Revolut App Adds XRP, Bitcoin Cash to Crypto Options

Revolut App Adds XRP, Bitcoin Cash to Crypto Options

Revolut App Adds XRP, Bitcoin Cash to Crypto Options NEWS May 24, 2018 at 14:35 UTC | Updated May 24, 2018 at 14:36 UTC
Mobile banking app Revolut now lets users buy, sell and hold Ripple’s XRP and bitcoin cash.
Following the firm’s addition of litecoin and ether trading in December 2017, and bitcoin last July, the firm says in a blog post that “after months of debate and hard work,” users are able to exchange any of 25 supported fiat currencies for its now five crypto offerings from today.
In the post, Revolut explained the reason for choosing XRP and BCH in particular, saying they were the “two most popular cryptocurrencies our community wanted.” However, it remains open to adding more options in future if users make enough “noise.”
Revolut is also allowing users to use the cryptocurrencies to top up their debit cards with crypto, saying, “We’ll simply deduct the fiat value from your cryptocurrency using the real exchange rate the moment you pay with your Revolut card.”
According to another blog post , for cryptocurrency purchases, Revolut charges a 1.5 percent markup on “the average exchange price,” which is obtained using live prices from its partner exchanges. Further, while users can send cryptocurrency to other users using the payment option, the firm says that they may not directly transfer them in or out of the app due to “strict regulation.”
The U.K.-based app provider’s move to offer cryptocurrency services came about following the completion of a $66 million Series B funding round last summer. Index Ventures, an investor in crypto startups BitPay and Xapo, as well as Balderton Capital and Ribbit Capital took part in the round.
Revolut app image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Read More…

Tech Giant GMO to Roll Out World’s First 7nm Bitcoin Miner

Tech Giant GMO to Roll Out World’s First 7nm Bitcoin Miner NEWS Wolfie Zhao May 24, 2018 at 09:00 09:09 UTC
Japanese IT giant GMO Internet is set to roll out the world’s first bitcoin mining device based on 7nm chips within the year.
According to an announcement on Wednesday, the firm said it is launching the new B2 miner on June 6 with mass production to follow and shipment starting by the end of October.
The launch comes following a months-long testing period since the firm initially revealed it was researching and developing the new ASIC processor in September 2017. While the device should provide high-levels of hashing power with lower electricity demands, the firm said it will provide details of the B2’s price and performance at the June launch.
According to the announcement, in addition to selling the B2 to other miners, GMO also plans to utilize the new product at its existing mining facilities.
As previously reported by CoinDesk, the publicly listed Japanese firm made a notable leap into bitcoin mining business last year with a $90-million budget to back explorations in the space, including chip making and its own mining farms.
GMO’s mining facilities have been up running since the end of 2017 and, as per a report released earlier this month, the firm has already mined 906 bitcoin and 537 bitcoin cash as of last month.
While the cost of production remains unknown, the total value of those mining rewards amounts to nearly $8 million based on the latest CoinDesk prices .
Meanwhile, GMO isn’t the only one major tech firm planning to carve out a slice of the bitcoin mining industry by introducing more advanced mining chips. Notably, Samsung is also starting a “risk production” of 7nm chips in 2018, according to a report by CoinDesk in February.
In addition, GMO announced in October of last year that it would sell its bitcoin mining equipment in 2018 via an initial coin offering. A representative told CoinDesk today that the firm is still considering the idea, but could not disclose more information due to the early stage of the plan.
Bitcoin miner image via Shutterstock

Read More…

When Lambo? How Lamborghini became the status brand of the crypto boom – Digiday

At Consensus, the messy, sprawling crypto confab hat convened last week in midtown Manhattan, Lamborghinis were everywhere, parked outside the Hilton Midtown so everyone could know one thing: The crypto bros had arrived.
A crypto exchange had rented the luxury sports cars as a stunt, using the symbol of success in the weird, wild world of crypto, where the Lamborghini, or “Lambo,” has become the status symbol to prove success in the crypto world. After all, if you can buy one of the world’s most expensive cars using bitcoin, the whole thing can’t be a joke.
Thanks to a rash of crypto millionaires publicly spending their bitcoin on Lamborghinis, the “Lambo” has become the outward symbol for crypto bro culture. “When Lambo?” has since become the shorthand for crypto success. Any time a new coin is launched, the question is asked to denote when will the coin be worth enough to afford the car. There’s even a famous meme of Vitalik Buterin, the creator of ethereum, as Jesus, holding a red Lamborghini in his hands. Buterin, for his part, has threatened to quit the entire ethereum project if get rick quick schemes by crypto fans dominates the industry.
There’s no question crypto fuels demand: Lamborghini has been reporting sales have been rising steadily, reporting record sales in January, marking seven consecutive years of sales growth.
“Historically, Lamborghinis have always stood for new money,” said branding agency Red Peak CEO Susan Cantor. “It’s been a symbol for excess and unreasonable wealth, because nobody needs a Lamborghini.”
Just about every model has been featured in some kind of hip-hop or rap music video, from Kanye West’s “Mercy” to Rick Ross’s “Lamborghini Doors” to A$ap Mob’s “Yamborghini High.”
According to branding experts, there is a provocative bent to Lamborghinis — they’re for people who want to stand out and a clear sign you’ve made it and want everyone to know.
“Lamborghini has always stood for flash, noise and a healthy dose of testosterone,” said HL Group president Amy Hufft. “It has been a brand for people who want to be noticed immediately.”
Digiday Content Marketing Summit August 6 – 8, 2018 Vail, CO Register Now Digiday Cannes Briefing Subscribe to our daily newsletter during Cannes for invitations to exclusive Digiday events, previews of the day ahead and key highlights.
Subscribe Now It also has connotations about “making it” in America, which is why so many artists have used it as a way to celebrate success, said Hufft.
Cantor argues that the brand certainly could be at risk. “When brands that are specifically associated with individuals because of socio economic status there’s a risk to that. Lamborghini should stick to its promise or essence, which is about performance.”
The issue is obvious: Even as cryptocurrencies enter the mainstream, they are also starting to show signs of a bubble. There are hundreds of thousands of get-rich-quick schemes flooding the internet, with plenty of shitcoins, crypto trading scams and strategy consultants pumping a constant stream of “I’ll show you how to become a cryptomillionaire” Telegram posts online. And confusion is hardly something a brand wants to be associated with.
Hufft said that Lamborghinis also have a bit of a “get rich quick and die out fast” connotation, arguably a great statement for the longevity of bitcoin wealth.
There have been similar issues with so-called luxury brands in the past. In 2004, Burberry saw a sharp decline in sales after that camel check became super popular with British “chavs,” with retailers bemoaning that that association caused others to not want to buy the brand’s products.
In 2005, there was a smaller blip for Prada, which had a rash of clubs in bars in the U.K. banning people wearing Prada high-top sneakers because they became associated with chavs, as well as with gangs. (To be sure, lots of luxury brands, including Ralph Lauren, have struggled with not wanting to be associated with certain economic or racial groups because of perceived brand issues — despite, as this New Yorker article pointed out, often having histories that are inextricably linked to those groups, through streetwear.)
According to Brandwatch, sentiment around Lamborghinis are mostly positive. And within conversations about Lamborghinis, bitcoin and crypto, they’re “exceedingly positive,” according to analyst Kellan Terry, at 97.3 percent. Pointing to data that shows how often rapper Cardi B is is mentioned in discussions around Lamborghinis, Terry said that Lamborghinis have also often been mentioned in rap songs as a status symbol. “The connection here is people are starting to think about cryptocurrency the same way,” said Terry. “Both music and cryptocurrency are the avenues to become wealthy, and purchase status symbols.”
The hashtags “bitcoin” and “blockchain” are among the 10-most used hashtags within any conversation about Lamborghinis in the past month, according to data compiled for Digiday by Brandwatch. #Bitcoin accrued more than 14.8 million impressions in this time frame, while #Blockchain added another 14.5 million impressions. Thanks to a rash of crypto millionaires publicly spending their bitcoin on Lamborghinis, the “Lambo” has become the outward symbol for crypto bro culture.
For its part, Lamborghini seems to like the attention. In a CNBC interview last week, the brand’s CEO Stefano Domenicali said that young people love Lamborghinis, especially young people that are OK with high-risk and high-reward situations.
“I see the parallel between young people that are really willing to become very rich with a very high-risk investment with the fact that our customers are very young,” he said.
Cantor agrees: “Lamborghinis are being associated with a youthful way to build wealth. The downside is it could also be associated with brash, cocky arrogant bro culture. But that’s not a bad thing,” she said.
There is some history here. As far back as 2011, Peter Saddington, a startup CEO, bought a Lamborghini Huracan for about $115, cashing in 45 bitcoins to buy the $200,000 car.
In 2014, a 4chan user bought a Lamborghini Gallardo with bitcoin, spending 216 bitcoins for the car (about $209,995 at the tie.) The buyer leaked the documents, so the Reddit legend goes, and bought the car using a third-party service that verifies bitcoin. The sale’s news went viral, and Lamborghini Newport Beach, the dealership where it was bought, proudly used it to proclaim that it was the first luxury car dealer to accept Bitcoin as payment. (It also sold a Tesla Model S to someone for 91 bitcoins around the same time.)
There were lots of other similar sales at the time, with crypto enthusiasts cashing in their newfound wealth to buy the expensive cars.
One bitcoin is currently worth $8,000, about half of what its value was in December.
Woodrow Levin, CEO of 3.0, a crypto asset hedge fund, said that Lambos are from a time when crypto bros had to scream from the rooftops and proclaim that they were here. That time, he says, has passed, at least for people who take crypto assets more seriously.
“If you want to be taken seriously, and if you want this to be accepted as a game-changing technology and a new asset class, you don’t HODL, you don’t moon, and you don’t Lambo.” He likens to the dot-com boom, when people cashed in and bought yachts or jets. ‘This isn’t new but in some way the Lambo has become a symbol for the industry and its meteoric rise.”

Read More…

AquariusCoin Price Tops $0.34 on Top Exchanges (ARCO)

Posted by ABMN Staff on May 22nd, 2018 // No Comments
AquariusCoin (CURRENCY:ARCO) traded 12.5% lower against the dollar during the 1 day period ending at 23:00 PM ET on May 22nd. One AquariusCoin coin can now be bought for $0.34 or 0.00004260 BTC on popular cryptocurrency exchanges including YoBit and Cryptopia. AquariusCoin has a total market cap of $590,920.00 and $2,781.00 worth of AquariusCoin was traded on exchanges in the last day. During the last week, AquariusCoin has traded 6% lower against the dollar.
Here is how other cryptocurrencies have performed during the last day: Get AquariusCoin alerts: Novacoin (NVC) traded 2.7% lower against the dollar and now trades at $3.71 or 0.00046758 BTC. Sequence (SEQ) traded down 5.2% against the dollar and now trades at $0.14 or 0.00001806 BTC. vTorrent (VTR) traded down 6.6% against the dollar and now trades at $0.37 or 0.00004703 BTC. Rupaya (RUPX) traded 2.6% lower against the dollar and now trades at $0.10 or 0.00001269 BTC. LiteDoge (LDOGE) traded 11.6% lower against the dollar and now trades at $0.0001 or 0. 1 BTC. 42-coin (42) traded 8.5% lower against the dollar and now trades at $27,412.80 or 3.45040000 BTC. Cashcoin (CASH) traded up 42.5% against the dollar and now trades at $0.0141 or 0. 177 BTC. BitBar (BTB) traded 2% lower against the dollar and now trades at $15.89 or 0.002 BTC. Litecoin Plus (LCP) traded down 9.2% against the dollar and now trades at $0.31 or 0.00003866 BTC. BriaCoin (BRIA) traded 5% lower against the dollar and now trades at $0.57 or 0.00007174 BTC.
AquariusCoin Coin Profile AquariusCoin (ARCO) is a PoW/PoS coin that uses the Scrypt hashing algorithm. Its launch date was February 19th, 2016. AquariusCoin’s total supply is 1,745,964 coins. AquariusCoin’s official website is aquariuscoin.com . AquariusCoin’s official Twitter account is @ArcCoin and its Facebook page is accessible here .
AquariusCoin Coin Trading
AquariusCoin can be traded on these cryptocurrency exchanges: Cryptopia and YoBit. It is usually not presently possible to purchase alternative cryptocurrencies such as AquariusCoin directly using US dollars. Investors seeking to acquire AquariusCoin should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as GDAX, Gemini or Coinbase . Investors can then use their newly-acquired Bitcoin or Ethereum to purchase AquariusCoin using one of the aforementioned exchanges. Receive News & Updates for AquariusCoin updates for AquariusCoin and related cryptocurrencies CryptoBeat newsletter . «

Read More…

Bitcoin – Crypto Investment Manager Touts 3 Catalysts for Bitcoin Cash Bull Run

Bitcoin – Crypto Investment Manager Touts 3 Catalysts for Bitcoin Cash Bull Run 22 May 2018 8538
Join our community of 10 000 traders on Hacked.com for just $39 per month.
Cryptocurrency portfolio manager Brian Kelly has been touting Bitcoin Cash for weeks, and now he’s doubling down on his bullish call. Bitcoin Cash outperformed other leading digital currencies, the latter of which have taken it on the chin in recent weeks.
The Bitcoin Cash price advanced 6% over the last month compared to declines of 5%, 9% and 11% for bitcoin, Litecoin and Ripple, respectively. Kelly on CNBC made the case for Bitcoin Cash.
Kelly, the founder of investment firm BKCM, believes that Bitcoin Cash has more room to run, and he’s outlined the catalysts for the bullish outlook. “Proposed development fund” “Could give cryptocurrency more use cases” “Highlights centralization of miners”
To take each of the catalysts in more detail, miners of Bitcoin Cash in recent days announced a new development fund that will be comprised of a percentage of the bounty they receive from creating new coins. The funds in the new portfolio will be directed toward the development of new technology “on top of Bitcoin Cash,” Kelly explained, adding that it’s akin to an App Store for the blockchain.
“That potentially could give value to Bitcoin Cash,” said Kelly, adding that it’s not the only blockchain project doing something like this.
The development fund leads to the second catalyst, which involves developers using the new blockchain technology to create more use cases for bitcoin cash. “To the extent that usefulness translates into value, that could be a positive for Bitcoin Cash,” he said.
Next, the development fund reflects “centralization of the miners,” which Kelly admits bucks the trend for cryptocurrencies. Ultimately, this could prove to be a negative but for now, the mission behind the development fund appears to be a good one.
As for the market, Kelly points to an uptrend in BCH that’s strengthened by the fact that it has been able to hold support. The technicals for BCH coupled with the catalysts he outlined led to his bullish call: “For me, that’s a place that I want to buy,” he said. Source: CNBC
Not So Fast?
CNBC’s Fast Money took some tweets from viewers, one of which asked Kelly if he was actually early bitcoin backer Roger Ver. Ver, who is also known as “Bitcoin Jesus”, is a proponent of Bitcoin Cash over bitcoin core.
CNBC said they get a number of tweets basically accusing the business network of performing pump-and-dump schemes. One such accusation come from a Twitter user by Samson Mow, who Mow said Kelly has since blocked – Collecting some gems for @SEC_Enforcement @SEC_News to take a closer look at @CNBCFastMoney @CNBC pumping and dumping altcoins on their viewers. Enough is enough. If you have more tweets, post below and I’ll add them to the Moment. ⚖️ https://t.co/i42MeDK91P
— Samson Mow (@Excellion) May 22, 2018
Meanwhile, CNBC host Melissa Lee responded on the air broadly to any accusations, saying: “That is absolutely not the case. We do not take any payments to promote anything on this show. Nothing.”
Featured image from Shutterstock.

Read More…

Quote: from: poisonivy77 on Today at 06:46:14 AM Quote: from: firasbc on April 06, 2018, 07:59:59 PM The Reserve Bank of India has restricted controlled monetary establishments from managing in cryptocurrencies, refering to the dangers included. American very rich person Tim Draper trusts that India is committing a major error by closing its ways to cryptocurrencies. As tim Draper, this will just prompt cerebrum deplete the same number of will be compelled to move to different spots, which are more crypto-accommodating.
Japan, which is a noteworthy center point for crypto and Blockchain action is confronting deficiency of programming engineers. There are comparable necessities at different spots, where Blockchain experts are sought after. This has constrained the best MBA universities on the planet to build the nearness of virtual cash and Blockchain classes in their projects.
there are a lot of reasons why bitcoins price goes down, first of all is the number of investors to support the campaign, due to some anomalies and controversy that bitcoin has in, investors turn their back on it, thus making low profits.
Yes, I agree. When people are dumping their coins at a cheaper price, it would initiate a downtrend of price. If we want it to grow more, then, we’ll just wait till the peak price is reached. Some factors that may also affect is, the “Fake news” because it ruined the credibility of btc, thus making people to worry and will no longer invest.

Read More…

Pakistanis Find Ways to Trade Bitcoin Rendering Ban Ineffective

3874 Pakistanis Find Ways to Trade Bitcoin Rendering Ban Ineffective The crypto ban in Pakistan is proving to be not as effective as expected. If anything, the State Bank has barred commercial banks and financial firms from dealing in cryptocurrency which, of course, makes life harder for local exchanges. Individual traders, however, are finding alternative ways to acquire or sell cryptocurrencies, defying the warnings and the prohibitions.
bitcoin,crypto,crypto news,cryptocurrency news,bitcoin news,litecoin,bitcoin cash,ethereum,bitcoin price,bitcoin btc,xrp ripple,ripple,xrp,btc,xrp coin,ripple news,cryptocurrency,btc news,btc price,li

Read More…

EDRCoin Hits Market Capitalization of $0.00 (EDRC)

Posted by Tatum Peregrin on May 23rd, 2018 // No Comments
EDRCoin (CURRENCY:EDRC) traded down 5.7% against the US dollar during the 1 day period ending at 3:00 AM ET on May 8th. In the last seven days, EDRCoin has traded 16.6% lower against the US dollar. EDRCoin has a market capitalization of $0.00 and approximately $26.00 worth of EDRCoin was traded on exchanges in the last 24 hours. One EDRCoin coin can now be purchased for $0.0684 or 0. 863 BTC on popular cryptocurrency exchanges including Cryptopia, CoinExchange and YoBit.
Here’s how related cryptocurrencies have performed in the last 24 hours: Get EDRCoin alerts: Qbao (QBT) traded down 9.1% against the dollar and now trades at $0.32 or 0.00003978 BTC. Bean Cash (BITB) traded down 5.6% against the dollar and now trades at $0.0080 or 0. 101 BTC. Bitcoin Atom (BCA) traded 4% lower against the dollar and now trades at $1.02 or 0.00012809 BTC. Measurable Data Token (MDT) traded 13.4% lower against the dollar and now trades at $0.0531 or 0. 670 BTC. Pascal Lite (PASL) traded up 2.6% against the dollar and now trades at $0.0353 or 0. 445 BTC. X-Coin (XCO) traded 8.5% higher against the dollar and now trades at $0.0072 or 0. 91 BTC. High Voltage (HVCO) traded down 1.8% against the dollar and now trades at $0.0571 or 0. 720 BTC. Cybereits (CRE) traded 7.3% lower against the dollar and now trades at $0.0259 or 0. 327 BTC. Fonziecoin (FONZ) traded flat against the dollar and now trades at $0.0012 or 0. 13 BTC. PrismChain (PRM) traded flat against the dollar and now trades at $0.0011 or 0. 13 BTC.
About EDRCoin
EDRCoin (CRYPTO:EDRC) is a PoW/PoS coin that uses the SHA256 hashing algorithm. Its launch date was January 26th, 2016. EDRCoin’s total supply is 3,407,292 coins. EDRCoin’s official website is www.edrcoin.cash . EDRCoin’s official Twitter account is @EDRCoinOfficial and its Facebook page is accessible here .
Buying and Selling EDRCoin
EDRCoin can be purchased on the following cryptocurrency exchanges: CoinExchange, YoBit and Cryptopia. It is usually not presently possible to buy alternative cryptocurrencies such as EDRCoin directly using US dollars. Investors seeking to trade EDRCoin should first buy Ethereum or Bitcoin using an exchange that deals in US dollars such as Changelly, Coinbase or Gemini. Investors can then use their newly-acquired Ethereum or Bitcoin to buy EDRCoin using one of the exchanges listed above. Receive News & Ratings for EDRCoin Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for EDRCoin and related companies with MarketBeat.com’s FREE daily email newsletter . «

Read More…

Aeon (AEON) Trading 9.2% Lower This Week

Tweet
Aeon (CURRENCY:AEON) traded down 9.3% against the U.S. dollar during the 24 hour period ending at 10:00 AM ET on May 23rd. Aeon has a total market capitalization of $25.65 million and approximately $40,119.00 worth of Aeon was traded on exchanges in the last 24 hours. One Aeon coin can currently be bought for approximately $1.62 or 0.00020521 BTC on major cryptocurrency exchanges including Bittrex, TradeOgre and HitBTC. In the last week, Aeon has traded 9.2% lower against the U.S. dollar.
Here’s how other cryptocurrencies have performed in the last 24 hours: Get Aeon alerts: Monero (XMR) traded 5.7% lower against the dollar and now trades at $176.91 or 0.02240220 BTC. Bytecoin (BCN) traded down 11.6% against the dollar and now trades at $0.0075 or 0. 95 BTC. DigitalNote (XDN) traded 3.7% lower against the dollar and now trades at $0.0116 or 0. 147 BTC. Boolberry (BBR) traded 3.7% lower against the dollar and now trades at $1.56 or 0.00019800 BTC. Interplanetary Broadcast Coin (IPBC) traded up 2.6% against the dollar and now trades at $0.18 or 0.00002206 BTC. Sumokoin (SUMO) traded down 8.8% against the dollar and now trades at $1.45 or 0.00018364 BTC. Karbo (KRB) traded 28.1% higher against the dollar and now trades at $0.73 or 0.00009223 BTC. Stellite (XTL) traded 17.5% lower against the dollar and now trades at $0.0010 or 0. 12 BTC. IntenseCoin (ITNS) traded down 2.6% against the dollar and now trades at $0.0034 or 0. 43 BTC. LeviarCoin (XLC) traded 13.5% lower against the dollar and now trades at $0.0776 or 0. 823 BTC.
Aeon Coin Profile Aeon (CRYPTO:AEON) is a proof-of-work (PoW) coin that uses the Cryptonight hashing algorithm. Its launch date was June 6th, 2014. Aeon’s total supply is 15,831,459 coins. The Reddit community for Aeon is /r/aeon and the currency’s Github account can be viewed here . The official website for Aeon is www.aeon.cash . Aeon’s official Twitter account is @AeonCoin .
Aeon Coin Trading
Aeon can be purchased on the following cryptocurrency exchanges: Bittrex, HitBTC and TradeOgre. It is usually not currently possible to purchase alternative cryptocurrencies such as Aeon directly using US dollars. Investors seeking to trade Aeon should first purchase Bitcoin or Ethereum using an exchange that deals in US dollars such as Gemini, Coinbase or Changelly. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase Aeon using one of the exchanges listed above.
new TradingView.widget({ “height”: 400, “width”: 650, “symbol”: “AEONUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”}); Receive News & Updates for Aeon updates for Aeon and related cryptocurrencies CryptoBeat newsletter .

Read More…

Bitcoin is here to remind you that it is falling again, losing $18bn in 24hrs

Iconic GO! Home > Money > Banking & finance > Bitcoin is here to remind you that it is falling again, losing $18bn in 24hrs Bitcoin is here to remind you that it is falling again, losing $18bn in 24hrs May 23, 2018 1:51 pm
Bitcoin is worse off today, down again, falling below the $8000, $7837 to be exact at publishing time.
According to Coindesk, Bitcoin’s price slip meant it hit a 35-day low.
Starting from May 23 trading US trading session, the world’s largest cryptocurrency started to fall, dropping to its lowest point since April 18.
“After steadily climbing up to nearly $10,000 on May 6, Bitcoin’s price has been on a gradual decline, reflecting a 20 percent drop over the past two weeks,” said Coindesk.
Read: 3 crypto currency developments that will leave you stunned!
Bear market?
The good news is that the current price level is still 30% higher than Feb 5, 2018 when it hit $5,947.
“Bitcoin had briefly peaked above $8,600 on Monday, giving investors a false hope that it would make a run back toward $9,000. Unfortunately, this rally proved unsustainable, and the crypto lost about 5% of its value,” said CCN, an industry site.
“Bitcoin’s sluggish performance has not been an isolated occurrence. The cryptocurrency market cap as a whole has declined by approximately $18 billion for the day, from $381 billion on Monday to $363 billion.”
Nearly all of the top 100 assets by market cap are showing 10 to 20% declines at press time.
According to CoinMarketCap, both XRP and Bitcoin Cash are trading at a one-month low at $0.63 and $1,120 respectively.
Read: Own a stake in the future floating crypto city with Varyon
Actors and Factors
The recent market downtrend has been linked to several factors, including a scandal involving South Korea’s two largest cryptocurrency exchanges, Bitfinex’s announcement that it will share some users’ tax information with the government, and the belief that the trustee of the Mt. Gox estate has begun selling more of the bankrupt exchange’s cryptocurrency holdings, according to CCN.
The CoinTelegraph meanwhile said that in a report issued by China’s Ministry of Industry and Information Technology, the government reiterated its position against “certain risks that cannot be ignored” in regards to ICOs, pyramid schemes, and fraudulent behaviour related to cryptos.
“In addition to regulatory fears, hype surrounding a possible rally following Blockchain Week and the Consensus conference in New York was proven to be a dud. Co-founder of Fundstrat Global Advisors Tom Lee, who is famous for his bullish predictions on BTC price, admitted that his prediction of a post-conference rally was wrong,” said The CoinTelegraph.

Read More…