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| comment | | "parent_author":"",<br>"parent_permlink":"cryptocurrency",<br>"author":"davidlanz",<br>"permlink":"bitcoin-drops-to-8030-as-cryptocurrency-market-continues-to-slump",<br>"title":"Bitcoin Drops to $8,<br>030 as Cryptocurrency Market Continues to Slump",<br>"body":"<p><img src=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2015\/05\/bitcoin-roller-coaster.jpg\"><\/p><div class=\"entry-content\">\n<div class=\"post-thumbnail\">\n<a href=\"https:\/\/www.ccn.com\/bitcoin-drops-8030-cryptocurrency-market-continues-slump\/\" title=\"Bitcoin Drops to $8,<br>030 as Cryptocurrency Market Continues to Slump\">\n<img alt=\"Bitcoin price rollercoaster\" class=\"attachment-large-thumb size-large-thumb wp-post-image\" height=\"400\" sizes=\"(max-width: 600px) 100vw,<br> 600px\" src=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2015\/05\/bitcoin-roller-coaster.jpg\" srcset=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2015\/05\/bitcoin-roller-coaster.jpg 1000w,<br> https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2015\/05\/bitcoin-roller-coaster-300x200.jpg 300w,<br> https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2015\/05\/bitcoin-roller-coaster-750x500.jpg 750w,<br> https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2015\/05\/bitcoin-roller-coaster-400x267.jpg 400w\" width=\"600\"\/> <\/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-1513203250972-0\" style=\"height:90px; width:728px;\">\n\n<\/div>\n<\/div>\n<\/div> <\/div>\n<em><a href=\"https:\/\/hacked.com\">Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month.<\/a><\/em><br\/>\n<p><span style=\"font-weight: 400;\">The price of bitcoin dropped by over 9 percent in the last 24 hours,<br> as it declined from around $9,<br>100 to $8,<br>030. The valuation of the cryptocurrency market,<br> which hovered in the $400 billion region last week,<br> decreased to $336 billion.<\/span><\/p>\n<p><img alt=\"\" class=\"aligncenter size-full wp-image-132731\" data-size=\"679x585\" height=\"585\" sizes=\"(max-width: 679px) 100vw,<br> 679px\" src=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/03\/download-7.png\" srcset=\"https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/03\/download-7.png 679w,<br> https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/03\/download-7-300x258.png 300w,<br> https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/03\/download-7-640x551.png 640w,<br> https:\/\/248qms3nhmvl15d4ne1i4pxl-wpengine.netdna-ssl.com\/wp-content\/uploads\/2018\/03\/download-7-360x310.png 360w\" width=\"679\"\/><\/p>\n<h2><b>All Cryptocurrencies Decline<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Today\u2019s correction isn\u2019t exclusive to bitcoin. All major cryptocurrencies including Ethereum,<br> Bitcoin Cash,<br> Ripple,<br> Cardano,<br> and Litecoin have declined in value,<br> at a similar rate as bitcoin. Ethereum recorded a daily loss of 10 percent,<br> while Ripple and Bitcoin Cash both decreased by just over 9 percent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some analysts have attributed the decline in price of cryptocurrencies to the ICO hearing participated by US representatives and government officials,<br> in which several representatives including Carolyn Maloney,<br> Representative for New York\u2019s 12th congressional district,<br> claimed that the cryptocurrency market is a bubble.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The negative comments of US representatives followed a report released by $81 billion investment firm Allianz,<br> which claimed that bitcoin has no intrinsic value and therefore,<br> could fall in price.\u00a0\u201cIn our view,<br> its intrinsic value must be zero. A bitcoin is a claim on nobody \u2013 in contrast to,<br> for instance,<br> sovereign bonds,<br> equities or paper money \u2013 and it does not generate any income stream,<br>\u201d said\u00a0the firm\u2019s global economics and strategy head Stefan Hofrichter.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However,<br> the lack of intrinsic argument often brought up by experts in the traditional finance industry has been refuted by both cryptocurrency and technology experts on many occasions,<br> <\/span><a href=\"https:\/\/www.ccn.com\/81-billion-allianz-says-bitcoin-bubble-search-engine-results-show-otherwise\/\"><span style=\"font-weight: 400;\">as CCN reported<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The combination of the US ICO hearing,<br> Mt. Gox sell off,<br> overall market performance over the past month,<br> and negative media coverage are contributing to the decline in the value of the cryptocurrency market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Currently,<br> the media is not portraying the innovative developments being pursued within the cryptocurrency industry,<br> especially the increasing adoption of cryptocurrencies in regions like Japan and South Korea. Last week,<br> CCN extensively reported about South Korea\u2019s largest internet conglomerate Kakao,<br> which operates KakaoTalk,<br> KakaoPay,<br> KakaoTaxi,<br> KakaoStory,<br> and Dunamoo (UpBit),<br> focusing on cryptocurrency development.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact,<br> after reports around Kakao integrating cryptocurrencies and introducing the asset class to 12,<br>000 merchants,<br> 200 million KakaoTalk users,<br> and millions of KakaoPay and KakaoTaxi users were released,<br> Kakao invited Cardano creator and Ethereum co-founder Charles Hoskinson to their headquarters in Seoul.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Speaking at Kakao today <a href=\"https:\/\/t.co\/67GB8VDlKB\">pic.twitter.com\/67GB8VDlKB<\/a><\/p>\n<p>\u2014 Charles Hoskinson (@IOHK_Charles) <a href=\"https:\/\/twitter.com\/IOHK_Charles\/status\/973363788337569798?ref_src=twsrc%5Etfw\">March 13,<br> 2018<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Despite the rising adoption of cryptocurrencies and innovative developments being led by the bitcoin,<br> Ethereum,<br> Cardano,<br> and Litecoin open-source developer communities along with other blockchain projects,<br> the lack of momentum in the price of major cryptocurrencies is fueling the price fall of bitcoin.<\/span><\/p>\n<h2><b>Recovery<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Today,<br> on March 14,<br> the price of bitcoin fell dangerously close to the $7,<br>000 region,<br> and given that it dipped below $8,<br>030,<br> it is possible that bitcoin could fall to the $7,<br>000 mark in the short-term,<br> which would be a steep decline from its weekly high at $11,<br>400.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While most cryptocurrency analysts unanimously agree that bitcoin will likely recover in the mid-term,<br> at least in the summer of 2018,<br> it is unlikely that the price of most cryptocurrencies will spike up in the short-term.<\/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-1513203355638-0\" style=\"height:90px; width:728px;\">\n<script>\r\ngoogletag.cmd.push(function() googletag.display('div-gpt-ad-1513203355638-0'); );\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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