Bitcoin Investors Continue to Get Anxious as Prices Drop Below $30K

Since Bitcoin prices started slipping down from its highest of $68,000 in November 2021, the past week saw a price drop of $26,000, the lowest seen in the past 16 months. Today, May 18, BTC price closed at $28,947.21 USD after yesterday’s closing price of $29,716. Although Bitcoin trading in May 04 saw a surge in BTC price that ended with a $40K value, this all the more saw more BTCs being sold in the cryptocurrency market.

Factors Triggering BTC’s Increase Volatility

Cryptocurrency experts are saying the increased volatility in Bitcoin prices is a result of several factors, namely: price inflation, the geopolitical crisis in Europe, particularly Russia’s Ukraine invasion and anticipation of the Federal Reserve’s stricter monetary policy and government plans of regulating the US cryptocurrency industry.

Hope Springs Eternal for BTC Prices to Rise Again

Yet many believe the price will stabilize once BTC owners decide to hold on to their digital asset and wait for the turn around to happen. Hope springs eternal as far as BTCs are concerned since experts believe it’s just a question of when the trun around will happen. The expectation is that BTC prices can even soar to up to $100,000 apiece.

The greatest influencing factor is the Russian Ukraine conflict, which according to Bone Fide Wealth found and certified financial planner Doug Boneparth brings a tremendous degree of volatility regardless of the asset class in question. However, the volatility of the market conditions makes it difficult for investors to hold on to their investing strategies.

Posted by Madelina Feliks in Cryptocurrency

Los Angeles Attorney: Legal Market Crypto

Clients no longer press their fingers on the golden bell, but on the enter button on their laptops. More and more people are looking for everything they need for their daily life on the Internet including legal advice. Digital change is gradually changing the market for legal services but more fundamentally than ever before.

Digital services are standard today. Hiring Los Angeles Attorney online is also becoming increasingly popular.

Hiring Los Angeles Attorney: What is a blockchain anyway and what is it good for?

In short, a blockchain is a distributed database.

If a database is no longer stored on a central server but on a large number of servers, this ensures relatively high hack security. The database is very well protected against external attacks. The big innovation of the blockchain is that predetermined consensus mechanisms ensure that the database is still the same on all servers. This works even with a public database that is located on a large number of servers. It is accessible to the general public.

Hiring Los Angeles Attorney: For which applications are blockchain attractive?

They invented blockchain for trustless transactions. These are transactions between parties who neither know nor trust each other. Yet, they work without a well-known intermediary such as a bank or Amazon. This consensus mechanism built into the blockchain eliminates the middleman. Bitcoin is the mother of all blockchains. It is a currency that you can transfer from person to person without the intermediary of banks.

Hiring Los Angeles Attorney: And how exactly do smart contracts work?Hiring Los Angeles Attorney

The blockchain forms the basic technology on which smart contracts run. Smart contracts are simply automated processes, computer codes. There’s a nice quote: “When smart people hear the term ‘smart contracts, their minds tend to run wild.” However, smart contracts are not complete contracts. They are automated excerpts from contractual relationships.

Using the example of a stock corporation. A profit distribution could be made without intermediaries on the blockchain using smart contracts to be implemented. In addition, you can do billing in this way in the mass sector such as telecommunications or in the energy sector. And if you ever charge your electric car on the street because charging stations are built into parking lots, the billing can be done via smart contracts.

Posted by Lora Kaety in Cryptocurrency

New Developments Transpire in US Cryptocurrency Market as Price Continues to Plummet

The slump that the cryptocurrency market has been experiencing since last week is regarded as being the worst plunge in months. Bitcoin (BTC) plummeted to $34,000 while Ethereum (ETH) sunk below $2,200. The huge price drop came after the Federal Reserve’s report on a possible government-issued digital currency. This was during the middle of the stock market’s worst week for almost two years. According to the CoinMarketCap statistics, crypto market cap went below $2 trillion between the sell-off.

The great news though came this Monday, although it wasn’t until Wednesday that the delayed recovery effect was felt. investors placed $14 million into crypto funds but mainly to take advantage of the price dip. According to the report, the inflows last week mostly went to Bitcoin-focused accounts totalling USD 13.8 million.

US Government to Issue Its Own Digital Currency

The Biden government announced plans of issuing its own U.S digital currency and has taken the first step to determine the potential impact of such plan. The Federal Reserve is asking the opinion of citizens on the possible release of a digital dollar, tentatively called the Central Bank Digital Currency (CBDC).

Apparently the US Central Bank will issue and support the digitalized cash. Actually, if this pushes through, the U.S. will simply follow suit to China and Sweden, the firsts to experiment the adoption of cryptocurrencies

Posted by Madelina Feliks in Cryptocurrency