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Bitcoin [BTC] tumbles below $4,000; coin had touched $10,000 this time last year

Priya

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Bitcoin [BTC] tumbles below $4,000; coin had touched $10,000 this time last year
Source: Unsplash

Earlier this week, the whole cryptocurrency market sprinkled hopes of entering the bull’s kingdom. The coins bounced back to the price it was trading at in the beginning of the month. However, the bull’s reign seems to come to an end as the whole market has started to bleed again.

Bitcoin [BTC], the largest cryptocurrency by market cap, has plunged below the $4000-mark again, only after a few days of trading above the $4,000-mark. The coin is currently trading at $3,957 on Coinbase, losing over $200 within a few minutes.

Bitcoin [BTC] price chart | Source: Trading View

Bitcoin [BTC] price chart | Source: Trading View

According to CoinMarketCap, at press time, the cryptocurrency had a market cap of $69.89 billion and a trading volume of $5.96 billion. The coin had recorded a fall fo 7.92% in the past 24 hours. The highest trading volume for the coin is recorded on BitMEX with BTC/USD pairs. The second highest trading volume is pouring in from Binance with USDT pairing. Other exchanges in the top five are Coinbene, Liquid, and OKEx.

Last year on this day, Bitcoin was trading at its highest at $10,850, starting its journey to reach almost $20,000 in the next couple of days. Nonetheless, on November 30, 2016, the coin was trading at an high of $745.

Additionally, the bear has salvaged all the other cryptocurrencies in the market as well. Apart from Bitcoin SV, all coins in the top-20 recorded a massive plunge in the one-day span. Tron [TRX], the twelfth largest cryptocurrency, has turned out to be the biggest loser in the market by losing over 14.54%. Litecoin [LTC] and EOS have recorded a downfall of over 10%, whereas XRP, Ethereum and Stellar Lumens, witnessed a plunge of over 7%.

Jun Akira, a cryptocurrency enthusiast said:



“Sweet 3000!! This is like a 98% flash sale on Walmart and Amazon. Black Friday all over again. Buy and HODL see you when we are at 20K. The best part is everyone knows that everything is dirt cheap and it’s just a matter of time before we propel again.”

Martinkarolev, a Redditor said:

“We are fakkt.”

Decentralized-Jesus said:

“Praise the lord for he has given us another black friday. Amen!”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand

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Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of Bitcoin.org and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:



“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.





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