EcoCrops International´s blog spot

www.ecocropsinternational.com

BITCOIN experienced a sudden drop in value on Wednesday after a prolonged period of record stability, which many experts said would produce a sharp move in either an upwards or downwards direction. The world’s leading cryptocurrency plummeted to its lowest value in more than a year. The drop came as key volatility indicators hit record low levels. The low volatility was widely touted by crypto experts and analysts as an indication of an imminent price swing. eToro managing director Iqbal V. Gandham told Express.co.uk BTC’s low volatility was “forming a wedge” which meant “sharp move either up or down” was “imminent”. The Crypto UK chair, who advised Treasury Select Committee chair Nicky Morgan on her Digital Currencies Inquiry said: “Bitcoin price is forming a wedge, which indicates a sharp move either up or down.” Mr Gandham’s predictions came to fruition on Wednesday when more than 10 per cent of BTC’s value was wiped out over the course of few hours. As a knock-on effect, t...

www.ecocropsinternational.com

With the value of bitcoin has fallen by about 70% since its peak late last year, the mother of all bubbles has now gone bust. More generally, cryptocurrencies have entered a not-so-cryptic apocalypse. The value of leading coins such as Ether, EOS, Litecoin and XRP have all fallen by over 80%, thousands of other digital currencies have plummeted by 90%-99%, and the rest have been exposed as outright frauds. No one should be surprised by this: four out of five initial coin offerings (ICOs) were scams, to begin with. Faced with the public spectacle of a market bloodbath, boosters have fled to the last refuge of the crypto scoundrel: a defence of “blockchain,” the distributed-ledger software underpinning all cryptocurrencies. Blockchain has been heralded as a potential panacea for everything from poverty and famine to cancer. In fact, it is the most overhyped – and least useful – technology in human history. In practice, blockchain is nothing more than a glorified spreadsheet. But it ...