Bitcoin's bounce off $7,500, although significant, was short lived. The price has now dropped below 7.5k, and with this resistance level broken, BTC could be going much lower. The next potential support level is a previous peak of $5,000.
If you're a holder of Bitcoin, particularly if you bought in at a higher level, then this is the time to have a strong hand. Remember that you only make a loss if you sell. Obviously this is a lot easier to do if you have only invested what you can afford to lose. Having not panic bought, you find yourself in a situation where you don't need to panic sell. Either way, this could be a good time to check out or revisit the article, How to Handle Bitcoin Price Volatility.
Bitcoin was in freefall towards $7,500 when it finally found support at $7,699 and bounced upwards by nearly $1,200.
As a previous high, it was much anticipated that $7,500 would provide support. With this in mind, investors started buying as the price rapidly closed in on the 7.5k target.
Bitcoin is now moving sideways as we eagerly await what happens next. It's been a big day in BTC, to say the least.
Bitcoin has fallen below $8,000, which was quickly followed by $7,900, then $7,800, then $7,700 and it is continuing to fall.
Things look extremely bearish at the moment. The next question is, will $7,500, a previous high, act as support and bounce the price?
Updates will be posted here as they come to hand. In the meantime, continue to stay strong.
Since dropping below $10,000 yesterday, the price of Bitcoin has continued to fall and is now under $8,400. The charts remain bearish, so I would assume that we have not yet reached the low point of this correction.
For many investors in BTC, the lower things go, the greater the temptation to sell becomes. Bitcoin history so far, shows that selling after a major drop in price leads to regret, as the price has always rebounded to achieve new all time highs. Will history repeat itself? I believe so. Stay strong!
Bitcoin has taken a sharp fall in price to below $9,200. Bearish momentum is building in the charts, as speculators who panic bought when the price was rising are panic selling as it falls.
During Bitcoin's 2017 surge from under $1,000 to nearly $20,000, many new investors piled into the market with minimal knowledge about what they were buying. This lack of understanding of the technicals and value proposition behind Bitcoin, combined with only having experienced a bull market, has turned the fear of missing out into the fear of being left holding the bag.
Bitcoin veterans, on the other hand, have seen this all before. The fundamentals haven't changed. It's a time to stay strong, knowing that BTC has always bounced back bigger and better than ever. While this current correction may not be over, neither is Bitcoin. The long term future is bright. Bitcoin to the moon!
Bitcoin Private (BTCP) has just announced the dates for their snapshot and co-fork of Bitcoin (BTC) and ZClassic (ZCL).
On February 28, 2018, a snapshot of all existing BTC and ZCL holdings will take place. If you own either or both of these cryptocurrencies and control your private keys when the snapshot takes place, you will receive an equivalent quantity of BTCP for free. For example, if you have 3 ZClassic and 1.5 Bitcoin, you will get 4.5 Bitcoin Private.
The actual creation of Bitcoin Private through the hard fork will occur two days later, on March 2, 2018.
The BTCP project is well-backed, with a team of 70 plus, including more than 20 developers. It's certainly one to watch, in my opinion.
You can read more about BTCP in the article, Bitcoin Private to Launch from Bitcoin and ZClassic. The official Bitcoin Private website is btcprivate.org and you can follow them on Twitter @bitcoinprivate.
After looking somewhat bearish recently, Bitcoin seems to be finding support at $11,000. The price has been moving above that today, yet not reaching the 12k mark. While this price resilience of Bitcoin is a positive sign, I think it is too early to say that things are about to turn bullish.
There has been some difference of opinion amongst prominent voices in the Bitcoin community as to the state and direction of the market in the short term. Technical chart analysis has pointed to a further correction to the downside, however, developments in the lightning network and growing business investment in the space could be considered bullish signs.
Where consensus exists, is in relation the long term outlook for Bitcoin. This is considered positive in terms of price, technological advances and adoption.
Thank you to CoinCentral.com for generously allowing the following article to be republished here at BitcoinToTheMoon.com
Is Bitcoin mining worth it?
This is a simple question with a complex answer. There are a few different factors that influence whether or not Bitcoin mining will be worth it for you. Even with the rising Bitcoin price, the set-up fees and electricity costs may outweigh the revenue that you’d earn through mining.
The primary factors that affect your Bitcoin mining profitable are:
The mining difficulty determines the complexity of the algorithm you need to solve when creating a new block of transactions. As more miners join the network, the difficulty increases making Bitcoin harder to mine.
The reward for mining a block is currently 12.5 Bitcoin. This reward is cut in half every 210,000 blocks with the next “halving” set to occur in 2020. Ideally, the price of Bitcoin will increase enough to outweigh the continuing decline of the mining reward.
You should also factor in the conversion rate of Bitcoin to fiat if you plan on cashing out at any time. With the volatility of Bitcoin’s price, this could greatly affect your profitability.
The biggest unknown when calculating your projected Bitcoin mining profitable is the amount of yearly profitability decline. No one knows how many miners will continue to join the network, so it’s nearly impossible to calculate just how much your revenue will decrease each year.
The hash rate is the speed at which your mining rig can solve the algorithm needed to mine new blocks. Although a mining rig with a high hash rate may seem nice, they usually cost significantly more to purchase and operate.
When choosing a miner, you should first figure out how long you’d like to mine for. If you’re only planning on mining Bitcoin for a short amount of time, it could be advantageous to pick up a less expensive miner. Even though the hash rate may be lower, you may be able to pay off the initial purchase cost at a faster rate.
There are a few different costs you need to consider when calculating your Bitcoin mining profitability.
The electrical costs differ based on your electricity rate and the power consumption of your mining rig. Mining rigs are usually listed with their typical power consumption, and you can find your electricity rate on your power bills.
To mine effectively, you’ll need to join a mining pool and pay the associated pool fees. A mining pool is a group of miners that work together to mine blocks at an increased rate. The reward of each block is then split amongst the miners enabling you to get paid more regularly. These fees range anywhere from 0% – 5%.
You should also include the upfront cost of buying a mining rig when calculating your potential profitability.
Bitcoin mining profitability calculators
Once you’ve figured out some of your costs and mining rig options, you can use a calculator to determine whether or not Bitcoin mining is worth it for you. 99Bitcoins and CryptoCompare both have great calculators for you to use.
If you find that you won’t be profitable mining Bitcoin, don’t fret. There’s plenty of other coins like Monero or Litecoin that you may find more profitable for yourself.
Written by Steven Buchko, this article was originally published on January 1st, 2018 at CoinCentral.com. Steven is a cryptocurrency writer at Coin Central and a blockchain investor. He is also the co-founder of Coin Clear, a mobile app that automatically turns your daily spending habits into cryptocurrency investments.
If you registered for the Bitcoin Rhodium (BTR) airdrop you can now claim your free coins. To do this, visit the official BTR website, BitcoinRH.org, click on the 'Claim Your BTR' tab and follow the instructions. Don't try to claim BTR from anywhere else, as there are many scam sites set up that are ready to steal your Bitcoin.
The Bitcoin Rhodium team have made the process as easy as possible by providing detailed, step-by-step instructions and answers to frequently asked questions about the BTR wallet here.
Unlike the Bitcoin hardforks of Bitcoin Cash (BCH) and Bitcoin Gold (BTG), Bitcoin Rhodium is not awarded to all Bitcoin holders who control their private key, but only to those who registered for the airdrop. You can read more about that in the article, Bitcoin Rhodium Airdrop Registrations Open.
On the latest episode of Domain Sherpa, Media Options CEO Andrew Rosener revealed that his company purchased the domain name Jellyfish.com for 12.5 Bitcoin. When the transaction took place, Bitcoin was valued at $5,000, making the total US dollar price $62,500.
And what happened to the price of Bitcoin after that? Let's just say that Andrew gained some wisdom from the experience, which he shared by saying, "Lesson to the audience. If you've got Bitcoin, don't spend it."
Bitcoin to the Moon is a blog dedicated to following the original cryptocurrency on a journey to its ultimate destination.
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