Bitcoin's flash crash was exacerbated by high leverage in the Bitcoin market. · But it's not just Bitcoin -- stock market margin levels are near. Bitcoin falls by 29% as $ billion of crypto liquidated. What caused the plunge this time? · Bitcoin price drops amid fears of the new Omicron. The main cause behind the latest rout is believed to be the proposal by the Russian Central Bank to ban cryptocurrency. The Central Bank of. BITCOIN BACK TO 20K
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WILL LITECOIN RISE LIKE BITCOIN
If the majority of the world's consumers and merchants start using and accepting bitcoin, the cryptocurrency would do what the internet did to society: become commonplace and necessary to buy everyday things. Blockchain is digital, public ledger that no one can edit or delete, making economic transactions faster, safer, and more transparent.
Like most internet companies, the meteoric rises in their stock was unsustainable. Bitcoin has strikingly similar characteristics to Amazon during the dot-com bubble. So why does it have so much value? Its because the public has great confidence in bitcoin's potential.
They think countries will start accepting bitcoin as currency and every business will adopt blockchain one day. Bitcoin is a decentralized currency with no central authority overseeing it, letting you avoid banks and traditional payment processes to purchase goods and services. This attracts a wide spectrum of supporters -- from people who love the idea of a currency with no inflation or central bank, to criminals who love the idea of dealing illegal items without having to leave a digital footprint.
And recent news on cryptocurrency regulation makes any government adoption of bitcoin even more unlikely:. If bitcoin wants to be the currency for the world, consumers and merchants need a safe place to store their funds. Last year, two exchanges went bankrupt after hackers stole the majority of their funds. And in the last few months, cyber thieves have stolen hundreds of millions of dollars from cryptocurrency exchanges. Yo Kwon, the CEO of Hosho Group, a company that specializes in securing applications that leverage blockchain, estimated that cyber thieves have hacked about one third of all cryptocurrency exchanges at one point and will prey on more.
But unless the business world adopts blockchain and merchants accept bitcoin as a form of payment, only time will tell us when bitcoin will completely crash and be forever known as the biggest bubble in economic history. Originally published Aug 8, AM, updated October 23 Marketing 5 min read. Why Is Bitcoin So Volatile? What Drives Demand for Bitcoin? It is not clear who owns the wallet, with speculation in cryptocurrency forums suggesting that it may belong to Dread Pirate Roberts, the pseudonymous creator of the Silk Road drug market place on the dark web.
Other theories claim the funds may have passed through the notorious MtGox exchange. Whoever controls the wallet seems ready to cash in, as some of its contents are being moved onto various exchanges. Yet despite the current state of the market, Mr Isaacs remains confident about bitcoin's longer term prospects.
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Join thought-provoking conversations, follow other Independent readers and see their replies. Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today. Please refresh the page or navigate to another page on the site to be automatically logged in Please refresh your browser to be logged in. The price of bitcoin plummeted by several hundred dollars on Wednesday morning, triggering a market-wide crash for cryptocurrencies.
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