Bitcoin Gains After US Federal Announces Unlimited Stimulus

Bitcoin Gains After US Federal Announces Unlimited Stimulus

By RTTNews Staff Writer | Published: 3/24/2020 2:15 PM ET

Cryptocurrency rose over $14 billion in 24 hours as the most popular digital currency Bitcoin is up 5%.

Bitcoin is trading at $6,628, up 5.19% from previous day and 35.08% from last week, according to data from Cointelegrah. Ethereum is up nearly 5% at $137, while Litecoin rose 4% to $39.93 and XRP recorded a more than 3% jump.

According to CNBC, the market capitalization, or entire value of the cryptocurrency market, rose over $14 billion to reach $182.62 billion.

The increase in Bitcoin's price came after the US federal government announced $700 billion of direct capital injection through the purchase of Treasury securities and mortgage-backed debt. The Fed said that they will purchase bonds by as much as needed to help the economy absorb shocks arising from the coronavirus pandemic.

In an interview with CBS on March 22, Neel Kashkari, president of the Federal Reserve Bank of Minneapolis said, "There is an infinite amount of cash in the Federal Reserve. We will do whatever we need to do to make sure there's enough cash in the banking system."

Bitcoin is currently on course to reach $7,000 levels.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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Report: Bitcoin’s BTC Correlation With the SampP 500 at a 2 Year High

Report: Bitcoin’s (BTC) Correlation With the S&P 500 at a 2 Year High

The last 2 weeks has seen the price of Bitcoin follow that of traditional stock markets.

In brief:

  • Since news broke of the extensive spread of the Coronavirus, Bitcoin (BTC) has had an uncanny correlation to the traditional stock markets.
  • A recent report by the team at Santiment shows that Bitcoin's correlation to the S&P 500 is at a 2 year high.
  • The report went on to predict a faster Crypto recovery compared to the stock market.

Ever since the traditional markets took a nose dive due to the global economic effect of the Coronavirus, Bitcoin traders have noticed an uncanny correlation between BTC and the major stock market indices of the Dow Jones Industrial Average (DJI) and the S&P 500 (SPX). All three assets have followed a similar downward trajectory as seen in the Tradingview screenshot below.

Report: Bitcoin's (BTC) Correlation With the S&P 500 at a 2 Year High 1

Bitcoin's Correlation with the S&P 500 at a 2 Year High

The team at Santiment recently released a report proving that BTC's correlation with the S&P 500 is at a 2 year high. They too were inspired to do the research when both the crypto and stock markets took a massive hit by the impact of the Coronavirus. In the report, the team explained the correlation as follows:

Within the last week, Bitcoin’s correlation with the S&P 500 index ballooned to a 2-year high, and is currently hovering at 0.6…

They further explained the value of 0.6 as follows:

  • 1 -> BTC and S&P move identically
  • 0 -> BTC and S&P move completely independent from each other
  • -1 -> BTC and S&P move in opposite directions

Prediction that Bitcoin Will Recover Faster than Traditional Markets

At the end of the report, the team suggested that Bitcoin and crypto will recover faster than the stock markets. They explained that the crypto market is a new type of economy that is yet to be bogged down by the complexities of the traditional markets.

Crypto is a new type of economy, one that facilitates the production of digital value designed to be distributed in a pure, peer-to-peer way. These and correlated factors have contributed to swift recovery of the crypto market in the past, and will no doubt do the same again.

On the other side of the coin, the traditional markets remain overburdened with too many moving parts. The Wall Street machinery is partially digital (notably the part responsible for the most growth in recent years) but the vast majority remains carpal, physical in nature.

(Feature image courtesy of Pineapple Supply Co. on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Two Canadians Sentenced To Federal Prison For Bitcoin Fraud

Two Canadians Sentenced To Federal Prison For Bitcoin Fraud

By RTTNews Staff Writer | Published: 3/20/2020 10:36 AM ET

Two Canadian nationals have been indicted and sentenced to two years in the U.S. federal prison and three years' supervised release for committing Bitcoin fraud in a Twitter scam, according to a statement by the U.S. Department of Justice (DoJ).

Karanjit Singh Khatkar, 23, and Jagroop Singh Khatkar, 24, conspired to commit wire fraud and money laundering to steal bitcoin from an Oregon resident. The Khatkars are residents of the city of Surrey in British Columbia, Canada.

Karanjit Khatkar was arrested on July 18, 2019 upon arrival at the McCarran International Airport in Las Vegas and was detained pending trial. Jagroop Khatkar appeared voluntarily in the court on December 16, 2019.

Both the Khatkars pleaded guilty. They also paid $142,349 as a prepayment of restitution to their victim.

The two defendants used a Twitter account with the name @HitBTCAssist between October 2017 and August 2018 to trick victims into thinking they were communicating with a customer service representative from Hong Kong-based crypto currency exchange HitBTC.

In the process, the defendants responded to the Oregon victim's query about cryptocurrency withdrawal process from her HitBTC account. They hoodwinked her to extract information and managed to log in and take over her email and HitBTC accounts as well as her account at U.S.-based crypto exchange Kraken.

They then transferred 23.2 bitcoins from the victim's HitBTC account to Karanjit Khatkar's Kraken account, with Karanjit Khatkar in turn transferring about 11.6 bitcoins to Jagroop Khatkar's Kraken account.

Two days after, Karanjit Khatkar used the amount to buy a Mercedes-Benz with C$56,598 and Karanjit Khatkar used tens of thousands of dollars for gambling while staying at high-end casinos in Las Vegas.

Apart from the restitution prepayment, the Khatkars were ordered to pay an additional $42,162 to the victim for a total of $184,511. This case was investigated by FBI and prosecuted by Assistant U.S. Attorneys for the District of Oregon.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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How to Stay Productive When You Work Remotely

How to Stay Productive When You Work Remotely

Written by: Syed Balkhi       March 20th, 2020

Working from home presents some unique challenges, especially if this is your first time doing it. You've got to learn how to work from home from your dining room table, make sure you're not distracted by your spouse's conference call, and let the kids know that you're not to be disturbed as you work. Sitting at the dining room table while you're on your laptop means you're working, not surfing the web.

As the founder of a 100% remote company that's been doing it for nearly a decade, we know what it takes to be successful while working from home. Our employees use cloud apps to write and repurpose blog posts, access our WordPress blogs and sites through secure web browsers, and manage their own work schedules.

If you've suddenly found yourself with a ton of time on your hands and want to work on your side hustle, keep reading. Your side hustle may now become your full-time gig, so it's time to level up your work from home habits.

Here's my advice to all bloggers, side hustlers, site owners, and anyone else looking to be more productive while working from home.

1. Embrace the Chaos

Stop trying to mirror your previous work schedule; it just won't work. Embrace that things are different and forgive yourself if you're not productive right away. — for the first couple of days. After that, it's time to buckle down and establish some new routines. Train your brain to separate work “you” and home “you” so you can be productive at this challenging time. Your company needs you to be firing on all cylinders while the world goes off-kilter for a bit.

2. Create a Protected Workspace

Many regular remote workers already have a designated workspace in their homes, whether it's a spare bedroom they use as their office or an office area in the family room. Newly-remote workers should try to do the same. It can be tempting to set up on the couch with your laptop, but that's not very conducive to work.

Instead, designate a table or area in a room as your “office,” if you can. Advise your family that one part of the dining room is now your office and that all meals will be eaten at the kitchen table or breakfast bar. This area is now off-limits to everyone but you. Tell them that when you're seated there, you're not to be disturbed. You're working, not just surfing the web.

3. Set a Schedule

Setting a proper work schedule will be one of the hardest things to do at the beginning, but once you understand how you work and what goes well with your situation, let your family know.

Some of my employees are currently working an on/off schedule as they juggle child care and their spouses' schedules. For example, one person works for two hours while their spouse watches the kids, then they trade. When the kids nap in the afternoon, both of them are on their laptops.

4. Get “Dressed” For Work

Another tip to help you be productive is to get dressed for work. For those used to business attire, that means putting on a dress shirt and tie. For others, just putting on a pair of jeans or slacks and a fresh t-shirt is enough. Getting changed into “work” clothes is a psychological sign to your brain that it's work time. Just like your morning commute was a way of getting into “work mode,” changing clothes does the same thing. Wear whatever you need to get you in that mode and go with it.

5. Use the Status Features of Chat Software

Another simple way to ensure you stay connected when working remotely is to use the status features of your chat software. Slack, Skype, and Facebook Messenger let you update your status to show if you're free, at lunch, busy, and more. Because you'll be online more, your friends and family may be more tempted to initiate contact to chat and talk. But you're working, so make sure they know you're not free at that time.

6. Use the Time to Learn Something New

Now is the perfect time to learn something new related to your blog or side hustle business. Maybe you've wanted to learn more about CSS so you could style your WordPress blog more to your liking. Or you've wanted to understand how landing pages could boost sales of your eCommerce site.

No matter what it is, designate some time in your day to learn something new. You'll feel more productive about the time you spend reading or watching YouTube while you improve your blog and increase your skills.

Final Thoughts

Working remotely doesn't mean you have to give up your side hustle. In these challenging times, there are still many ways you can stay busy and productive with your personal blog or eCommerce site. You want to stay productive during this time, but it's okay if you really struggle with it. You're not the only one!

Use these tips to help establish a productive work routine and forgive yourself if it takes a while to sort it out. Work looks different today than it did a few weeks ago. I hope these tips help you stay productive. Good luck, and stay healthy!

Syed Balkhi is an award-winning entrepreneur and online marketing expert. He is the co-founder of OptinMonster, WPBeginner, MonsterInsights, and WPForms.

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Original article written by: Syed Balkhi and posted on JohnChow.com.

Article reposted on Markethive by Jeffrey Sloe

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Bitcoin Reclaims the 200 Weekly MA Has BTC Decoupled from the Stock Market Turmoil?

Bitcoin Reclaims the 200 Weekly MA. Has BTC Decoupled from the Stock Market Turmoil?

Last week, Bitcoin (BTC) lost the 200 Weekly MA and dropped as low as $3,700. It has since recovered this crucial support.

In brief:

  • Bitcoin (BTC) lost the crucial support of the 200 Weekly MA due to the global economic impact of the Coronavirus.
  • For the past few weeks, BTC has been correlated to the stock market that has been continually in distress.
  • The King of Crypto has since reclaimed this crucial support indicating a possible decoupling from the stock market turmoil.

As the rest of the crypto community is closely watching Bitcoin’s impressive gains from $5,200 to $6,900, something exciting has just happened: The King of Crypto has reclaimed the 200 Weekly Moving Average. This achievement might put BTC on a trajectory to still prove its worth in the markets as a safe haven asset. This is the same Moving Average (in yellow) that indicated a bottom to the 2018 bear market. The following Bitfinex BTC/USD chart gives a better visual cue of the situation.

Strong Bitcoin Weekly Candle

Also to note, is that the weekly candle is a strong green one. This fact was pointed out by popular Crypto trader @CryptoDude999 in the following tweet.

Has Bitcoin Decoupled from the Stock Market Turmoil?

The resurgence of Bitcoin and regaining the 200 Weekly Moving Average is grounds to speculate that BTC is again the focus of investors seeking alternative assets to rally behind during the current market uncertainty brought about by the spread of the Coronavirus. Crypto trader @hodlonaut best captures this fact through the following tweet.

Best to Exercise Caution with BTC

However, it might be wise to maintain a level of caution given the fact that the weekly MACD in the first screenshot, shows that the trend might still be in favor of the bears. Bitcoin also faces tough resistance at $6,900 . It was rejected at this value a few hours ago. Also to note is that the week is not yet over. The strong weekly candle might fall victim to low trade volume that is a characteristic of most weekends.

(Feature image courtesy of Katrina Berban on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Bitcoin Price Spikes to 7K as Fed Balance Sheet Nears 5 Trillion

Bitcoin Price Spikes to $7K as Fed Balance Sheet Nears $5 Trillion


Image courtesy of CoinTelegraph

            MARCH 20, 2020

Bitcoin (BTC) was gearing up to crack $7,000 on March 20 as the cryptocurrency's miraculous turnaround produced almost 90% weekly gains.

Cryptocurrency market daily overview
Cryptocurrency market daily overview. Source: Coin360

Data from Coin360 and Cointelegraph Markets showed BTC/USD trading at around $6,600 on Friday, having risen by more than 20% in the preceding 24 hours alone.

Exchange spreads were wide — on Bitstamp, for example, an unusual one-minute candle briefly took Bitcoin to $7,140.

Bitcoin 1-day price chart
Bitcoin 1-day price chart. Source: Coin360

Bullish momentum intensified in the second half of the week, following fresh announcements of liquidity printing by central banks on a historically unprecedented scale.

As Cointelegraph reported, in-house analyst Keith Wareing predicted that BTC/USD would top out at around $7,200. For this, $6,400 should remain as support, he said.

Fed balance sheet hits record

The events place Bitcoin firmly at odds with stocks and the wider traditional market. In the United States, where markets failed to react to monetary stimulus promises, the Federal Reserve's balance sheet hit record highs of $4.66 trillion.

Over the past week, the balance sheet increased by $356 billion, claiming the title of the largest such increase ever since 2008 — the height of the global financial crisis.

Analysts had increasingly argued that the coronavirus pandemic's side effects had become worse than 2008, while Bitcoin appeared to weather its first global financial meltdown.

Other safe-haven assets, notably gold, were yet to stage a similar recovery on Friday. At press time, XAU/USD was still down 5.6% for the week, after a modest 3.4% rebound.

Original article posted on the CoinTelegraph.com site, by William Suberg.

Article re-posted on Markethive by Jeffrey Sloe

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The 5 Most Common WordPress Problems And how to Fix Them

The 5 Most Common WordPress Problems (And how to Fix Them!)

By Syed Balkhi      March 18th, 2020

If you ask most business owners and bloggers what they use to power their website, many will tell you that they use WordPress. Specifically, they use WordPress.org instead of WordPress.com.

The org version of WordPress is open source software, which gives you the flexibility you need to create a website with all of the tools you’ll need for success. WordPress.com is a platform for self-publishing, but you’ll have much less room for growth.

As a general rule, you should always use the org version of WordPress. The various plugin options and creative freedom is well worth the investment. Along with the extra freedom, you might find yourself encountering more technical problems on your website.

We are going to take a look at 5 of the most common WordPress problems and how you can fix them.

Let’s dive in!

404 Error

Have you ever navigated to your website only to see the dreaded 404 page? If not, here’s what it looks like:

Despite your initial fears, this problem is relatively easy to solve.

A 404 will only pop up when you try to go to your website without logging in to your WordPress dashboard. You can solve this error by first logging in and accessing your dashboard.

The most common reason for this error is an issue with your permalink settings.

You can correct this error by clicking on settings >> permalink from your dashboard. Once you’re on the menu, simply click the button that reads save changes. This small but powerful action causes a rewrite to occur on your permalink settings, thus fixing the 404 error.

If this doesn’t solve the problem, you may have an error with your .htaccess file. This solution requires a little more work, but here’s a step by step video guide on resolving .htaccess errors.

Email Deliverability

There’s nothing worse than spending time to craft a killer email marketing campaign, only to find out your subscribers aren’t getting your emails. On the other hand, maybe they are getting your messages, but they are landing in the spam folder.

You need to solve this problem as soon as possible if you hope to continue growing your blog or small business. This problem stems from the way WordPress sends emails, which is using a PHP mail function. The issue with this type of email is it can cause conflicts with Gmail, Yahoo, and Outlook, amongst other email providers.

When a provider tries to pinpoint the origin of your email, they may get mixed signals based on your location, whether you’re using a VPN, and many other variables. If any of the email hosting companies see a conflict with your emails, they will send them to the spam folder, or never allow them to be delivered.

We suggest sending your WordPress emails using a tool like WP Mail SMTP. Instead of the standing PHP email function, your messages will send through a simple mail transfer protocol (SMTP), which helps ensure email deliverability. When you use SMTP for your emails, there’s a better chance that email service providers will accept your messages and allow them to reach users.

The result? More people will see your emails and land on your website.

Stuck in Maintenance Mode

Now, let’s talk about maintenance mode. Most websites undergo regular updates when installing plugins, updating posts, and changing design elements, and designers use a plugin like SeedProd to keep their site locked while they are working. Sometimes, these processes happen in the background. For instance, if a plugin needs an update and you have automatic updates activated on your site.

But what do you do when you type in your site URL and see this?

So you try to refresh the page, but it keeps saying the site is in maintenance mode. If you have an active website, you’re missing out on leads and sales during this time.

Luckily, there is a relatively quick fix for when your site is stuck in maintenance mode.

Go to your WordPress dashboard, which will work even if your site is down. Connect your website to a file transfer protocol (FTP), so you can view the files within your website.

Look for a file called .maintence, like the one below:

Once you locate the file, right-click and select delete. If your website was in maintenance mode, there’s an excellent chance this will solve your problem.

Login Loop

If you ever try to navigate to your site, but can’t log in because the page keeps refreshing, you’re likely suffering from a login loop. This is the most manageable problem to solve, but also one of the most annoying if you’re not sure what to do.

Simply put, the redirect error occurs because WordPress uses cookies to validate your login information. When you don’t bother clearing out your cookies, cache, or browser, sometimes lines cross, which results in the login loop.

First, try to clear out the three sources we mentioned, close your browser, and open it again. Try to navigate to your website and log in. Once your site lets you in, you’re good to go.

If you’re still experiencing this issue, try to log in to your WordPress dashboard and go to settings >> permalink and click save. Similar to the 404 error, sometimes, this tactic can correct the login look error.

Facebook Incorrect Thumbnail Error

There are over 3 billion people on social media, so it’s essential that you can share content from your blog to your various accounts. However, Facebook has an error with showing thumbnails when you share blog posts from your website.

Instead of the cover image you created for the post, you’ll see a mostly empty box with a small red X in the corner. Not only does this look unprofessional, but it’s also not helping you convince readers to check out your post from an entertainment standpoint.

This problem usually occurs because Facebook uses Open Graph (OG) tags. If more than one image on your blog post has an OG tag, it causes a conflict. Instead of displaying one or the other, Facebook displays neither.

You can solve this problem using a tool like All in One SEO Pack, which allows you to pick the cover photo you want to use on Facebook from within your website. When you set up your descriptions, you can choose an image from your post, and that will be the picture used when you share your post to social media.

Back to You

Now you know how to solve some of the most common problems that occur when using the org version of WordPress. There’s no doubt that this is the best way to build your website in 2020, but it takes some time to learn the nuances of this constantly changing platform.

As you spend more time building your website, you’ll start to gain a greater understanding of how to troubleshoot the most common WordPress issues.

Do you still need help? Check out our free WordPress installation service!

Syed Balkhi is an award-winning entrepreneur and online marketing expert. He is the co-founder of OptinMonster, WPBeginner, MonsterInsights, and WPForms.

Original article written by: Syed Balkhi and posted on JohnChow.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Coinbase Allowing Coinbase Card Usage Through Google Pay

Coinbase Allowing Coinbase Card Usage Through Google Pay

By RTTNews Staff Writer | Published: 3/18/2020 10:24 AM ET

US-based cryptocurrency exchange Coinbase has enabled the usage of Coinbase Card through Google Pay on android devices.

Coinbase recently became the first pure-play crypto company to be approved as a Visa principal member. This membership helped Coinbase issue Visa debit cards known as “Coinbase Card” directly, without depending on third-party issuers. The card enables customers to spend their crypto balances direct from their Coinbase account.

Coinbase Card users can now operate and spend their cryptos without the physical Coinbase Card. The card can be added directly to the users Google Pay wallets and operated as a contactless card.

Following the integration with Google Pay, Coinbase Card customers can use using their smartphones, smartwatches, and other Google Pay-enabled devices and make crypto payments.

The card can be used as easily as a debit card is used to spend money in their bank account. The Card supports all crypto assets that are available to buy and sell on the Coinbase platform. The Coinbase Card app is also available for iOS users, but not enabled for Google Pay integration.

Coinbase Card payments using Google Pay are available to customers in the U.K. and some other European countries such as Belgium, Finland, Slovakia, Republic of Ireland, Croatia, Czech Republic, Poland, Denmark, Norway, and Sweden, Italy, Spain and France.

The cards were initially being issued by a third party, Paysafe Financial Services Limited, which is authorized by the Financial Conduct Authority. Coinbase is the first debit card to link directly with a major cryptocurrency exchange in the UK and EU. It is not approved for use in the U.S.

On Monday, Coinbase rolled out a new feature called Bitcoin transaction batching, which is expected to save users more than 50% on network fees and also significantly reduce the load on the Bitcoin blockchain network.

Coinbase also recently enabled support for users of their wallets to send cryptocurrencies such as Bitcoin using short user-friendly addresses instead of traditional long hexadecimal addresses.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Why Bitcoin’s Halving Might Not Boost BTC’s Value This Time Round

Why Bitcoin's Halving Might Not Boost BTC's Value This Time Round

Previous halving events have resulted in Bitcoin gaining in value. However, current market environment might hinder a boost in price.

In brief:

  • The current global economic environment is very different from past Bitcoin halving events.
  • The first halving event was on November 28th, 2012; the Second was July 9, 2016; and the Third halving event is estimated to occur around 12th May 2020.
  • Perhaps LTC's performance during last year's Litecoin halving was a warning sign that Bitcoin's value will not go up.

A tweet by legendary commodities trader, Peter Brandt, has sparked a lot of debate regarding the upcoming Bitcoin halving event and its effects on the value of BTC. In the tweet, Mr. Brandt suggests that the event is grossly over-rated and that the real supply of BTC is equivalent to its daily trading volume. He further explains that the daily reduction in mined BTC is roughly 1% of this value. His tweet can be found below.

Several members of crypto twitter have thus responded to the tweet with a summary of their arguments being as follows:

  • Mr. Brandt is right and the halving has already been priced in.
  • His method of using trading volume as a measure of supply is wrong.

Why Bitcoin's Value Might Not Be Boosted by the Halving

Whether Mr. Brandt's analysis is right or wrong, is a debate that will probably be worthy of a research paper. What we do know is that the world as we know it is coming to terms with the Coronavirus pandemic. As a result, global economies have been hit hard with the Dow, S&P 500 and Oil dropping significantly in the past two weeks. As a result, the United States is considering bailouts as well us giving all its citizens a cash stimulus in the coming days. Governments all over the world are doing all they can to prevent a recession in their respective economies.

It is with the above global economic environment, that Bitcoin's halving might not have the desired effect on the price of BTC. We saw in an earlier analysis, that the value of BTC might be headed to the mid or high $2,000 levels if there is a confirmed recession.

Litecoin's Halving Last Year, Was Perhaps a Warning for Bitcoin

It is often said that Litecoin is Bitcoin's little brother and LTC might have revealed that the effects of halving events on the value of a coin are dwindling with time. Litecoin's last halving was on August 5th, 2019. The coin's value peaked on 20th June 2019 at $145. This was approximately 46 days before the event.

Further checking the countdown towards Bitcoin's halving, we find that the event is 55 days away. This, in turn, could mean that the halving has already been priced in and we are truly in a bear market.

Why Bitcoin's Halving Might Not Boost BTC's Value This Time Round 1

(Feature image courtesy of Daniel Lincoln on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author's and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Coinbase Rolls Out Bitcoin Batching To Cut Transaction Fees By 50

Coinbase Rolls Out Bitcoin Batching To Cut Transaction Fees By 50%

By RTTNews Staff Writer | Published: 3/17/2020 10:33 AM ET

US-based cryptocurrency exchange Coinbase rolled out a new feature called Bitcoin transaction batching, which is expected to save users more than 50% on network fees and also significantly reduce the load on the Bitcoin blockchain network.

Each Bitcoin transaction requested by a Coinbase customer is broadcasted a single on-chain transaction. Starting today, Coinbase will be bundling multiple sends into a single transaction. The new update requires no action from customers, who will immediately see reduced network fees.

A single transaction that fulfills requests sent by multiple users occupies less space in each block than each being processed individually.

Bitcoin transaction batching will be applied to both Coinbase and Coinbase Pro platforms. However, Coinbase Pro customers will see no noticeable changes to the experience as 100% of network fees are already covered.

The new feature will lead to a small delay in a transaction being broadcast to the network, but will not impact the time it takes for transactions to be confirmed at the normal rate for customers.

This is expected to improve usability of Bitcoin's open protocol, as a major obstacle for Bitcoin usability is scalability, or the rate at which the network is capable of processing transactions.

All Bitcoin transactions are required to pay a network fee, or a processing fee. However, users pay an average network fee for a single transaction of over $30 during periods of high activity on the network as Bitcoin users compete to outbid each other via network transaction fees.

Currently, daily median network fees on the Bitcoin network are approximately $0.30 for a transaction. Batching will help make Bitcoin more usable by lowering overall network fees and freeing up space on the blockchain, which will in turn increase transaction throughput, and helps to increase scalability.

Coinbase recently enabled support for users of their wallets to send cryptocurrencies such as Bitcoin using short user-friendly addresses instead of traditional long hexadecimal addresses. Every Coinbase Wallet user has a small and simple username.

Coinbase also recently became the first pure-play crypto company to be approved as a Visa principal member. This membership will enable Coinbase to issue Visa debit cards known as "Coinbase Card" directly without depending on third-party issuers. This will enable customers to spend their crypto balances direct from their Coinbase account.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Sharing information with Vemma distributors on the smart way to build a business