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Cryptocurrency Market Trades Sideways as Bitcoin Hovers Shy of $12,000

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Bitcoin price hovers around $12000
Market Trades Sideways as Bitcoin Hovers Shy of $12,000

Thursday, July 4— The number one cryptocurrency Bitcoin (BTC) is seeing mild gains on the day as ether (ETH) and ripple (XRP) traded sideways.

Bitcoin has had a volatile week. Bitcoin was trading at over $13,000 on June 26 and under $10,000 on July 2. Bitcoin is currently trading at just over $11,850, and some analysts think BTC could rally significantly today as it is Independence Day in the United States. Crypto analytics website SFOX reported that holidays in the midst of a bull market tend to spark FOMO, a trend apparently supported by Google Trends data:

“At times when the market is already doing well or improving, holidays have the potential to drive renewed retail interest in buying bitcoin and other cryptocurrencies. That behavior, almost by definition, is FOMO: buying into an asset because one sees it trending upward and wants to benefit from it.”

Top altcoin ETH is currently trading sideways at around $300. Major cryptocurrency exchange Binance recently announced that it was moving off the Omni standard and onto ERC-20 for its Tether (USDT) addresses. The exchange Poloniex also added support for Ethereum-based USDT, citing a cheaper and faster process for transactions and deposits.

Ripple is mostly trading sideways, with some minor losses at press time of approximately 1%. However, XRP has trended down significantly since its monthly highs on June 22 and June 26, seeing approximately a 15% correction from those peaks. XRP is trading just shy of $.40 at press time.

Ripple’s incubatory subsidiary Xpring recently announced that it has dedicated $500 million to XRP projects with since the coin’s inception. The investment group reportedly intends to bolster the infrastructure for XRP, as well as support innovative ripple projects.

As far as other top cryptocurrencies are concerned, Chainlink (LINK) is continuing to see colossal gains this week. At press time, data from Coin360 shows that LINK is up by 49% over the last 7 days.

LINK saw a 26% on-the-day gain on June 28. Coinbase Pro had announced support for the smart contract token on June 27, as well as announcing full trading support for the LINK/ETH pair on June 28.

The total market cap of the top 100 cryptocurrencies is currently $330.4 billion, according to the data provided by Coin360’s summary table.

Meanwhile in traditional markets, gold and oil are trending down slightly as the stock market sees some minor gains, according to data from MarketWatch.

JPMorgan recently announced that it plans to issue a stable coin by the end of 2019. An executive at the banking giant also said JPM thinks securities are en route to becoming digital or tokenized, over a span of five to twenty years.

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Crypto Angel Investor Issues Warning to Bitcoin Maximalists

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Crypto Angel Investor Issues Warning to Bitcoin Maximalists

#CryptoAngel Investor Issues Warning to #Bitcoin Maximalists

At the end of 2017 and the height of the crypto hype bubble, investors seeking ‘the next Bitcoin’ bought up altcoins en masse after learning that many alts, such as Etheruem, Ripple, and Litecoin, had spiked over 1000% and outperformed even Bitcoin.

But the bubble popped, both Bitcoin and altcoins fell over 85% to lows most never saw coming, leaving investors with heavy bags. In 2019, Bitcoin has risen steadily while altcoins have suffered – and it’s caused a new wave of BTC “maximalists.” However, one analyst cautions that this is not the wisest practice, and could cause crypto investors to miss out on a diamond in the rough.

Altcoin Capitulation and Safe-Haven Narrative Has Created New Wave of Bitcoin Maximalists

Capitulation, fear, and despair have permeated throughout the altcoin market throughout the second half of 2019 thus far, even since the asset class diverged from the usual correlation with Bitcoin, and bled out relative to their BTC ratios.

The leading crypto-assets parabolic rally seems to have sucked the life and capital out of the altcoin market, and the sentiment is at the point of extreme fear and panic. It’s caused even the biggest altcoin supporters to consider turning into a BTC maximalist at an alarming rate.

Bitcoin maximalists believe that only Bitcoin will survive as financial technology and that there isn’t a reason for most altcoins in the market to exist at all. Most are anti-altcoins, while others just prefer to avoid them at all costs.

Early crypto investor Arianna Simpson, however, says that being a BTC maximalist is a “foolish” decision.

The founder and managing director of Autonomous Partners say that while Bitcoin may have outperformed altcoins year-to-date, crypto investors shouldn’t assume this “will always be the case.”

Simpson reminds the crypto community of the hive mind recency bias, and the fact that there was once a time where Bitcoin “was old news” and Ethereum outperformed Bitcoin by a wide margin.

“…Given the numerous high caliber of teams who are building crypto networks, I think it is incredibly unlikely that over a period of several years the entire rest of the market amounts to nothing,” Simpson explained.

Bitcoin maximalism isn’t just so prominent suddenly due to altcoins capitulating, it’s also due to Bitcoin’s recent narrative change from a store of value, to a safe-haven asset in the face of growing economic turmoil. With the stock market and others crashing due to a fear-driven sell-off, investors are likely even more averse to the added risk that altcoins carry. Bitcoin, while also a volatile cryptocurrency, is the least risky of the bunch, given its network growth, acceptance from regulators, and longevity in the marketplace. The reduced risk perception makes Bitcoin the logical choice for crypto investors scorn by past bear pressure and fearful of what might happen to the asset class if the economy does collapse.

Crypto Angel Investor Issues Warning to Bitcoin Maximalists

Crypto Angel Investor Issues Warning to Bitcoin Maximalists

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Erik Finman Claims His Crypto Will Crush Libra And Replace Bitcoin

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Erik Finman Claims His Crypto Will Crush Libra And Replace Bitcoin

Erik Finman Claims His Crypto Will Crush Libra And Replace Bitcoin

#Crypto millionaire Erik Finman says #bitcoin “is being replaced” by #Facebook’s #Libra. But he insists his #cryptocurrency, Metal Pay, is the “Libra Killer.”  The 20-year-old entrepreneur made the ballsy claims in a blog post at Wall Street Playboys. Moreover, Finman boldly declared that his Metal Pay platform could supplant both bitcoin and Libra.

Finman says the reason why BTC will go extinct as MySpace did is that its adoption has stalled irretrievably.  In addition, he warns that Facebook’s Libra is aggressively coming to crush bitcoin. That’s exactly what the social media monopoly did to its early competitors.

“Much like Myspace was replaced by Facebook, it looks like Facebook’s Libra ‘cryptocurrency’ is trying to do the same to Bitcoin. If you’re someone who believes in cryptocurrency and what it represents, Libra is your worst nightmare.”

He then went on to say:

“Bitcoin’s adoption has stalled, and the barrier to its continued growth appears too tough to crack. This isn’t necessarily about its value as an #investment – being treated like ‘digital gold’ is fine for a cryptocurrency that is seen as a way of getting rich – but more about Bitcoin’s use as an actual currency.”

Finman says continued regulatory murkiness about whether BTC is a commodity or a currency has damaged its viability as a mainstream investment.  Because of this lack of clarity, Finman says bitcoin is languishing in “this weird middle ground,” where it can be used to make purchases, but is often viewed as a store of value.  This ambiguity has also raised the hackles of the IRS, which recently sent 10,000 threatening letters warning crypto investors to pay their taxes. This unfortunate image that bitcoiners have as tax evaders will inhibit further adoption, Finman says.  “As long as regulations are a mess, Bitcoin’s growth won’t move much,” Finman said. “If you want institutional investors to get on board, you need to make this less murky.”

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BITCOIN BROKE UP WITH ROGER

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BITCOIN BROKE UP WITH ROGER
A #Bitcoin Twitter account with almost a million followers has dumped #BitcoinCash in favor of Bitcoin itself – and everyone is trying to explain why.

BITCOIN BROKE UP WITH ROGER

A #Bitcoin Twitter account with almost a million followers has dumped #BitcoinCash in favor of Bitcoin itself – and everyone is trying to explain why.


@BITCOIN FINALLY PROMOTES BITCOIN AGAIN

In a seemingly random turn of events, @Bitcoin, one of the Bitcoin industry’s biggest misnomers, suddenly began promoting Bitcoin $10439.3 -1.89%, in line with its Twitter handle.

In addition to retweeting another tweet critical of Bitcoin Cash $10702.1 +0.37% and its main proponent Roger Ver, the account changed its Bitcoin whitepaper link from Ver’s Bitcoin.com website to its actual source, Bitcoin.org.

@Bitcoin had previously spent several years promoting BCH, using its coveted Twitter handle to fool observers into believing the altcoin was in fact Bitcoin.

Commentators assumed Ver had control of the account, but in April 2018, he denied this, claiming he nonetheless knew the real owner was pro BCH.

After @Bitcoin began changing its tune, Ver was forced to respond, but on Reddit seemed less than concerned about its activities.

Asked by another BCH user whether there was “anything we can do to save @bitcoin,” Ver simply replied, “Don’t know.”

MATTERS OF THE HEART?

This carefree attitude appeared to spark a wave of conspiracy theories on social media, which continues to engulf some of cryptocurrency’s best-known names.

Most focus on the tweet repeated by @Bitcoin, which in turn mentioned Ver’s Reddit exchange:

Some believe the account has legitimately passed to a pro-Bitcoin entity, while others remain suspicious.

According to Twitter user BTC Sessions, the new owner has begun messaging users in private, requesting the community removes blocks instigated due to previous BCH content.

Even Ver’s private life became fair game, with Litecoin creator Charlie Lee providing a tongue-in-cheek explanation for @Bitcoin’s sudden change of heart.

BCH, which forked off from Bitcoin in August 2017, currently trades at its lowest levels against the largest cryptocurrency in history.

What do you think about @Bitcoin’s change of behavior? Let us know in the comments below!

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