Bitcoin Sees New 2019 Lows as Crypto Markets Slide Down

Monday, Jan. 14 — crypto markets are still sliding down after a weekend in the red. According to CoinMarketCap, Bitcoin (BTC) has hit a new 2019 low, trading at $3,552 around press time as other major cryptocurrencies are facing moderate losses.

Market visualization from Coin360

Bitcoin has lost another 2 percent in 24 hours, with its price barely reaching $3,600. Although some reports predicted major market movements due to the recent activation of long-dormant Bitcoin wallets, the major coin has spent a weekend mostly in the red.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin Price Index

Ripple (XRP), which is currently the top altcoin with a market capitalization around $13.3 billion, is facing slight losses of around 2.5 percent. As of press time, the coin is trading at around $0.324.  

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

Ethereum’s (ETH) market cap is almost $1 billion less than XRP, ranking in third on CoinMarketCap. The altcoin is now trading at around $118; its weekly chart has seen a significant drop in comparison to last Monday’s high of $154.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap Ethereum Price Index

The total market capitalization of all cryptocurrencies is currently hovering around $119 billion. It has declined by almost $20 billion since Thursday, Jan. 10, reaching its 2019 low of $116.8 billion earlier today.

7-day total market capitalization chart

7-day total market capitalization chart. Source: CoinMarketCap

As for other altcoins, TRON (TRX) is currently the only altcoin in the top ten in the green, seeing up to 2 percent gains on the day as of press time. Bitcoin SV (BSV) has seen the worst performance among major coins in last 24 hours, losing around 9 percent and trading at $77 as of press time.

As Cointelegraph reported earlier today, Tyler and Cameron Winklevoss, Bitcoin (BTC) endorsers and founders of the crypto trading platform Gemini, have predicted a bright future for stablecoins and tokenized securities. The entrepreneurs believe the crypto industry will move from a focus on unregistered initial coin offerings (ICO) to tokenized assets in various areas, such as real estate.

In the meantime, Reuters has reported that Malaysian cryptocurrency regulation will come into effect on Tuesday, Jan. 15. The new regulation classifies digital currencies, tokens and crypto-assets as securities, placing them under the Securities Commission’s authority.

Meanwhile, Google has reportedly blacklisted keywords mentioning Ethereum on its advertising platform Google Ads. According to auditing startup Decenter, the “ethereum development services” and “ethereum security audits” keywords are no longer available for their use. The official Google Ads Twitter account explained that the problem might be linked to targeting features, as crypto exchanges can only target their ads in the United States and Japan.

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Crypto Markets See Green as Bitcoin Nears $3,900 and Ethereum Touches $160

Saturday, Jan. 5 — the crypto markets are mainly in the green today, as Bitcoin (BTC) moves closer to the $3,900 mark, data from Coin360 shows.

Market visualization by Coin360

Bitcoin has shown slight growth today, up by around 3 percent and trading at about $3,899 at press time. Over the month, Bitcoin is up almost 1 percent and almost 7 percent over the week.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

Ethereum (ETH) is currently trading at around $159, up more than 6 percent on the day at press time. The second-largest cryptocurrency is seeing around 35 percent gains over the week, and 47 percent gains over the month.

This week, developers from Ethereum discussed the possibility of implementing a new proof-of-work (PoW) algorithm that would raise the efficiency of GPU-based — rather than ASIC-based — mining on the network. The debate over whether to go forward with the implementation comes ahead of the upcoming Ethereum Constantinople hard fork.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Third-largest cryptocurrency Ripple (XRP) is up over 2 percent at press time, trading at around $0.36. Over the week, the coin has seen more than 7 percent growth, and almost 5 percent gains over the month.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

The total market cap of all cryptocurrencies is currently around $133 billion at press time, up from its weekly low of about $125 billion.

7-day chart of total market capitalization of all cryptocurrencies

7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap

Of the top ten cryptocurrencies, Litecoin (LTC) and TRON are showing the biggest growth, up over 12 and 15 percent respectively.

Earlier this week, the Gemini crypto exchange — founded by the Winklevoss twins in 2014 — released a series of ads calling for better regulation of the crypto space. The ads, which read “Crypto needs rules,” were received with mixed reactions from the crypto community, as some believe the space suffers from the intervention of regulators.

Also this week, five more crypto exchanges — including Coincheck — joined Japan’s self-regulatory association of cryptocurrency exchanges.

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Crypto Markets Are Mostly in Green, Ethereum Regains Top Altcoin Position

Wednesday, Jan. 2 — The main cryptocurrencies have mostly been in the green for two days now, according to data from Coin360. Bitcoin (BTC) is still over $3,800 mark, while Ethereum (ETH) has regained the top altcoin position.

Market visualization from Coin360

Proof of Keys — a celebration when BTC holders temporarily withdraw their funds from all exchanges and mediators  — is coming in just a few hours, and BTC has gained about 3 percent in price since the beginning of Jan. 2. The coin is traded at approximately $3,900 as of press time.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin Price Index

ETH has yet again beaten Ripple (XRP) as the world’s major altcoin by market capitalization after spending several weeks on the third place. The altcoin’s market cap reached almost $15.8 billion at press time, surpassing XRP’s market cap by almost $1 billion. ETH is now traded around $150, gaining more than 13 percent in price in comparison to yesterday’s charts.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap Ethereum Price Index

Meanwhile, XRP, the third-top altcoin, is trading at $0.36, seeing a slight growth in price during the day. The coin’s market cap is around $14.9 billion.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

The total market capitalization of all cryptocurrencies has climbed up to $132 billion, $2 billion away from its weekly high of $134.3 billion reached on Sunday, Dec. 30.

7-day total market capitalization chart

7-day total market capitalization chart. Source: CoinMarketCap

All of the other altcoins from the top 20 are in the green today, with EOS (EOS), Cardano (ADA) and IOTA (MIOTA) having the most visible price increases with 5.1, 5.5 and 7.2 percent on the day respectively.

In the meantime, the crypto community is discussing the accusations against crypto exchange HitBTC, which allegedly froze the accounts of several of its users in the wake of the Proof of Keys campaign.

The firm itself has not yet responded to the accusations of Twitter and Reddit users, some of whom claim that BTC withdrawal was not available for them for the last few days. The connection between the blocked withdrawals and the Proof of Keys is not confirmed.

Meanwhile, major Japanese e-commerce conglomerate DMM.com Ltd. has announced the closure of its crypto mining services due to their deteriorating profitability. The news comes shortly after similar announcements made by Japanese internet giant GMO Internet Group, which has ceased the development and selling of BTC miners.

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Crypto Markets See Persistent Red, Bitcoin Briefly Dips Below $4K

Friday, Nov. 30 — After a short-lived spike earlier this week, the crypto markets are today back in the red, with virtually all of the top 20 cryptocurrencies seeing losses within a 4 and 10 percent range, as data from Coin360 shows.

Market visualization by Coin360

Bitcoin (BTC) has had a volatile week, jaggedly trading between its low of around $3,600 (Nov. 25) and high of $4,400 (Nov. 29). As of press time, the top coin is at $4,037, down 6.3 percent on its 24-hour chart, according to CoinMarketCap. Today’s negative momentum briefly brought the asset below the $4,000 mark, before it stemmed losses somewhat in later trading hours.

On the week, Bitcoin is around 6 percent in the red; monthly losses are at a stark 36.3 percent.

Bitcoin 7-day price chart. Source: CoinMarketCap

Second-largest ranked crypto asset, Ripple (XRP), is down 5.5 percent on the day, trading at $0.35 to press time. While its market share has dropped down to $14.45 billion, it continues to hold its margin ahead of Ethereum (ETH), now ranked 3rd largest crypto, with a market cap of just below $11.7 billion.

On the week, Ripple is 12 percent in the red, with monthly losses above 19 percent.

Ripple 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is down a round 5 percent on the day to trade at $112.9. The asset veered close to double digits during a market tumble Nov. 25, and has since recovered, briefly hitting $125 Nov. 28 — yet without sustaining significant gains. The altcoin’s decline on the week has brought it to around 7.6 percent in the red; monthly losses are pushing 43 percent.

Ethereum 7-day price chart. Source: CoinMarketCap

Most of the remaining top ten coins on CoinMarketCap are seeing losses of between 4 and 10 percent, with the notable exception of newly-forked Bitcoin SV (BSV) (from the Bitcoin Cash (BCH) split), which has decoupled from the wider market to seal a 2.6 percent gain on the day, trading at $96.35.

Meanwhile, EOS (EOS) is down 5.4 percent at $2.86 and Litecoin (LTC) is down 6.3 percent at $32.06: Cardano (ADA) is the hardest hit among the top ten, sinking 9.2 percent to trade at $0.038.

The remaining coins in the top twenty by market cap are all red, with the exception of privacy-focused alt, Zcash (ZEC), ranked 19th, which is up 1.74 percent at $82.05. Zcash’s spike is likely due to major U.S. cryptocurrency exchange Coinbase announcing its launch of support for the asset on its Coinbase Pro platform yesterday, Nov. 29.

15th largest coin NEM (XEM) is down almost 8 percent at $0.07, and Tron (TRX) is pushing a 10 percent loss at $0.014. 13th largest crypto, IOTA (MIOTA), is down 5.7 percent at $0.28, and Dash (DASH) is down 6.74 percent at $90.60.

Total market capitalization of all cryptocurrencies is around $130.4 billion as of press time, up  almost $16 billion from an intraweek low of $114.6 billion Nov. 25.

Total market cap 7-day chart. Source: CoinMarketCap

With the deep red markets continuing to command attention, Chinese cryptocurrency mining giant Bitmain has today released several price indices for cryptocurrencies, aiming to track the largest 17 assets by market cap for both institutional and retail investors.

BlockShow Asia 2018 has been a barometer of both the crypto sector’s dynamic development and of recent market sentiment, with BlockShow CEO Addy Creeze quipping that “bear market” and “crypto winter” were among the most-heard words at the event.

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Crypto Markets See Mild Volatility on The Day, Fail to Hold Sharp Rebound Trend

Saturday, Nov. 23: crypto markets have seen some volatility on the day, but failed to hold a sharp rebound attempt. The top 20 cryptocurrencies by market cap are seeing their prices stabilize after another sell-off yesterday, according to CoinMarketCap.

As of press time, the major 20 crypto markets are seeing a mix of red and green, with most gains fluctuating around 1-2 percent.

Market visualization from Coin360

Bitcoin Gold (BTG), ranked 20th by market cap, has seen the biggest growth on the day, spiking almost 10 percent over the past 24 hours. At press time, the altcoin is trading at around $20.70.

In early September this year, Bitcoin Gold was delisted from major crypto exchange Bittrex, following a $18 million hack of the BTG network in May. The “double-spending” hacking vulnerability of Bitcoin Gold reportedly allowed hijackers to take control over 51 percent of the BTG hashrate.

Bitcoin (BTC) is slightly down around 1 percent over the day, and trading around at $4,225 at press time. Earlier in the day, the major cryptocurrency spiked to as high as $4,413, but failed to hold the rebound trend and dropped to its 24-hour low at press time.

Bitcoin is down almost 24 percent over the past 7 days.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: CoinMarketCap

Ripple (XRP), still holding its place as the second top cryptocurrency by market cap after replacing Ethereum (ETH), is also slightly down around 1 percent on the day to press time.

Ethereum is seeing even less movement on the day, down just 0.23 percent and trading at $120.69 at press time.

Total market capitalization of all cryptocurrencies is around $136.3 billion at press time, down from its high this week of $187 billion. Daily trade volume is just under $12 billion, while Bitcoin’s dominance on the market constitutes around 53.9 percent.

Total market capitalization 7-day chart

Total market capitalization 7-day chart. Source: CoinMarketCap

Ran Neuner, the host of CNBC’s CryptoTrader show, has commented on the shaky state of the market on Twitter today, arguing that trying to speculate in crypto is not the genuine purpose of the industry:

“Bear markets shake out weak hands, those only here for money, those trying to make a buck trading & those trying to profit w/out building or adding value. Look around, you can see who will be around when it’s done & who won’t. If you want to survive this, build something, add value.”

Recently, Stephen Innes, head of trading at Singapore-based capital market service OANDA Asia Pacific, predicted that gold prices will “jump considerably higher and there’s an inverse relationship we’re starting to see with gold and coins,” while Bitcoin could fall to as low as $2,500 by January 2019.

Crypto analyst Joseph Young subsequently reacted to Innes’ claim on Twitter, pointing out that gold has seen a decline of 33 percent since 2011, “from $1,800 to $1,200,” while “Bitcoin is up 13,900%, from $30 to $4,200” in the same time frame.

Today, Anthony Pompliano, founder and partner at Morgan Creek Digital Assets, tweeted that traditional assets are in fact “taking a beating,” in line with the recent collapse of crypto markets. The expert pointed out that oil is down 30 percent over 7 weeks, while Facebook, Apple, Amazon, Netflix and Google (“FAANG”) are down 20-40 percent from their all-time highs, and the Dow Jones Industrial Average (DOW) had its “worst Thanksgiving week since 2011.”

In an interview with CNBC Nov. 23, Michael Moro, the CEO of cryptocurrency trading companies Genesis Trading and Genesis Capital Trading, said that the Bitcoin price could bottom at $3,000, stating, “You really won’t find [the floor] until you kind of hit the 3K-flat level.”

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Ripple, Monero, NEM See Solid Growth Amid Calm, Mostly Green Markets

Monday, Nov. 12: crypto markets are seeing a wave of stability, with most major assets seeing low-level fluctuations both red and green, with just a few exceptions, as data from Coin360 shows.

Market visualization. Source: Coin360

Bitcoin (BTC) is up around 0.85 percent, trading around $6,354 at press time. After a period of protracted stability, the top coin saw a recent spate of downwards momentum and has been trading beneath $6,400 for the past several days. After an intra-week low of $6,307 yesterday, Nov. 11, Bitcoin has stemmed its losses and pushed back above the $6,350 mark.

On the week, the top cryptocurrency is just a little down from the start of its weekly chart, in the red by a slight 0.4 percent. On the month, Bitcoin is up around one percent.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

The market’s leading altcoin Ethereum (ETH) has also seen a fractional gain, up around three quarters of a percent to trade at $210 at press time. Correlating with Bitcoin, the altcoin saw an intra-week peak at around $220 Nov. 7, declining in the following days to trade as low as $207 Nov. 11 before recovering ground today.

On the week, the asset is just under one percent in the green, but monthly growth is a healthy 8.5 percent.

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ripple (XRP) has outstripped all of the top ten coins on CoinMarketCap, sealing almost six percent growth to trade at around $0.53 at press time. While still below its weekly peak at over $0.55 Nov. 6, Ripple saw a strong surge during the hours before press time, having traded sideways at a lower price point around $0.51 in recent days.

On the week, Ripple’s growth is now a solid 5.2 percent, with monthly gains at 25.6 percent.

Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

Most of the remaining top ten coins on CoinMarketCap are in the green, seeing growth capped below a two percent range, with the exception of anonymity-oriented altcoin Monero (XMR), which has seen solid a 3.35 percent gain to trade at around $107.03.

After a period of heated controversies ahead of its forthcoming hard fork Nov. 15, Bitcoin Cash (BCH) has tipped slightly into the red, down around 0.8 percent to trade at $527.74 at press time.

Mati Greenspan, an eToro senior analyst, has today pointed out on Twitter that despite “all this drama in BCH [Bitcoin Cash] and still Google searches aren’t even coming close to BTC [Bitcoin]. Tell me again, which is the real Bitcoin?”

Greenspan provided a screenshot of Google Trend analytics for the past 30 days, which show that Bitcoin — sometimes dubbed Bitcoin Core — continues to significantly outflank Bitcoin Cash in terms of Internet searches.

Comparison of Bitcoin (BTC) and Bitcoin Cash (BCH) Google searches over the past 30 days. Source: Google Trends

The top twenty coins by market cap are seeing more mixed red and green, with the 15th highest-ranked crypto NEM (XEM) a significant outlier, up 16.3 percent to trade at about $0.108 at press time. NEM saw a sudden, steep uptick during earlier trading hours to peak at $0.114, before correcting just slightly downwards ahead of press time.

NEM 24-hour price chart. Source: CoinMarketCap

Altcoins DASH (DASH) and IOTA (MIOTA) have both seen above-average growth over a 24 hour period, up 3.3 and 4.5 percent at $165.07 and $0.50 respectively.

Tezos (XTZ) and privacy-focused altcoin ZCash (ZEC), ranked 18th and 19th largest by market cap, are each down just a little over 2 percent on the day, trading at about $1.29 and $127.44 respectively.

Total market capitalization of all cryptocurrencies is around $212.9 billion as of press time, down from an intra-week high of around $220.7 billion Nov. 7.

7-day chart of the total market capitalization of all cryptocurrencies: Souce: CoinMarketCap

Today, Japanese IT giant GMO Internet published its third quarter (3Q) report, revealing a “historical performance” of its crypto-related business segments despite “the harsh external environment.”

Meanwhile in China, a new blockchain alliance has been formed by the Guangzhou City Blockchain Industry Association, the Hong Kong Blockchain Industry Association, and the Macau University Innovation Center to collaborate on four new finance-oriented blockchain platforms.

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Crypto Markets See Ongoing Mild Losses, Bitcoin Trades Below $6,400

 

Friday, Nov. 9: crypto markets are continuing to see downward momentum, with virtually all of the major cryptocurrencies at least mildly in the red, as data from Coin360 shows.

Market visualization by Coin360

Bitcoin (BTC) is down just over 1 percent, trading around $6,340 at press time. After a period of protracted stability, the top coin has seen a short-lived burst of price action of late, growing Nov.7 to break above the $6,500 mark.

Bitcoin has since corrected downard to trade close to the start of its weekly chart, where it is seeing virtually no price percentage change to press time. On the month, Bitcoin is down a mild 3.6 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin pioneer Jeff Garzik – reportedly the “third-biggest contributor” to Bitcoin’s code and one of Bitcoin creator Satoshi Nakamoto’s key collaborators – gave an interview today in which he reflected that:

“[Bitcoin] hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side it’s unquestionably a success.”  

The market’s largest altcoin Ethereum (ETH) has also sustained a fractional loss, down just over percent to trade at $211. Correlating with Bitcoin, the altcoin saw an intra-week spike at around $220 Nov. 7, and has since jaggedly shed value down to its current price point.

Nonetheless, on the week, the asset remains a strong 6 percent in the green, with monthly losses at around 7.2 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

Most of the remaining top ten coins on CoinMarketCap are in the red, although remaining within a 1-4 percent range.

Bitcoin Cash (BCH) has taken the heftiest hit among the top ten, down just under 4 percent to trade around $567, as controversies ahead of its forthcoming hard fork – scheduled for Nov. 15 – continue to divide the community.

Another top ten alt shaken by larger-than-average losses is Cardano (ADA), down 3.19 percent at $0.074.

Altcoins Ripple (XRP) and Stellar (XLM) are the only top ten coins in the green by press time, both up under 1 percent over the past 24 hours.

The top twenty coins by market cap are likewise almost unanimously red, with the exception of the 19th largest crypto, privacy-focused alt Zcash (ZEC), which is pushing 3.5 percent growth to trade at around $133.

For the remaining coins, losses are capped below 4 percent, with Vechain (VEC) and DASH (DASH) each on the higher end, down 3.9 and 3.47 percent respectively.

Total market capitalization of all cryptocurrencies is around $212.5 billion as of press time, down from an intra-week high of around $220.7 billion Nov. 7, but above the $207-210 billion levels it held throughout much of the past month.  

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

In other major crypto news of the day, ConsenSys-backed blockchain startup Kaleido and Amazon Web Services (AWS) have launched a full-stack platform that helps enterprises implement blockchain solutions without starting from scratch. The platform, dubbed Kaleido Marketplace, reportedly “eliminates 80 percent of the custom code” needed to build a given blockchain project.

In Asia, Thailand’s securities regulator is set to clear “at least one” Initial Coin Offering (ICO) “portal” to operate legally this month, with officials saying that ICOs themselves “might” start being approved as soon as December.

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Crypto Markets See Visible Drop Off as Major Coins Are in The Red

Wednesday, Nov. 8: most cryptocurrencies have seen a drop-off today, with the most visible losses seen by Bitcoin Cash (BCH) and Ripple (XRP), as data from Coin360 shows. As of press time, the markers are seeing mixed signals, mostly staying in the red.

Market visualization from Coin360

While in the beginning of the week Bitcoin (BTC) was mostly in the green, up almost to 2 percent on the day Monday, Nov. 5, today the major coin is hovering around zero, mostly staying in the red and trading around $6,450 as of press time.

Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin Price Index

Ethereum (ETH) is also about 2 percent down on the day, being traded slightly over $213 as of press time. The coin is seeing some stability after it has regained its second spot, bypassing Ripple (XRP) by market capitalization.

Ethereum 7-day price chart. Source: CoinMarketCap Ethereum Price Index

Ripple (XRP), in its turn, is currently trading at $0.50, dropping as much as 5.6 percent over the day as of press time. As per its weekly charts, the currency has seen its peak on Tuesday, Nov. 6, when the coin temporarily overtook Ethereum as the second largest altcoin.

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

Total market capitalization of all cryptocurrencies is around $215 billion at the press-time, falling from $219 billion over the last 24 hours. According to daily trading volume, it has also dropped in comparison to yesterday, Nov. 7, hovering around $13.5 billion as of press time.

Weekly total market capitalization chart. Source: CoinMarketCap

18 of the 20 major cryptocurrencies are in the red, with Bitcoin Cash (BCH), Ripple (XRP) and NEM (XEM) seeing the biggest drops in last 24 hours according to CoinMarketCap. BCH has lost a distinctive 4.8 percent after almost a week-long growth following its upcoming hard fork, which is backed by major crypto exchange Binance. As of press time, the coin was traded at around $589.

Dash (DASH) is the only crypto to see a slight growth among top 20 coins, up to 1 percent on the day and trading at around $167 as of press time.

Meanwhile, today, Nov. 8, two countries in Asia have called for clearer crypto regulation. The Deputy Prime Minister of Thailand, Wissanu Krea-ngam, urged to lawmakers to amend the existing legal framework for crypto — set in May 2018 — to meet the development of the technology, warning about possible dangers for consumers. In the meantime, South Korea’s lawyers have lobbied the local government to speed up its work and expedite a legal framework for cryptocurrencies as well.

Yesterday, Nov. 7, crypto Twitter saw an extensive discussion in response to William Shatner’s positive tweet about Ethereum (ETH) co-founder Vitalik Buterin.

The Canadian actor, most known for his role of captain James T. Kirk in Star Trek, posted a thumbs-up emoji tagging Buterin for his 2.5 million followers. Shatner was then drawn into a debate over the ETH network’s decentralization, showing familiarity with ERC standards in his rebuttal to “crypto troll[s].”

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Crypto Markets See Stirrings of Volatility as Major Coins Tip Into Red

Monday, Oct. 29: Crypto markets are seeing the first momentum in a while after a period of marked stability: virtually all of the major cryptocurrencies are in the red today, with some seeing losses of between a 4-6 percent range, as Coin360 data shows.

Market visualization by Coin360

Bitcoin (BTC) is trading at $6,352 at press time, seeing an almost 2 percent loss on the day according to CoinMarketCap. Having traded sideways throughout the week, the top coin today saw a vertiginous price drop, plummeting from its $6,480 trading range down to around $6,350 in the couple of hours before press time.

Earlier this month, Bitcoin had achieved a 17-month low volatility rate, recording its highest level of stability since mid-2017: the trend had continued over recent weeks, excepting one short-lived spike on Oct. 15.

Volatility and the lack thereof had become a staple on crypto twitter, with prominent crypto commentators quick to underscore Bitcoin’s new quasi-stablecoin status. Senior market analyst Mati Greenspan from eToro joked on Oct. 24: “Hey stock jocks!!! Tell me again how Bitcoin isn’t a stable store of wealth due to extreme volatility…”

As the market returns to its “normal” momentum, Adamant Capital founder Tuur Demeester has today quipped on Twitter, “is there a way to go long Bitcoin volatility? I would if I could.”

On the week, the crypto is now around 2.7 percent in the red: monthly losses are at around 3.4 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Having seen similarly stable trading patterns, Ethereum (ETH) has today also been jolted by negative momentum, sliding steeply down 3 percent on the day to trade around $198, according to CoinMarketCap. Over the past week, the leading altcoin has also been trading sideways, showing only marginally more fluctuations than Bitcoin over the same time frame.

This brings Ethereum to a 3.8 percent loss on its weekly chart; monthly losses are a much starker 14.8 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap

All of the remaining top ten coins on CoinMarketCap are in the red, except for stablecoin Tether (USDT), which is trading stably again.

The hardest hit top-ten performer is seventh largest coin Litecoin (BCH), down 5.2 percent on the day to trade around $49.22 by press time. EOS (EOS) is down 4.2 percent at $5.17, roughly on par with Bitcoin Cash (BCH), down 4.25 percent at $419.22.

In the context of the top twenty coins, the market picture is similarly bleak, with all assets seeing losses of within a 1-5 percent range. Anonymity-oriented alt Monero (XMR) is the least scathed, losing 1.1 percent over a 24 hour period to trade at around $101.43.

TRON (TRX) is down 4.9 percent at $0.022, IOTA (MIOTA) is down 4.23 percent at $0.456, with Ethereum Classic (ETC) pushing a 4.85 percent loss at $9.12.

Total market capitalization of all cryptocurrencies has slid to around $203.6 billion as of press time. Since its interweek peak at $211.1 billion Oct. 24., the market had held around or just below the $210 billion mark for much of the week before today’s tumble.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

In crypto news today, major European cryptocurrency exchange Bitstamp has been acquired by Belgium-based investment firm NXMH. NXMH is a subsidiary of South Korean-based media giant NXC Corp., which bought a 65.19 percent stake in South Korean crypto exchange Korbit last year.

Meanwhile, the operator of Japanese crypto exchange Coincheck, which suffered an industry record-breaking hack this January, has revealed the exchange saw a 66 percent decline in revenue for Q3 2018.

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Markets See Red Following BTC ETF Rejections, News of Anti-Crypto Measures in China

Thursday, August 23: virtually all of the top 100 cryptocurrencies are in the red today, with average losses of between 1 and 4 percent among the top 10 largest coins by market cap, as Coin360 data shows.

Yesterday evening’s news of the U.S. Securities and Exchange Commission’s (SEC) disapproval orders for 9 different Bitcoin exchange-traded fund (ETF) proposals from 3 applicants — which intersected with emerging reports of toughened anti-crypto measures in China — has apparently reversed yesterday’s short-lived market upswing.

Pointedly, multiple crypto commentators had attributed the markets’ evanescent green to bulls exploiting a maintenance window on leveraged crypto trading platform BitMEX to force a spike. Many had also argued that the negative announcements from the SEC had been widely expected, and were contributing to the alleged market action.

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,452 at press time, down around 1 percent on the day, according to Cointelegraph’s Bitcoin price index.

The top coin had been range bound around $6,400-6,500 for most of the week before sharply spiking August 22 and continuing to circle the $6,700 mark for most of that day. Breaking news from the U.S. and China then saw Bitcoin take a steep price hit, although the coin has since recovered back to hold its week-long levels.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index

On the week, Bitcoin is up 0.8 percent, with its monthly losses at around 16.5 percent.

Ethereum (ETH) is trading around $274 at press time, dropping around 2 percent on the day.

While its losses have correlated with Bitcoin’s sharp descent, the leading altcoin has not since recovered to reclaim the earlier trading levels from its weekly chart, although it had notably been losing its hold on the $300 price point as of August 20. Ethereum is currently down 5.6 percent on the week; on the month, losses are at almost 40 percent.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index

Among the top ten coins by market cap, Stellar (XLM), Bitcoin Cash (BCH), Cardano (ADA) and Ripple (XRP) are all seeing losses of around 2-4 percent on the day.

Among the top twenty, NEO’s losses are somewhat heftier, pushing 4 percent to trade around $17.12, after taking a tumble earlier today to as low as around $16.18.

IOTA’s 24-hour price chart

IOTA’s 24-hour price chart. Source: CoinMarketCap

Ethereum Classic (ETC) is down 2.7 percent to trade at $12.40 at press time.

As ETC’s chart agains shows, the market-wide tumble aligns closely by time frame across all of the major crypto assets:

Ethereum Classic’s 24-hour price chart

Ethereum Classic’s 24-hour price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is around $208.5 billion at press time, down almost $13 billion from yesterday’s high of $221.4 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today’s $13 billion market cap squeeze is similar the sharp market tumble that came in response to July’s news that another Bitcoin ETF proposal — this time submitted by the Winklevoss twins’ — had also been rejected by the SEC, which then saw a dizzying $12 billion wiped from total market capitalization.

The parallels extend beyond market response, as the regulator had in all of its disapproval orders reiterated its qualms over inadequate “resistance to price manipulation” and vulnerability to fraudulent practices in the insufficiently sized Bitcoin derivatives markets.

China, meanwhile, has this week moved to prohibit all commercial venues from hosting any crypto-related events in Beijing’s Chaoyang district, as well as targeting communication channels or “loopholes” through which Chinese investors can gain exposure to Initial Coin Offerings (ICO) and crypto trading.

As reported August 21, China’s leading social media platform WeChat has permanently blocked a number of crypto and blockchain related accounts that were suspected of publishing crypto “hype” in violation of regulations introduced earlier this month. New measures are also reportedly underway to toughen the “clean-up” of third party crypto payment channels, including those used by over the counter (OTC) platforms.

Away from the negative onslaught from the U.S. and China, crypto analysts have today suggested that Segwit adoption is on the rise for Bitcoin transactions, as the top crypto continues to trade within a relatively stable price range. EToro Senior Market Analyst Mati Greenspan today tweeted:

“Price stability is great for network development!! Here we can see the adoption rate of the Segwit solution skyrocketing shortly after the number of transactions fell. Not sure when the next #bitcoin bull run will be but I’m quite confident we’ll be ready for it.”

Bitcoin Segwit Adoption, January 2016-July 2018

Bitcoin Segwit Adoption, January 2016-July 2018. Source: Woobull charts

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Fatfish Internet Group: Markets Could ‘Accept’ Bitcoin ETF Within ‘Couple Of Months’

Global markets will be “ready to accept” a Bitcoin (BTC) exchange-traded fund (ETF) in as soon as a “couple of months,” Fatfish Internet Group CEO Kin-Wai Lau told CNBC on July 29.

Speaking to CNBC’s dedicated cryptocurrency segment, the Coin Rush, Lau expressed a firm belief in Bitcoin’s current price rally, explaining,

“It’s a very strong wave; it’s driven by institutional demand, it’s driven by adoption. [There’s]  lots of interest this time around — trading volume is several times higher than during the lows.”

Bitcoin continues to trade above $8,000 after briefly dipping to around $7,700 late last week. Despite the Winklevoss twins’ ETF receiving a second rejection on July 26, prices bounced back above $8100 shortly afterwards, reinforcing users’ belief in the robustness of Bitcoin’s return to form.

Lau noted that the bounce back is “generally very positive for early adopters and people who have interest in the sector.”

As Cointelegraph previously reported, multiple ETF applications are due for review by the U.S. Securities and Exchange Commission (SEC), which has already postponed making a decision about an offering from Direxion until mid September.

After the agency rejected the Winklevoss’ ETF petition, SEC Commissioner Hester M. Peirce published a statement of official dissent, arguing that the SEC had overstepped its “limited role.”

Lau told CNBC that he foresees a potential shift in the regulatory atmosphere in the near future:

“I think we’re not far away; I think probably just a couple of months away from being ready for the market to generally accept an ETF.”

Fatfish caused a stir earlier this year when it announced it was entering the cryptocurrency mining market on the back of higher prices. In January, the company invested $1 million for a 51 percent stake in Singapore startup APAC Mining.

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Secret Plots, Google Bans, and Augur Assassination Markets: This Week in Crypto


Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this week’s edition of The CCN Podcast on iTunes or wherever you get your podcasts.

Price Watch:

  • Bitcoin increased nearly 9% this week after a non-trivial gain of 18% last week. The price was all over the place this week, increasing by nearly 5% overnight to the $7,700 level. Other coins, including the recently launched Augur, suffered as bitcoin’s price continued to rise. The prices further rose on Tuesday to nearly $8,300 as altcoins continued to get pounded. The price surge didn’t last long falling back to the $8,100 level. It looked like the price wouldn’t recover as volume flattened, but recovered on Wednesday to hit the critical support level of $8,500. The price took a hit on Friday dropping down to $7,900 after the Winklevii’s ETF  was rejected by the SEC but ultimately recovered above the $8,000 mark heading into the weekend.
  • Ethereum is down 0.58% after a modest 5% gain last week. Ethereum is representative of lots of altcoins that have made modest gains or big losses. Towards the end of the week, ethereum and other altcoins rebounded as volume exploded.
  • Coin Market Capitalization is up 5% this week: The coin market cap soared pass the critical $300 billion mark this week, hitting a 2-month high. The price increases come as a discussion around a bitcoin ETF has picked up. There has also been additional optimism due to some big steps that were taken by institutional investors over the past several weeks. The price finished just below the $300 billion mark at $294 billion.

Startups:

  • GE Invests in Blockchain Cybersecurity Startup-Xage, which raised $12 million in a round led by March Capital Partners with GE Ventures, City Light Capital, and NexStar Partners, creates a distributed network of devices which are capable of authenticating each machine’s digital fingerprint.
  • Binance to Launch Operations in South Korea – Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly planning to enter South Korea.  According to a Business Korea report, Binance is already in the process of hiring executives in South Korea for these expansion plans. The move will not come without challenges, though, and Binance will be facing tough domestic competition.
  • Hong Kong Startup to Sell Majority Stake to Invest in Cryptocurrency – Ketch’up Bike, a top-five bike sharing company in Hong Kong that oversees more than 1,000 bicycles, has sold a majority stake in itself for $1 million to purchase two cryptocurrency tokens called JPAY and CyClean. The decision was met with criticism by many both in and outside of crypto.
  • Uber Co-Founder Launches Commission Free Trading Platform – An Uber co-founder and an E*Trade veteran have teamed up to launch commission-free cryptocurrency trading service that, if successful, could see the firm challenge Coinbase, Robinhood, and a growing number of other competitors to become the venue of choice for retail investors.

Enterprise:

  • Nasdaq Plots to Legitimize Cryptocurrency in Secret Meeting – As first reported by Bloomberg, the closed-door meeting in Chicago was attended by representatives from about half a dozen companies, including cryptocurrency exchange Gemini — whose co-founders, Cameron and Tyler Winklevoss, were behind the latest failed bid to create a bitcoin ETF. An unnamed source with knowledge of the meeting said that the participants discussed the implications of future cryptocurrency regulations and what industry firms can do to bolster the reputation of bitcoin and other crypto assets.
  • Google Temporarily Removes MetaMask from Chrome Extension Store – Google abruptly removed Dapp browser extension MetaMask from the Chrome Extension store without any explanation.
  • Google Bans Cryptocurrency Mining Apps from Play Store – After banning cryptocurrency mining extensions from its Chrome Store earlier this the year, Google has now barred apps on its Play Store that engage in similar activity. The updated guidelines read: “We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency”.
  • Korean Telecom Giant Launches Commercial Blockchain – KT Corp, the second largest telecom provider in South Korea, has launched a commercial blockchain. The blockchain touts the ability to handle 2,500 transactions per second and will reportedly reach 100,000 transactions per second by the end of next year. The blockchain network is aimed at addressing ” security and transaction issues by making the current networks more secure and trusted”.
  • Google Cloud Launches Blockchain Toolkit for App Developers-Google will now provide a software development kit (SDK) to developers working on Google Cloud, enabling them to test and build blockchain applications without having to code the entire platform themselves.

Government:

  • SEC Delays Ruling on Five Bitcoin ETF Applications-The Securities and Exchange Commission (SEC) has announced in a statement that it will delay its ruling on whether or not to give approval to a rule change relating to five bitcoin ETF applications filed by fund provider Direxion. The ruling has been pushed to September.
  • Winklevoss ETF Rejected (Again) – Bitcoin’s price declined significantly following the release of public SEC documents stating that the agency had denied an application filed by Cameron and Tyler Winklevoss, prolific bitcoin investors and founders of cryptocurrency exchange Gemini, to launch an exchange-traded fund (ETF) product that tracks the price of bitcoin .The denial marks the second time that the SEC had thwarted a Winklevoss-led attempt to create a bitcoin ETF. SEC Commissioner Peirce has publicly stated she thinks the rejection was the wrong decision.
  • ‘CFTC Does Not Regulate Retail Crypto Markets’ – The United States Commodity Futures Trading Commission (CFTC) Chairman has stated that the agency’s primary remit is not to exercise regulatory jurisdiction over cryptocurrency trading markets and other cash markets but to deal with fraud and compliance in large futures markets. He also cited a “four-year knowledge gap” due to budgeting issues.
  • Chinese ‘Dream City’ Partners with ConsenSys – The Xiongan government has signed a memorandum of understanding (MoU) with the U.S.-based ConsenSys to “establish Xiongan as a next-generation smart city and a leading blockchain innovation hub.”  This is not the first time cities have shown an interest in blockchain with Dubai also looking to integrate the technology.
  • China to Shutdown Bitcoin Mining in Autonomous Region – Xinjiang Uyghur, an autonomous region in northwest China, has warned local Bitcoin mining enterprises to close their operations before Aug. 30, 2018. Despite China’s efforts to neuter mining operations in the country, farms have continued to survive. For instance, Sichuan, a province in China which was once known as the country’s bitcoin mining capital, was recently hit by floods. Upon close inspection, it was discovered that some of the BTC mining farms were destroyed taking out a portion of bitcoin’s hash rate. The report stated that, as a result of the flood, many miners were planning to move to Xianjiang to continue their mining operations. With this new report, their future is somewhat up in the air.

Crime:

  • Etherscan Thwarts Hacking Attempt-Ethereum block explorer Etherscan has thwarted an apparent hacking attempt in which the would-be attacker attempted to use the comment section to serve up malicious code. The commenter appears to have been able to circumvent Disqus’ XSS protection.
  • KICKICO Loses $8 Million After Smart Contract Breach – KICKICO, an initial coin offering (ICO) project launched on top of the Ethereum blockchain protocol, was hacked on July 27, losing more than 70 million KICK worth $7.7 million. Unlike most ICO attacks, the hackers were able to gain direct access to the smart contract of the KICKICO blockchain network by obtaining the private key of the KickCoin smart contract.
  • Murder-For-Hire Charges Against Ulbricht Dropped – A U.S. Attorney has filed a motion to dismiss pending murder-for-hire charges against Ross Ulbricht, known as “Dread Pirate Roberts,” who is serving a life sentence following his conviction for his role in the Silk Road marketplace which facilitated the sale of illegal drugs.
  • Assassination Markets Appear on Prediction Platform Augur – Augur, the decentralized platform that launched just weeks ago, already has bets on whether Donald Trump will be killed by the end of 2018. The markets are concerning because a user can bet on a 100% chance, carry out the assassination and take 100% of the pool. More concerning is police officers and secret service members can technically bet on the site. Markets also exist for whether Betty White, Jeff Bezos, Warren Buffet, and John Mcain would survive the year. This type of betting is colloquially referred to as an “assassination market” (even if being “killed” isn’t explicitly stated) because of how they align incentives.

  • BitFunder Founder Pleads Guilty to Securities Fraud – The founder and operator of BitFunder and WeExchange has plead guilty to charges of fraud. The SEC is alleging that Montroll failed to disclose a 2013 hack that led to the theft of 6,000 bitcoins from customer’s funds from WeExchange. Montroll attempted to conceal the hack altogether by transferring some of his own bitcoin to hide the losses while soliciting more customers by pretending to run a successful operation, according to SEC charges filed at the time.

Featured Image from Shutterstock

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Crypto Markets Surpasses $300 Billion; Did ETF Cause Bitcoin to Rally?


The valuation of the crypto market has surpassed the $300 billion mark, as bitcoin recovered to $8,200 and small cryptocurrencies experienced a spike in value over the past 48 hours.

Slight Decline in Momentum

On July 25, at its peak, the price of bitcoin achieved $8,500, as its volume skyrocketed from $3 billion to $6 billion within merely hours. Since then, bitcoin has declined slightly by less than 4 percent and stabilized in the $8,200 region.

As of July 26, the daily trading volume of bitcoin remains below $5 billion, down nearly $1.3 billion since its monthly peak on Wednesday. The volume of the entire cryptocurrency market has dropped by over $4 billion, from $18 billion to $14 billion.

Stability in the $300 billion could be beneficial for the mid-term growth of the crypto market, as in April, when the price of bitcoin spiked from $6,900 to $10,000 without minor corrections, BTC endured a major drop by the end of May, sending its value down to the $6,000 region once again.

While the majority of tokens tend to perform well during a sideways market in periods in which the price of major digital assets such as bitcoin and ether remain stable, some tokens have recorded large losses over the past 24 hours.

GXChain, MOAC, IOST, and Bitcoin Private recorded losses in the range of 5 to 20 percent against the US dollar.

Demand From Public Market is Increasing

Cryptocurrency researcher BambouClub reported on July 25 that the price of the Bitcoin Investment Trust (GBTC), a publicly tradable bitcoin instrument listed on the US stock market that is overseen by Grayscale Investment, a subsidiary of Digital Currency Group, was 48 percent higher than the current price of bitcoin.

Throughout this week, BambouClub said that bitcoin was being traded in the public market via GBTC at a value of $12,273.

Carpe Noctom, a prominent cryptocurrency analyst, emphasized that the GBTC premium and the demand for bitcoin in the US public market has significantly risen due to speculation around the approval of a bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC) in September.

“GBTC premium over spot may be the prediction market for the upcoming ETF decision,” Noctom said, echoing the stance of BambouClub.

Throughout the past week, many investors and analysts have attributed the rise in the price of BTC and other major digital assets to the entrance of institutional investors through Coinbase Custody and the increasing anticipation towards the approval of a bitcoin ETF by the end of 2018.

However, the only way retail traders in the public market can invest in the bitcoin market as of current is through GBTC and cryptocurrency exchanges, suggesting that the hype around bitcoin ETFs may have intensified within the cryptocurrency sector.

Based on the past decision of the SEC, it is more likely that the SEC will delay the approval of any bitcoin ETF until early 2019, as Brian Kelly noted, and possibly plan the launch of a bitcoin ETF by Cboe in February.

Featured image from Shutterstock.

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