Bitcoin, which is trending the market for a long time, was about to break the new high on Wednesday at the price of $13,200. When it was the time of Bitcoin’s take off, it suddenly got sold off 10% of its price in just 90 minutes. What should have happened with the coin? Well, it’s a long time saying, “What goes up must come down.” It’s a rule, for everyone, everything, for living, for non-living, for good times, for bad times, it’s the fundamental law of physics.

In the market of security, this law holds very true. Securities rise in parabolic fashion and fall in the same manner. For Bitcoin, this has gone really harsh but true. Why this rule holds true for Bitcoin so badly? The reason is Investor Psychology. It is evidential in the technical analysis of the security. Bitcoin is a mania, a mania whose price behavior moves in the single patter with very little variation. Usually, every market contains this mania.

Picture mania can be seen everywhere. From Dutch Tulip craze in the 1600s to the dot – com bubble in 1999. From the housing market in the past 15 years to the marijuana stocks last year. Every individual security has this mania. The chart explains clearly about investor psychology around the Nasdaq from 1990 – 2003.

What’s the reason behind these rises and falls? Well, it’s a very common one.

Something provokes hype and the news gets spreads. Word of mouth determines everything in the world of news. The news comes on a news channel and reaches to everyone in just a minute or two. As the news spread, myriad investors, traders and institutions heaps into security. But the cons of security are that it takes time to reach from one to many. It means the demand gets higher than what is supplied. Short sellers enter the market early and they were forced out of their position, which creates more demand in the market. The need for security in the market upsurges rapidly, in less time.

As time surpasses, the craze among the masses decreased. Sometimes it may be due to the less worthy of the product and sometimes it may be due to the external force as well. It may be due to the price of the products that may seem to be gotten out of control suddenly by the common people. Suddenly the products selling rate surge, which results in the downfall of the stock, which upsurge the productivity and supply of the product.

Bitcoin mania is where the less change can be seen in the pattern and the same has happened with Bitcoin today. In June, a rise has been seen in the price of Bitcoin of $13,000 and then again it goes back to $10,000. The huge selloff that occurs at the same time is known as ‘double top’. It means buying exhaustion, psychologically. The time at which it reaches the short-term top, it becomes difficult to break the price by security.

As expected, the parabolic rise may fall soon but it will take time. The reason behind this fact is the optimistic mind of the traders. There are many traders who have bought into the initial premises and they are the true believers. Then there come the traders who are at the very top and holding a large amount of share waiting for another big run so that they can escape their original investment. This has been the story of Bitcoin so far.

Well, this is not any new story. Bitcoin has been in this scenario two times previously. In 2013, Bitcoin hits $1,000 and then collapsed by 80%. In 2017, Bitcoin hits $20,000 and then collapsed by 85%. Bitcoin is volatile security. It can take you to height and bring you down in minutes. Be careful and trade carefully, as with Bitcoin, it’s worth not taking chances and make a good plan before entering the market.

A few days ago the cryptocurrencies were enjoying the bullish sentiment in their values, but today the picture is exactly opposite and the cryptocurrencies values are under great bearish pressure. The top ten cryptocurrencies in the market are suffering bearish correction in their values. The market cap of the market is also lost 20% of its value in 24-hours.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Bitcoin SV, Litecoin, Binance coin, and Tron all are experiencing the downfall in their values. If we leave USDT and Binance coin as their values are decreasing under 10%. Tether is decreasing by -017% and the BNB is decreasing by -7.59%. And all the other eight currencies in the top ten cryptos are decreasing above 10%.

Bitcoin is decreasing by -10.88%, Ripple by -14.98%, BCH by -17.34% and the biggest loser of all is EOS and its value is decreasing by -19.56%.

Current Status of EOS: At the time of writing the value of EOS is trading at the value of $4.71 USD and its value is decreasing by -19.58%. The BTC value of EOS is at 0.00040620 BTC and it is also decreasing by -9.74%. The market capitalization of the currency is $4,344,504,563 USD and the 24-hour volume of the currency is $4,048,057,552 USD. The circulating supply of the EOS is 922,755,932 EOS and ROI of EOS is 356.51%.

The value of EOS has recovered from its intraday low of $4.3 and now trading at $4.7, but still, the currency needs to go above the value of $5.0 to recover from the bears. Below the value of $5.0 for EOS has worsened its short-term technical chart and surged the bearish pressure on EOS/USD.

The support level is created near the value of $4.3 which recent low of the EOS and it is followed by $4.23 and fib retracement of 61.8% for the upward move from $1.56 low. The downward movement is supposed to gain traction with the next target of $4.0.

On the upper side of in the short-term chart, the handle of $5.0 has a sustainable recovery and needed to alleviate the bearish pressure and provide the recovery for extended $5.8 (50 SMA on 4-hour chart). Then the obstacle will be followed by coupled $6.0 a psychological value with 100 SMA in the 4-hour chart.

One can never deny the fact that since the evolution of the crypto market, there has been gigantic resistance to it.

Truth be told, if the definite information is thought about, it can obviously be seen that there are a greater number of haters than supporters of digital currency.

All things considered, the entire issue of supporters and haters are indeed in the features as a result of the ongoing tweets by the U.S. President Donald Trump.

Officially published on 11th of July at around 8:15 p.m, these tweets of Trump have come up as an unbending resistance to digital currencies. It was very obvious from the tweets that Donald was targeting the whole crypto market while referring to Bitcoin just as Libra explicitly.

TWEETS OF THE PRESIDENT

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activities.

“Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both Nationa and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

WHY SUCH TWEETS?

Honestly, the whole crypto market is still in a profound situation as it can’t generally figure the precise purpose for these unexpected tweets by the President.

Be that as it may, according to the perceptions, it was discovered that these tweets were formally distributed during the evening of the Social Media Summit.
While most of the populace is perhaps unaware of it, this summit might be viewed as a secret conference that brings into consideration the issues of Social Media.

As far as the present scenario is concerned, the market dubiously assumes that this conference might be the reason that has embedded the whole thought of Facebook crypto issues.

Some even contend that the approaching congressional hearings of Facebook’s Libra may likewise have wound up moving Trump for composing regarding this matter.

Be that as it may, the real expectation still stays unrevealed.

As everyone says that the cryptocurrency market is unpredictable, yes, it is true. Everything in this market is uncertain and anything could happen in the next moment. As the same thing has happened with VeChain, the currency has collaborated with Walmart China. The VeChain’s value has increased by around 45% when the news of the collaboration came.

But, the currency was not able to keep its feet firm and in just a couple of days later the value of VET has come to the point from where it started before the alliance. In the sudden price drop, just three weeks ago the currency has lost its hard work of more than 3 months collaborating value point from the low value of $0.0063 to the peak value of the year of $0.01.

Current Status of VeChain (VET): Currently at the time of writing the value of the VET is trading at $0.006465 USD and its value is increasing by 1.13%. The market capitalization of the currency is $358,499,708 USD and the 24-hour volume of the currency is $24,624,948 USD. The circulating supply of the currency is 55,454,734,800 VET.

The value trying to maintain its position in the trading market and its value is increased by 1.13% from yesterday’s low of $0.0063, which is also a strong support level of the VET. The experts think that there are high chances that the value of the VET might go even lower than $0.0063.

The chances are that if bitcoin’s value will go down up to $9,300 then the market will also go down with the fall, but the chances of Bitcoin going down that much are low because for it alliance and keep its dominance firm in the market. On the other hand, leaving all the altcoin behind it.

The experts are not sure when will be the time of altcoin rising in the market this year will come and some of them are saying that it should have started by this time. As per the expert’s opinion, first Bitcoin has to cross its potential and then only the value of the VET will grow in a positive direction.

The cryptocurrency market has extended the recovery from the recent sell-off as Bitcoin and many major altcoins moved above the critical resistance levels and registered strong daily gains ranging from 1% 10 11%. However, despite overall positive sentiments, some coins moved to the North, influenced by local factors.

The total capitalization of all digital assets in circulation increased to $353 billion from $327 billion on Monday, while an average daily trading volume grew to $79 billion from $61 billion this time yesterday. Bitcoin’s market share jumped to 64.0%, which is a new high since April 2017.

Bitcoin (BTC/USD) has recovered above $12,000 amid strong bullish momentum. The first most popular asset has gained over 11% in recent 24 hours at settled at $12,700. The next strong resistance comes at $13,000. However, we might need some period of consolidation before another bullish wave.

Ethereum, the second largest digital asset with the current market capitalization of $33.8 billion, has gained nearly 4% on a day-on-day basis, though the upside momentum is limited by $318-320 area. ETH/USD is mostly unchanged since the beginning of the day, moving in sync with the market.

Ripple’s XRP has gained 2.4% since this time on Monday to trade at $0.4055 by the time of writing. The third largest digital asset with the current market capitalization of $17.1 billion managed to break above $0.4000, but the upside momentum is losing traction and there is no follow through. The further recovery is limited by the recent high at $0.4088.

Litecoin (LTC/USD) is losing ground on Tuesday, though it is still 3.4% higher on a day-on-day basis. The fourth largest coin with the current market capitalization of $7.7 billion hit $125.00 on Monday, but the upside momentum faded away. At the time of writing, LTC/USD is changing hands at $123.25.

Chainlink (LINK) and UNUS SED LEO (LEO) are the worst performing cryptocurrencies out of top-20. They are down 5.6% and 6% respectively.

Bitcoin’s craze doesn’t seem to go down anytime, anywhere. People get amazed about Bitcoin even seeing its name on a bag. Sounds crazy right? Outside the office of Deutsche Bank in London, a man was found carrying a bag which has “Bitcoin” written on it and the man also looks like a real gentleman with his clothing.

The photo of the man with the bag written “Bitcoin” and another man moving by his side in the photo went viral and the news touches the headlines.

People believed that this man may become the legend in next few years nicknamed as Bitcoin Pizza Guy or Bitcoin Sign Guy. The reality wasn’t the same as it seems to, many.

The two people in the photo were actually Fielding’s and Nicholson’s Employees, a company that is known for its fine units in London.

According to the other news agencies such as The Guardian and others, the two people were former bankers of the company. This was about the news of the 18,000 men and women who were sacked.

In Germany, Deutsche Bank is the most popular one which is a most diversified bank and although it is shocking and frustrating for many, the organization is considered “necessary”.

It has been found out that the name of the guy holding the bag “Bitcoin” written on it is Alex Riley and the one walking by side of him is Fielding’s and Nicholson’s Chief, Ian Fielding-Calcutt.

“As we walked out, I saw some photographers position themselves for the shot and they proceeded to snap away… I turned to my colleague and said, ‘you think we’ll make the news?’” Well, it really happened.

They win the news and the bag in the picture is a cotton canvas tote.

Infinity Stones, the world’s largest PoS Cloud Computing Cloud service provider, introduced a new product. Revenue Management will be done with the help of Infinity Pool.

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Infinity Stones has super nodes engaged in famous DPoS public utilities, including EOS, TRON, VeChain, Ontology, Elastos, and others. The Masternodes are in Tezos, Cosmos, IOST, etc.

Well, the fact that Cuba’s government is now willing to enter the crypto market is no more a secret.

In fact, it was officially announced by the government while there was a ray of optimism among the officials as well as citizens.

A major piece of news came along when the renowned cybersecurity expert as well as tech entrepreneur, John McAfee expressed his willingness to act as a crypto adviser with the Cuba Government.

He wrote on his official tweet:

“Cuba is planning to use Cryptocurrency to get around the 63 years of economic strangulation imposed upon 14 million Cuban people by the insanity of the US Government. Finally, a large scale, real-world application for Cryptocurrencies. If Cuba wants my help, I am here.”

McAfee pronounced his expectations not long after Cuba’s administration authorities uncovered their goal to build up a digital currency to be utilized to keep away from monetary authorizations forced by the United States.

As indicated by Reuters, McAfee guaranteed that the cryptocurrency project undertaking isn’t just practical, but instead basic. So basic, truth be told, that he even offered his direction pro-Bono

He also said:

” It would be trivial to get around the U.S. government’s embargo through the use of a clever system of currency. So I made a formal offer to help them for free on a private channel… through Twitter.”

Moreover, as per the tech master, the way to Cuba’s fruitful improvement of cryptographic money is to adjust it to its world as a nation.

While expressing his views on the successful execution of a coin in the market, he said:

“You can’t just create a coin and expect it to fly.

You have to base it on the proper blockchain, have it structured such that it meets the specific needs of a country or economic situation.”

The co-founder of Bitmain Technologies Ltd. Wu Jihan has led a group of the mining giant’s former employees to launch a new cryptocurrency financial services startup, hoping to capitalize on Bitcoin’s resurgence.

Called Matrixport, Wu’s latest endeavor is a one-stop platform for over-the-counter trading, lending, and custody for digital assets, Chief Executive Officer Ge Yuesheng said.

The venture went live on Monday after spinning off from Bitmain in January, when the world’s largest producer of crypto-mining rigs ran into a cash crunch.

Wu is a major shareholder along with a clutch of global venture capital firms and Bitmain itself, Ge said.

Headquartered in Singapore, Matrixport has a team of about 100 staffers, dozens of whom were let go from Bitmain. Precise details about the company’s funding will be announced at a later date, the 27-year-old chief said.

“We are closely tied to Bitmain by our origin,” Ge, a Bitmain shareholder himself, said in an interview. “But because we operate in different businesses, we are partners rather than competitors.”

Matrixport aims to challenge the likes of BitGo Inc. and Genesis Global Trading Inc. in the US, as companies move to develop financial services for professional crypto-coin traders and investors.

It’s one of a crop of fledgling firms aiming to ride an upswell in Bitcoin interest: its price has tripled so far this year and is now trading at around $12,000.

Ge says Matrixport will use its connections and expertise at Bitmain to target the needs of Chinese crypto-miners, among the largest in the world. The startup itself is incorporated in jurisdictions outside of mainland China to skirt Beijing’s ban on crypto-trading.

Matrixport marks the latest venture from entrepreneur Wu. The billionaire has already stepped down from his role as Bitmain co-CEO but still stands to benefit when it goes public: the mining giant is seeking around $300 million to $500 million from a US share sale as soon as the second half of this year, Bloomberg News has reported.

The People’s Republic of China is looking to enter the crypto world and with its own brand. China is looking forward to launching a stablecoin owned by the Central Bank of China. This would be the first case of a government of a nation asserting its presence in the crypto world. While many big tech companies and banks have already been on the Crypto trend, it has taken a while for governments of countries to get involved in Crypto. Many thought Russia or one of the Scandinavian countries would be the first one with official crypto, but it is China who will lead in this frontier.

Why China and How

Everybody in the crypto world is shocked by the fact that a conservative country has decided to enter the Crypto World. Before this, most Crypto Pundits predicted that would be Russia that would get into the Crypto space first. This was because the major involvement of Russian Oligarchs in the Crypto Community and the link of the President of Russia, Vladimir Putin with the creator of Ethereum, Vitalik Buterin.

The country of China before this announcement, has kept its distance from cryptocurrency. The reasons for this has been obvious as the free and unrestricted world of Crypto wouldn’t make the Chinese government happy as it allows freedom for browsing and they would have limited control over it. As infamous it is, China has always made sure to restrict free access to the internet to the people of China as it would mess with their “values”. For this, they have even created every version of popular software that are available online.

However, it isn’t entirely out of the blue that the Chinese Government has taken such a decision. The Central Bank of China has mentioned about Bitcoin and other crypto back in 2016 when it wasn’t even that famous. The stablecoin made by the Chinese Government is centralized, so it is already made sure that full control has been with the Government from the start.

While some think China stepping in would promote conservatism in the market, but let me remind you there have already been many centralized currencies that have existed before and have their life cycles haven’t promoted this idea; others think that it would promote other countries to get into Crypto.

A recent move by the Iranian government has grabbed the attention of the majority of the population in the market. The incident made its way to the headlines when the Iranian government decided to cut off the power supply to the local Bitcoin miners.

This incident is not only one of its kind but its actually a reminder that one can never even imagine when such regulatory laws can disturb the stability of the crypto market.

Brief Glance At the Entire Process of Crypto Mining

Crypto production involves machine equipment to work specially designed code to compete against different miners to solve mathematical puzzles. If miners get this contest, so they take this stop advantage of whatever crypto they are mining (blocking intervals are crypto-specific — some payout advantages every two hours, while cryptos like bitcoin, pay a block reward every ten minutes).

Crypto production is a relatively direct business from a value standpoint. The primary value is energy, as it takes a considerable amount of force to get all the production rigs. Thus, the most productive production processes are those in areas with cheap energy (lowers the price of running the rigs) and cold climates (lowers the price of cooling the rigs ). Iceland and Sweden (where hive’s new and future facilities can be placed) are perfect destinations as they have comparatively cold year-round climates and the abundance of affordable energy.

Crypto Mining and the Present Market

South Korea

It has been reported that crypto investors found at South Korea have begun to buy crypto production CPUs, with play graphics papers offered, in order to mine these cryptocurrencies named in the country’s exchanges.

The new cryptocurrency market correction was when hardware makers noticed The difference in great need was taking place. The 70% drop in the listed cryptocurrencies amount led investors to seek alternative ways of getting profits.

This information was reported by the local information outlet EKN. The representative from Jooyeon engineering, one of the most common options among hardware miners, has said:

“The versatility of crypto miners, which can be used as normal CPUs as well, Was also the cause for this increase in great need.”

Venezuela

But miners in Venezuela are taking advantage of this nation’s subsidized life, which makes it a good place to run the crypto production process.

Most of the machine hardware available is light (older desktop GPUs, primarily), then tech-savvy Venezuelans are setting up small-time production processes concentrated on some of those easier to mine cryptos (like Zcash ).