At the end of the day, we are reading in our cryptocurrency news the analysis of the crypto market and the largest cryptocurrencies where we can see that the total market cap is hovering around $134 billion while Bitcoin is testing the $3,900 support level for the most part of the day.
The top 20 cryptocurrencies are seeing some mixed signals with slight losses that are not exceeding 1 percent while the other cryptocurrencies see some growth of more than 4 percent over the past 24 hours at press time.
For example, Bitcoin is trading at $3,912 which means it is up by 0.3 percent over the past 24 hours but earlier in the day the crypto was as high as $3,925. The intraday low reached $3,863 and now at press time, the price of Bitcoin is up by 0.7 percent over the past week.
Ethereum on the other hand, is now trading at $134 which means the second largest cryptocurrency is up by 0.4 percent during the day. The altcoin was down however, by 1.85 percent for the past seven days. It is important to note that the United States Securities and Exchange Commission more specifically the chairman Jay Clayton stated that Ethereum and cryptocurrencies like Ethereum are not securities under the US law. Also, Sparkpool Ethereum mining pool confirmed that there has come to an agreement with the user who sent more than $300,000 in mining fees accidentally.
Ripple (XRP), now the third cryptocurrency by market cap, is down by 0.03 percent and is trading about $0.3107 at the time of writing. This altcoin was down by 1.34 percent over the past 7 days.
For the other smaller cryptocurrencies such as Dash and Cardano are seeing some growth among the other 20 coins with the one trading at $91.65 and the other dropping down by more than 0.7 percent which is the biggest loss for the Cardano coin.
The total market capitalization reached about $134 billion and the daily trading volume is about $32 billion.
In the meantime, the price of the oil has grown slightly after allegedly being supported by Saudi Arabia’s plan for supply curbs and the reduction of oil exports from Venezuela. Also, the gold prices also experienced some growth.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
New Report Shows That Bithumb Is Laying Off 50% Of Its Staff
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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