In today’s digital currency news, we have Bitcoin and Ethereum as the only top 5 coins that are in the green. After yesterday’s slump, ETH and BTC rose by less than 1% and are currently trading a bit below their stable levels.
Bitcoin is now valued at $6,336 while Ethereum is sitting at $197.
The most dominant cryptocurrency is right now up by 0.07% which is a minimal gain – however one that may lead the price to a new milestone of $6,400. The daily volume of Bitcoin is standard, hovering between the $3 and $4 billion marks, while Ethereum has a daily volume that is nearly 1.5$ billion.
What’s most crucial at this point for Ethereum is the fact that the second largest cryptocurrency must retain its $200 margin and not fall below the $190 gap, which analysts see as a downward trend. Recently, news outlets reported that the Ethereum Enterprise Alliance (EEA) released new standard specifications for developers using the Ethereum blockchain.
After dropping to as low as $201 billion yesterday, the total market cap is $203 billion and most of the assets are trading sideways after the recent drop that took place this Monday, October 29th.
According to analysts, the recent drop-off in crypto markets is in line with a number of the industry-related events that took place this Monday, specifically the 2018 Canada FinTech forum during which a former US Federal Reserve chairman argued that Bitcoin is “anything but a useful store of value” and that the low volumes of transactions and slow capacity in “handling payments” are caused by Bitcoin’s “very decentralized nature.”
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
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