Bitcoin’s Price Fall was Necessary, Say the Analysts 0 37

Bitcoin

After flying all-time high and gaining so many investments and price growth, the major cryptocurrencies finally scared the entire investment community. On January 11, 2021, the entire crypto/investment community took a low blow when all the major cryptocurrencies saw a significant drop in their prices.

According to the analysts and crypto-data analyzing firms, the entire cryptocurrency industry faced an overall 20% drop in their prices on January 11, 2021. For Bitcoin (BTC) however, the situation had already become a bit clearer back on January 10, 2021. By the end of last week, Bitcoin (BTC) hit its all-time high of $41k per BTC, but on Sunday, its prices lost to the $40k per BTC benchmark.

Right from that point, Bitcoin’s (BTC) behavior had hinted that it was going to experience a significant drop to its value in the coming days. Right when Bitcoin (BTC) lost its $40k benchmark, the selling pressure for the cryptocurrency increased overnight. As a result of the selling pressure, Bitcoin (BTC) ended up experiencing its all-time low for the year 2021 and saw the price of $30,229.

However, after hitting the all-time low for the running year, Bitcoin (BTC) did manage to rebound to a soft figure. Thus, it started gaining the same level of trust and investments from the investors and financial institutions. As a result of the decline in the price of Bitcoin (BTC), it was reported that more than $2.7 billion worth of futures contracts were liquidated by the investors.

The above liquidation has been further proven by the historical data that has been collecting from the past few days. After running charts and trending lines on the liquidation data, it has become clear that the liquidation came amidst the drop in Bitcoin’s price from $40k to $32k per BTC.

As soon as the entire cryptocurrency industry, especially Bitcoin (BTC) started dropping in its price, some of the challenges of Bitcoin (BTC) took the opportunity to comment on it.

Mark Cuban, the Dallas Mavericks’ owner, who has been heard talking negatively about the crypto-industry also made a comment. As per Cuban, the cryptocurrency industry has proven to be identical to the internet stock boom that the entire world got to experience back in 1990.

He stated while looking at the price situation of the cryptocurrency industry, he cannot help but think about the internet stock bubble. However, it seems that Cuban has taken a U-turn from being a challenger to the cryptocurrency industry to being its proponent.

As per Cuban, the cryptocurrency industry is now showing the same trend as eBay and Amazon showed when they made it to the mainstream platform. He stated that no matter the drop Bitcoin, Ethereum, and other major cryptocurrencies may show, they will still experience a rise in their value.

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Central Banks Will Not Allow Bitcoin to Go Mainstream, Says Harvard Professor 0 4

Since the beginning of the year 2020, Bitcoin (BTC) has been flying high with respect to its price and market capitalization. There have been many mainstream institutions such as PayPal, MicroStrategy, and MassMutual that have played a huge role in deciding the fate of Bitcoin (BTC).

Although Bitcoin (BTC) had mustered a lot of user-base from the private sector, all it required was input from the mainstream sector. This is when PayPal announced that it was going to integrate Bitcoin (BTC) into its platform.

This worked like a charm for Bitcoin (BTC), and the largest cryptocurrency in the entire world got even bigger. Since then, Bitcoin (BTC) has been constantly gaining mainstream adoption and several institutions from around the world have adopted it.

However, similar to the president of the ECB, there are still many who still do not support the idea of adopting cryptocurrencies and Bitcoin (BTC) altogether.

Bitcoin (BTC) has been facing a lot of resistance and hard times from traditional financial institutions. It is the banks that are currently opposing the idea of Bitcoin (BTC) being dealt with as an asset for savings and investments.

The above speculation has also been confirmed by one of the professors from one of the world-renowned universities “Harvard”. Kenneth Rogoff, who is currently a Professor of Economics at Harvard talked about how the central banks currently perceive Bitcoin (BTC).

Rogoff stated that if people think that Bitcoin (BTC) has started gaining mainstream popularity, then they are mistaken. Despite all the success and attention, Bitcoin (BTC) is still far from gaining real mainstream adoption.

However, Bitcoin (BTC) currently has a very harsh and difficult journey ahead as the central banks from around the world are going to give a very hard time.

He stated that the central banks will not let Bitcoin (BTC) gain mainstream success and adoption. The professor stated that other cryptocurrencies are likely to face the same kind of treatment from the central banks.

He stated that for the time being, the majority of the cryptocurrency industry is unregulated. Many cryptocurrency firms in the industry do not adhere to the regulations that include AML and KYC policies.

For now, it is not possible for cryptocurrencies to be given mainstream status in the economy. The first thing that the governments would do is regulate cryptocurrencies and ensure that the policies are being adhered to.

Once the cryptocurrency regulations are streamlined and adherence is above satisfactory levels, then the cryptocurrencies stand a chance of being given mainstream status.

The words coming from Rogoff hold very high significance as he was one of the former chiefs at the IMF.

Bittrex Exchange Allowed Bitcoin to be Stolen, Claimed by Spanish Customer 0 6

As per the latest reports, the police authorities of the city of Tenerife have been given permission to investigate a case regarding Bittrex. As per sources, permission to look into the matter has been given by the Spanish court. The investigation has been launched by the Spanish court in response to a complaint that was launched by a Spanish Bittrex customer.

In the complaint, the customer has alleged to Bittrex that it was due to the exchange that he ended up losing his Bitcoin (BTC) to a theft. The plaintiff held the exchange responsible for the theft that led him to lose Bitcoin (BTC) that was worth $62,000.

As per sources, the cybercrime unit of the Tenerife police authority is currently investigating the matter. The cybercrime unit has stated that it will soon be sharing its preliminary findings around the matter. Then the police will be able to determine whether the exchange is to be held responsible for any involvement in the matter or not.

However, the plaintiff is continuing to blame the exchange for letting his Bitcoin (BTC) be stolen and taken away by the cybercriminals. He has claimed that the hacker was deliberately granted access to his wallet account on the exchange. As a result, the anonymous hacker was able to make away with around 1.3 Bitcoin (BTC) in the process.

One of the local reporting networks has revealed that the plaintiff himself is a resident of Tenerife city. The person claimed that it was May of 2020 when he had opened up his wallet account on the exchange for Bitcoin (BTC).

The plaintiff claimed that after creating the wallet account, he added 1.3 BTC to the same wallet account. Soon after making the deposit, he realized that his wallet with 1.3 BTC had been emptied and there was no sign of it.

Soon after learning about the theft, the first thing he did was get in touch with Bittrex so he got in touch with their customer support. Although he expected the team to support him, he got told by the customer support team that his account had been victimized by cybercrime.

The claimant also added in the report that he had hired a personal security expert in order to investigate the case. He wanted to get to the bottom of the theft and wanted to find the cybercriminals himself as he received no support from Bittrex.

The security expert hired by the claimant also shared his findings with the Spanish court. According to the report, Bittrex on four different occasions allowed the BTC wallet account to be accessed before the theft was attempted. The investigating expert also confirmed that the breach was observed from four different IP addresses.

All of the IP addresses used to breach the wallet account included Granada, United States, France, and Madrid.

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