Cryptonomics Africa has unveiled a website for the benefit of both blockchain and cryptocurrency enthusiasts. The site is expected to provide analysis on applications of blockchain in various industries and sectors in Africa. It would enable the regulators and crypto experts to brainstorm the use cases of blockchain technology. It would also feature real-time price of cryptocurrencies in the African market.
A researcher from the Stevens Institute of Technology in Hoboken has revealed that the price of Bitcoin is somehow manipulated by public sentiment. The result has been revealed by the assistant professor of information system Feng Mai, “This was the first robust statistical finding to verify that social media and Bitcoin prices are actually linked.”
Cheetah Mobile affirmed the launch of an application to overlook the portfolios of cryptocurrency investors. The application is named as the Coin Master. It would provide the user with real-time price information of cryptocurrencies from over hundred crypto exchanges and also provide profit or loss information. This would enable the users to track their asset value.
The CEO of Coinbase, Brian Armstrong was giving some insights to the newly employed staff claiming to remain positive with the volatility of Bitcoin price in his official Twitter account. Armstrong tweeted, “It can be scary the first time you see it, but to us who have been in the industry for many years, it feels like old news.”
The price of Bitcoin is currently above $6,700 level. The crypto price is reported to have had a solid support above $6,300 level against the US Dollar. The crypto also rallied above $6,800 level. The resistance level of the crypto is marked above $6,500 level. NewsBTC quoted it as a ‘buying opportunity’ as long as the crypto price is above $6,500.
The CoinMarketCap announced a series of updates in their cryptocurrency price data websites. According to the report, the update made by the CoinMarketCap aims to improve user experience in its mobile app by offering a user-friendly update. CoinMarketCap reported to Wall Street Journal that their vision is to become “a neutral and accurate source for the cryptocurrency community.”
A study, by a finance professor at the University of Texas, John Griffin and Amin Shams, reveal the factors behind bitcoin price manipulation. The study found “less than 1% of hours with heavy Tether transactions are associated with 50% of the meteoric rise in Bitcoin and 64% of other top cryptocurrencies.”
The price of bitcoin has dropped below $6,500. It is reported that the crypto price has lowered to such level since the early November 2017. The prices of Ethereum, ripple, and litecoin have also lowered. Daily Mail quoted the findings of U.S. academic research that the ‘major factor in the boom was a small number of owners driving up the price.’
The bitcoin price dropped down by $500 and had hit a two-month low falling to $6,700 level. It is reported that the crypto price ‘failed to find solid support in the $7,470 zone,’ before tumbling 11% to $6,647. The market capitalization of the cryptocurrencies is now at $295 billion which was at $340 billion yesterday.
Brad Garlinghouse, the chief executive of Ripple, mentioned crypto as ‘a nascent industry’ in an interview with the CNBC. He emphasized, “The speculation in the market dominates the trading activity. I think it is a matter of time until people better understand the different use cases.” He predicts that the bitcoin dominance would come to an end.