Anleger entscheiden sich aufgrund der Situation um FTX zunehmend dazu, ihre BTC selbst zu verwahren.
Should you buy Litecoin as its hash rate rebounds?
Litecoin price remained in a consolidation phase on Monday as investors reflected on the happenings in the crypto industry. LTC was trading at $57.30, which was about 20.7% above the lowest level this year. This price was about 21% below the highest level this month. So, is it safe to buy Litecoin now?
Is LTC a good investment?
Litecoin, like other cryptocurrencies, has been in a strong bearish trend in the past few days as concerns about the sector continued. The biggest risk is the collapse of FTX, the second-biggest crypto exchange in the world after Binance.
As such, investors fear that a contagion risk could occur increase. Therefore, the number of crypto withdrawals from exchanges has continued rising in the past few days. At the same time, Bitcoin’s fear and greed slumped to the lowest level in months.
Historically, cryptocurrencies like Litecoin and Bitcoin tend to crash hard after a major seismic event like FTX’s crash. Most of them dropped like a rock after the collapse of Voyager Digital and Terra’s ecosystem in May this year. The only difference is the magnitude of FTX’s clash and the role it has in the economy.
Meanwhile, on-chain data shows that Litecoin’s hash rate has crawled back after falling sharply last week. It has risen to a high of 542 TH/s, which was higher than last Friday’s low of 507 TH/s.
A hash rate is defined as the measure of computational power on a blockchain network. It is determined by the number of guesses made per second. The hashrate helps to determine the security and mining difficulty of a blockchain’s network.
Litecoin’s hash rate is now slightly below its all-time high of about 575 TH/S. This could be a sign that the network has some activity.
Litecoin price forecast
The four-hour chart shows that the LTC price has been in a strong bearish trend in the past few days. It has moved slightly above the important support level at $55.75. The coin remains slightly below the 25-day moving averages. At the same time, the Stochastic Oscillator has moved above the neutral point.
Litecoin has also formed a hammer pattern, which is usually a bullish view. Therefore, the coin will likely continue rising as buyers target the key resistance level at $63. A drop below the support at $55.7 will invalidate the bullish view.
How to buy Litecoin
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Skilling
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
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Bitcoin price prediction: How low can it drop?
Bitcoin price continued consolidating in Monday as a somber mood engulfed the cryptocurrency industry. The coin was trading at $16,760, which was slightly above last week’s low of $15,528. It has plunged by over 22% from its highest level this month, making November a nightmare for the coin.
Somber mood engulfs the crypto industry
Bitcoin price remained under intense pressure on Monday as concerns about the crypto industry continue. Recently, the most important crypto news was the collapse of FTX, the second-biggest exchange in the industry after Binance.
As a result, many cryptocurrency investors have decided to completely exit the industry altogether. Besides, other well-known and reputable companies like Voyager Digital and Celius have gone bankrupt as well. As such, with FTX gone, there are concerns about which company will be next.
Recent data shows that investor have pulled their cryptocurrencies from crypto exchanges like Binance and OKX. Also, Tether’s outflows have risen sharply in the past few days.
Still, there is a silver lining for Bitcoin prices and other cryptocurrencies. In the evolution of all industries, such busts are common. For example, in the early 1900s, tens of banks were going under every year. That ended after the establishment of the Federal Reserve.
Meanwhile, the same thing happened the early 2000s when everyone was investing in dot com companies. That ended tragically after the dot com bubble burst, costing investors billions of dollars. Since then, companies like Google, Cisco, and Amazon have thrived.
Therefore, a silver lining in FTX’s crash is that regulators will move into the sector and set guardrails to protect investors. While more companies are likely to go bankrupt, it is a necessary process for weeding out bad apples.
Bitcoin price forecast
Is it safe to buy Bitcoin now? At this moment, the situation is relatively fluid and I suspect that there will be more negative headlines. The coin has crashed below the important resistance level at $18,156, which was the lowest level on October 13.
Bitcoin has also moved below all moving averages. It also formed a dead cat bounce and a dead cat bounce last Friday. These patterns are usually signs of a continuation. Therefore, the coin will likely continue falling in the near term as sellers attempt to move below the support at $15,000. It will get worse before it gets better.
How to buy Bitcoin
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Skilling
Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.
The post Bitcoin price prediction: How low can it drop? appeared first on CoinJournal.
Hong Kong: Wiederholung von FTX-Szenario durch Transparenz und Aufsicht vermeiden
Der Hongkonger Finanzminister Paul Chan hat betont, wie wichtig ein „beständiges und vorsichtiges“ Vorgehen bei der Förderung der Entwicklung der virtuellen Vermögenswertbranche in Hongkong sei.
4% of Brits think crypto is a “woke” thing Gen Z loves
One of the greatest barriers to entry for cryptocurrency is undoubtedly comprehending it.
Blockchain technology is difficult to get one’s head around. It has only been around since 2009, so it can also be difficult sometimes to find good resources on where to learn about it. Not only that, but the repeated collapses – the FTX implosion being the latest – put people off looking into it.
Education is paramount. This is the single biggest thing I noticed when I visited El Salvador this summer, where Bitcoin is legal tender. So many people I talked with had difficulty truly understanding it.
I was told by a Wallmart cashier that I could not pay with Bitcoin because I did not have the government-owned Chivo wallet. This is obviously false, as Bitcoin’s lightning network does not discriminate – you just need a QR code and the Bitcoin will go. It is a decentralised network and there is no such thing as certain wallets not being able to send to other wallets.
One barman also said that he tried to learn about it but gave up after a week because he “didn’t have a computer brain”.
It’s no different outside of El Salvador. I wrote recently about how 48% of Brits know almost nothing about crypto. This is the same for countries all around the world. But since I have just moved to London, let’s dig into the British for the time being.
Top Misconceptions
Looking at a study by VoucherCodes.co.uk, they presented the below as some of the biggest misconceptions in the UK, which I have put together a chart for:
I think the chart says it all.
While the top two are hugely understandable, the others show that there is still a massive chunk of the British population that just do not understand crypto. That is perfectly fine. In fact, it’s a good thing – it shows how much further the industry could grow.
But the first step to adoption is education. I actually think this is what they got wrong in El Salvador. Announcing Bitcoin as legal tender spontaneously – from a Bitcoin conference in Miami – without prior warning or discussion with the people is not the way to go.
The UK, of course, won’t be announcing Bitcoin as legal tender anytime soon (although with the way the pound has been going recently, don’t rule anything out!).
But the barriers are still here. And for the 2%: no, Elon Musk didn’t make cryptocurrency up. Unless they think he is Satoshi Nakamoto? I guess it can’t be ruled out.
Sources
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