Day: October 12, 2017

With all of those positive Bitcoin price momentum taking place as we speak, the cryptocurrency community is in for a very wild ride. No one knows how things will evolve in the coming hours and days. One currency suffering from rather substantial losses right now is NEO. Given the recent NEO price trend, a correction was bound to happen sooner or later. Pushing the value below $30 again is somewhat of a surprise, though.

NEO Price Struggles To Maintain $30

Everything that gains a lot of value must eventually come down before a new all-time high can even be considered. In the world of Bitcoin and cryptocurrency, that often means altcoins will go through some very volatile corrections sooner or later. Given the recent NEO price trend over this past week, it is not entirely surprising to see this altcoin taking a beating right now. While it is not fun to look at by any means, the price momentum is slowly pushing the NEO price below $30.

In fact, the NEO price is already below $30 right now, but there is still plenty of momentum to move it toward that target again. It is evident a lot of people are liquidating altcoin holdings in exchange for Bitcoin right now. Do keep in mind not all altcoins will lose USD value because of this trend, though, but they will lose a lot of ground compared to Bitcoin. That is exactly what is happening to NEO right now, sadly.

With the NEO price going up to almost $38 earlier this week, it is only normal we see some form of a retrace. It is perhaps lucky this retrace coincides with the current Bitcoin price movement. Otherwise, things could have gotten a lot more volatile for the NEO price, but right now, the losses are kept to a minimum. Although a setback of 3.56% is not something to ignore, it is not exactly the end of the world either.

The trading volume for NEO is slowly drying up as we speak, though, which is not a good sign by any means. Just under $40m worth of NEo has been exchanged over the past 24 hours, which means it is almost neglectable. If this trend keeps up, no one should expect any sort of NEO price recovery anytime soon. It is true NEO has always had far less trading volume compared to most other altcoins, but these numbers are looking pretty bleak, all things considered.

With Bittrex dominating the market right now, it is not hard to see why there is so much negative pressure on the NEO price. More specifically, the two top exchange markets by trading volume are Bittrex and Binance with their NEO/BTC pair. This further confirms people are dumping everything in favor of Bitcoin right now, instead of the other way around. It also explains why NEO lost 11.49% of its value compared to Bitcoin, although this number is likely to increase further in the coming hours.

Whether or not we will see the NEO price return to $30 or higher in the coming hours, is difficult to predict. Right now, that seems incredibly unlikely, although stranger things have happened in the world of cryptocurrency as well. Altcoins will eventually recover and start noting gains again. For now, we have to take the bad with the good and wait for a positive change in momentum. That process can take anywhere from a  few hours to several months, though.

Bitcoin Cash balances are now available in Blockchain.info wallets for trading.

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On October 11 the cryptocurrency based multi-service provider, Blockchain, announced the company is now allowing access to Bitcoin Cash using the company’s wallet service.

Also Read: XBT Provider Launches First Ethereum Exchange-Traded Notes

The Cryptocurrency Wallet Provider Blockchain Adds Bitcoin Cash Support

Blockchain, the popular cryptocurrency wallet and block explorer service created in August 2011, has revealed users can now access Bitcoin Cash (BCH) through the firm’s wallet. The company who provides over 17.5M bitcoin wallets initially announced BCH support back in August. Blockchain said at the time it would be monitoring the BCH blockchain for a few weeks, and the startup’s previous statements also stated that it would only provide “limited access” to BCH funds. The London-based wallet provider now states:

We’re excited to share that, as of today, any user who had a bitcoin balance in their Blockchain wallet when the fork activated, will be able to access the same amount in BCH.

Non-Custodial Access to Bitcoin Cash

Blockchain also details users can “store, exchange, and send” BCH funds by switching their preferences in the wallet’s general settings tab. The company says in the future Blockchain may add expanded support for the decentralized currency. Blockchain just recently raised $40M from well-known investors, and CEO Peter Smith told news.Bitcoin.com about the company’s growth and plans for expansion. Alongside this, the wallet has also integrated the cryptocurrency ethereum and users can toggle between both of those cryptocurrencies as well. Blockchain details users can be confident they also maintain full non-custodial access to their Bitcoin Cash reserves.

“If you choose to continue to store your BCH, you’ll still retain full, exclusive access to these funds, which will always be accessible with your recovery phrase,” Blockchain adds.

What do you think about Blockchain supporting Bitcoin Cash? Let us know what you think in the comments below.

Images via Shutterstock and Blockchain.

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Bitcoin has been struggling over the last couple of weeks, with considerable volatility influencing the value of the cryptocurrency. However, thanks to rising investor interest, another rally occurred Thursday morning which pushed Bitcoin to a new all-time high.

Bitcoin hits all-time high of $5,144

The newest all-time high according to CoinDesk is well above the previous ATH of US$5,013 reached back on the 2nd of September. It finally seems like the market has managed to shrug off the negative news that had affected bitcoin over the past month.

Not long ago, for instance, Chinese regulators decided to ban initial coin offerings (ICOs), used by start-ups to generate funds for their projects. A few days later, China’s government also decided to ban the trading of digital currency within the country, thus shutting down the operations of numerous exchanges.

Negative news has also come from Russia, where at a conference in Sochi, President Vladimir Putin stated that “the use of cryptocurrencies bears serious risks,” some of which include tax evasion, money laundering, and terrorism financing. To make matters worse, the first deputy governor of the Russian Central Bank stated, “We cannot give direct and easy access to such dubious instruments for retail investors.” Rest assured that Russia will not ban digital currencies, though. The country’s finance minister announced last month that there is no use in banning cryptocurrencies, but that regulation is essential.

Despite all this negative news, it seems bitcoin investment is not slowing down. Luckily, reports have also surfaced hinting that trading may resume in China, but under much stricter regulation. If this ends up being the case, it is likely that further value growth would be witnessed.

The latest predictions made by economic analysts throughout the world indicate that bitcoin’s value is likely to continue growing. For instance, a former Fortress Investment Group hedge fund manager speculates that the growth will not stop anytime soon, and that in the next 6 to 10 months we can expect bitcoin to hit US$10,000. At the same time, Trace Mayer, a popular digital currency investor and one of the first bloggers to publicly recommend bitcoin and blockchain technology, advises that the bitcoin price is likely to reach US$27,395 in only four months.

A team of seasoned film producers, distributors and software developers has announced White Rabbit, a project seeking to monetize P2P streaming to the benefit of fans and filmmakers. The project’s blog post states, with reference to British and Australian research, that 60% of those who watch movies illegally only do so because they cannot access … Continue reading Filmmakers Team With Programmers to Tackle Piracy and Content Accessibility Issues with Blockchain

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Could blockchain underpin a U.S. State Department overhaul? Members of the department and blockchain startups are encouraged after a recent forum.

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