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Cryptocurrency Prices are Plunging Again and Here’s the Reason

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It has been a tough week with news of a sharp decline and a looming bear market. It seems cryptocurrency is taking a harder hit as compared to the traditional market. Bitcoin fell as far as 75% from its ATH in December. There are a few possible negative catalysts for the plunging of cryptocurrency prices as bitcoin is not the only one to take a hit. Other digital currencies have experienced their fair share of loss this past week. But what could be the reason for the bear market?

Bitcoin Hash Wars

The bitcoin cash network forked from Bitcoin (BTC) last year after a bitter fight between the developers who managed the community. This year another argument arose in the Bitcoin Cash camp that led to the network splitting into two groups. The new fork created two new cryptocurrencies, Bitcoin ABC and Bitcoin SV. What this disagreement in the BCH camp has caused is a chaos in the market. Exchanges had to go through a tough time decoding which cryptocurrency they wanted to trade while the market was hit with a panic as bitcoin dropped.

Unregulated Exchanges

Cryptocurrency exchanges often enjoy a certain freedom. There’s no watchdog watching over their neck and this has led most investors into dumping in a lot of funds. Bitfinex a crypto exchange has been called out for using Tether Coin to artificially pump up the price of bitcoin and other digital tokens. Researchers at the University of Texas published the evidence and investigation are ongoing to determine if the price manipulation is true.

Tough Regulations

The Securities and Exchange Commission is clamping down hard on companies violating the securities law with their offerings. Across the world countries like India and China are taking crypto regulations seriously and clamping down on crypto companies. Just last week, the SEC fined two companies $250,000 each for failing to follow the proper laws for registering securities. Paragon, one of the firms, is working to legalize cannabis and utilising cryptocurrencies.

We do not know how long the bear market would hold, however, some crypto analysts are sure it wouldn’t be for long. Some even think it’s the market’s way of testing those with weak hands and shaking them out.

 

 

What do you think might be the cause of the bear market? Share your opinion with us in the comment section below.
Image credit: Pixabay

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The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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I am a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this wonderful technology in the simplest language possible.

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Missing Bitcoin Mystery Solved, Mistook Wallet Pin for Password – Peter Schiff 

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Peter Schiff has revealed the mystery behind his corrupt wallet causing him to lose his bitcoin has been solved. The crypto critic took to his Twitter account to tweet the mistake was his, as he mistook the wallet pin for his wallet password.

On the 19th of January, 2020, Peter Schiff made a tweet abusing the leading cryptocurrency by market capitalization saying it intrinsically worthless, it has no market value. This was because he at the time couldn’t access his wallet. 

According to Peter, “I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!.”

While others offered to help, both well known names in the space and less known, others were less bothered, this however was due to his position on crypto .

A costly Mistake

According to Schiff, when Blockchain updated their app, he got logged out. Thereafter, he tried attempted logging in using his pin, the only “password” he had ever known or used. He said he never had a copy of the wallet seed phrase. And it was a costly mistake.

 

Responding to a post bashing him of his ignorance on the basic of things about crypto, Peter Schiff said the most basic thing about Bitcoin is that it’s not money. It also will not succeed as either a medium of exchange or store of value.

Crypto’s Complexity

He further expressed his displeasure on the complexity of crypto. He said “the episode does show is how easy it is to lose your Bitcoin if you are confused about how wallets work.”

 

The complexity of crypto was a subject which creator of Ethereum Vitalik Buterin talked about a few days ago as reported by CryptoTVPlus. Vitalik said “We can and should create better wallet tech to make security easier.”

Bitcoin Lost Forever

Despite efforts made to help him recover the Bitcoin in his wallet, Peter Schiff reveals that the bitcoin is lost forever.

In his words he said, “I did not get it back. I don’t know the password or the seed phrase. I never did.  So unless I can just guess the password I can never access the Bitcoin in that wallet.”

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Vitalik Buterin Challenges the Crypto Industry to Build Better Products as Peter Schiff Loses His Bitcoins

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Co-founder of Ethereum Vitalik Buterin has suggested a Social Recovery technology for lost crypto. This is coming after Peter Schiff tweeted hours ago, he had lost access to his bitcoins due to corrupted wallet. 

I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad! https://t.co/6SJvDJOZU6

 

Buterin in response to this expressed his disappointment at people who hold the idea or opinion that “crypto is what it is, and it’s the duty of the holder to be super-careful and write down backup seeds in three places”.

 

According to the first smart contract enabled blockchain creator, the industry can and should create better wallet technology to make security easier. 

He further submitted a link to a suggested social recovery ERC WIP 

 

 

The Crypto Social Recovery works by having contacts approve a recovery process. Though still a work in progress, the WIP provides a simple to understand example of how it works “An account can be recovered if 3 of 5 of (Alice, Bob, Charlie, David, Evan) approve the recovery, but only after a secret S is revealed and the holder of secret S approves the request (S could be stored by the account holder or in a drawer).”

 

While others such as CEO of Binance, CZ who Said Peter Schiff should “stay in fiat” have been against Peter Schiff, bashing him, this certainly has to do with his sentiments towards Crypto, Vitalik stands with him and instead addresses one of the core reasons halting mass adoption of cryptocurrency. Complexity of products. 

 

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Only Bitcoin & Ethereum Are Sufficiently Decentralized to be a Base Trust Layer for Applications – Joseph Lubin

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Co-founder of Ethereum and founder of ConsenSys, Joseph Lubin has said that bitcoin and ethereum are the only sufficiently decentralized blockchains to be a base trust layer for applications.

Joe Lubin made this statement in an interview in Hong Kong FinTech Week. There are good competitors and there are good marketing projects, Lubin said. He went further saying, Tron is an excellent marketing project and others like it and some of these are not necessarily intellectually honest and not technologically strong or rigorous.

However, he did noted some projects to be high quality technology projects, such as Polkadot, Avalanche etc.

He said both bitcoin and ethereum are the only sufficiently decentralized blockchains to be a base trust layer for applications for the planet.

According to Lubin, to be a base trust layer, a project will need to issue a token broadly and equitably. The project will also have to raise or gather enough revenue so that it can build its project and continue to build it out and maintain it. This will also require a vibrant, large and growing community to be successful.

Regulatory compliance is a serious challenge which crypto projects will have to deal with. According to Lubin, this was something both bitcoin and ethereum didn’t have to deal with at its early times. He said if any project is hoping to aspire to be a massively decentralized base trust layer it will ill have to overcome the challenges but it will be very very difficult for even a technically very strong project to challenge the early head start and the massive network effect that Ethereum has.

The community behind the two largest cryptocurrencies by market capitalization is gigantic compared to other networks. Just recently, some group of people founded a decentralized autonomous organisation DAO to market the ethereum blockchain. Though the activities of the DAO hasn’t been made completely public, it’s worth mentioning that Ethereum co-founder and now founder of Cardano Blockchain Project, Charles Hoskinson, because there was no consensus to commercialize the Ethereum blockchain despite the desire for Ethereum to be global settlement layer.

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CICryptoSolutions Launches Crypto Payment Gateway to Help Businesses Accept Crypto Payments.

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CICryptoSolutions, owner of the Naijacrypto.com cryptocurrency exchange has launched crypto payment gateway solution that will enable businesses accept cryptocurrency payments.

The payment gateway – CICryptoPay according to the firm is the first Nigerian owned cryptocurrency payment gateway that helps businesses accept cryptocurrency without having the exposure to market fluctuations characterized by the cryptocurrency market.

The CiCryptoPay solution consists of merchant APIs that are open for integration into e-commerce businesses. Currently supporting Bitcoin as the only cryptocurrency which businesses can accept, the firm reveals more cryptocurrencies will be supported in future.

Security

Security has always been an ongoing topic in cyberspace and the cryptocurrency industry is no different. The CICryptoPay according to firm, offers several features which includes Two-factor Authentication. CICryptosolutions affirmed that security is always its top priority in every decision and it will strive to make the product highly secure by providing other security features.

Other Features

Also featuring on the product is a fiat and crypto settlement system that allows merchants to choose to receive settlements either to their cryptocurrency wallet or bank account at the end of a business day.

CICryptoPay also features what it called Hedging Service. It is a service that allows merhcants to have the option of requesting for their fiat or crypto settlements to be made at the exact values paid to the merchant. This allows merchants not to worry over market volatility.

CICryptoPay boast of an efficient support which it says is always willing to answer questions and guide businesses to better maximize the platform.

CICryptoPay works by having users creating an account and undergoing KYC procedures where the customer will able have to enable Two-Factor Authentication to boost the security of its account and to utilize all the features the product offers.

As a user creates an account, wallets are automatically created and ready to be used and merchants can quickly and easily access the merchant tools to use on their businesses. This includes simple Payment buttons, API and IPN features.

According to CICryptoPay, anyone who desires to accept Bitcoin a payment method should be rest assured that CICryptopay is right here for them. It also said it will give businesses the opportunity to access the cryptocurrency market quickly and efficiently by facilitating crypto payments to everyone wherever they are located.

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