"textwidget\"><p><\/p>\n<div id=\"div-gpt-ad-1524167859587-0\" style=\"height: 90px; width: 728px;\">\n\n<\/div>\n<\/div>\n<\/div> <\/div>\n<em><a href=\"https:\/\/hacked.com\/continue-reading\">Join our community of 10 000 traders on Hacked.com for just $39 per month.<\/a><\/em><br\/>\n<p><span style=\"font-weight: 400;\">The bitcoin price has dropped to $9,<br>300,<br> demonstrating another 3 percent decline in value over the past 24 hours after failing to test the $10,<br>000 support level. The cryptocurrency market followed the short-term price trend of bitcoin and has dropped more than $20 billion overnight.<\/span><\/p>\n<p><img alt=\"\" class=\"aligncenter size-full wp-image-136364\" data-size=\"681x576\" height=\"576\" sizes=\"(max-width: 681px) 100vw,<br> 681px\" src=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/05\/download-7.png\" srcset=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/05\/download-7.png 681w,<br> https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/05\/download-7-300x254.png 300w,<br> https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/05\/download-7-640x541.png 640w,<br> https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/05\/download-7-360x304.png 360w\" width=\"681\"\/><\/p>\n<h2><b>Bitcoin\u2019s Slump<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">On May 5,<br> the global average bitcoin price was less than $100 away from achieving the $10,<br>000 mark,<br> as regions such as Hong Kong,<br> Japan,<br> and South Korea with premium rates already surpassed $10,<br>000. However,<br> bitcoin failed to secure the $10,<br>000 support level and immediately declined by around 3 percent,<br> to $9,<br>600. <\/span><span style=\"font-weight: 400;\"><br\/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Since then,<br> the bitcoin price has fallen an additional 3 percent to $9,<br>300 and the volume of the cryptocurrency market has dropped by around $3 billion,<br> from $26 billion to $22.9 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Technical indicators of bitcoin including the Relative Strength Index (RSI) and Williams\u2019 Percent Range (WPR) demonstrate a neutral zone,<br> showing that bitcoin has not been oversold or overbought in the past 48 hours. But,<br> simple and exponential moving averages show a negative short-term trend for bitcoin and if the dominant cryptocurrency fails to hold its volume and momentum in the $9,<br>300 mark,<br> it may be possible for the bitcoin price to record another 2 to 4 percent decline in the next few days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Traders still remain optimistic in regard to the May 7 Ethereum Securities and Exchange Commission (SEC) hearing in the US,<br> as Ethereum founders including blockchain development studio ConsenSys founder Joseph Lubin firmly stated that they have done sufficient due diligence prior to the launch of Ether to ensure that it is not categorized as a security and remains compliant with existing regulations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the SEC declares that Ethereum is not a security,<br> as it did with bitcoin,<br> it will allow the entire market to recover and increase the demand from investors for cryptocurrencies like bitcoin and Ether.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Previously,<br> SEC chairman Jay Clayton said that a token or a cryptocurrency can be considered a security if it is issued by a single company and if the issued digital asset directly affects the organization in a positive way.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ethereum was not created by a commercial company but rather by an open-source development team and its code is being written by an open group of developers without the presence of a centralized team or commercial company.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As CCN previously reported,<br> Lubin <\/span><a href=\"https:\/\/www.ccn.com\/extremely-comfortable-that-ether-is-not-a-security-ethereum-co-founder\/\"><span style=\"font-weight: 400;\">said:<\/span><\/a><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cWe spent a tremendous amount of time with lawyers in the US and in other countries,<br> and are extremely comfortable that it is not a security; it never was a security. We are absolutely unconcerned about the current discussions. I think we already have a regulatory scheme; securities laws in this country govern securities. If you fail the Howey test,<br> you\u2019re not a security.\u201d<\/span><\/p><\/blockquote>\n<h2><b>Ethereum and Tokens<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Depending on the statement of the SEC on May 7,<br> the short-term price trend of Ether and tokens could change drastically. If the SEC declares that bitcoin is not a security based on existing regulations as the majority of developers,<br> analysts,<br> and investors expect,<br> the value of tokens and Ether will likely surge by large margins in the upcoming weeks.<\/span><\/p>\n<b>Follow us on <a href=\"https:\/\/telegram.me\/ccncom\">Telegram<\/a>.<\/b><br\/>\n<b>Advertisement<\/b><br>\n<div id=\"div-gpt-ad-1524167859587-2\">\n<script>\r\ngoogletag.cmd.push(function() googletag.display('div-gpt-ad-1524167859587-2'); );\r\n<br<h2>Follow @davidlanz for real-time crypto news!<h2>",<br>"json_metadata":" \"app\": \"piston-lib\/0.5.7\" " |
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