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Anniversary: One Year After The Crypto Bubble Burst, Market Is Down 84%

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In today’s digital currency news, we are taking some time to ‘celebrate’ one year after the crypto bubble bursted and Bitcoin fell from its all-time high to lower and lower prices, lingering into the new year and continuing the trend throughout 2018, driving other altcoins in the fallback as well.

As data from CoinMarketCap shows, the cryptocurrency market was $835.7 billion on January 7th 2018, to later fall drastically. Today, the cryptocurrency market sits at just $136.3 billion and represents an approximate decline of 84%, while the number of crypto projects has swelled to 2,086 only.

The main factor for the downward trend, according to experts, was the introduction of Bitcoin futures in mid-December, which reportedly punctured the Bitcoin price bubble all while the most dominant cryptocurrency peaked near $20,000 days after its futures contracts began trading on the regulated US-based exchanges CBOE and CME.

Ripple (XRP) also had something to do with the bubble burst. The cryptocurrency was particularly popular in South Korea, where the “Kimchi Premium” drove the token’s average as high as $3.84. Today, Ripple is down more than 90% and trading at $0.36 at the moment.

What’s good is that this downward trend has not stopped developers from continuing to build out the technologies that helped Bitcoin and other crypto networks scale to accommodate mainstream adoption. For instance, the median Bitcoin transaction fee has now fallen to more than a three-year low, and is now able to process about 75% more payments on a daily basis than it did the last time when fees where this low.

However, everyone is hoping for a new bull run – and no one knows when times like these will come.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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German Volksbank Now Charges 0.5% Negative Interest On Crypto

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The Bitcoin-cautious Germany is now seeing the first bank demand that ordinary savers pay to hold their money - which goes as little as €1. This move was reported in the Bitcoin news by several local press outlets including the Süddeutsche Zeitung which on November 19 reported that the German Volksbank is now charging a 0.5% negative interest rates on the smallest deposits.The Volksbank Raiffeisenbank Furstenfeldbruck (VRF) and its management said that they "had to do it" as the publication quoted. The reason for that, as they said, was the cost of "parking" money at the European Central Bank (ECB).In Germany, the negative interest rates previously impacted only the deposits above €100,000 which mainly included an interest-free allowance. However, the latest move by the German Volksbank makes it the first lender in the country which is targeting savings below this level.
“Recently, more clients have been coming to us from other banks where they’ve already used up their allowance,” the management continued.
Many media outlets were in the cryptonews stating that negative interest rates are beginning to form part of the ECB's monetary policy. This phenomenon ultimately means that some portion of the savers must pay banks to hold their money.Even critics weighed in their opinions and warned that moves like the one of German Volksbank would now incentivize the public to move into cash. The alternatives such as Bitcoin (BTC) also stand to benefit. In contrast to this, Bitcoin does not suffer from the inflationary meddling in the supply and the destruction of its value. This means that HODLers would never be forced to pay to own it.Last month, the co-founder of Gemini exchange and entrepreneur Cameron Winklevoss said that cryptocurrency is the ideal method of escaping negative rates on bonds, which account for total investments worth $17 trillion. Today, the German Volksbank proves the opposite.The CEO of a German consumer portal also warned that Volksbank could "open the floodgates" with this move. As Oliver Maier noted, "we’re seeing a lot of movement on the market at present,” adding that the ECB's decision to cut its benchmark interest rate for banks to -0.5% from -0.4% was the true cause of the upset.The decision comes in tough times for the market, as Bitcoin lost support on $8,000 and is now trading in the lower areas.
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PayPal Leads New $4.2M Funding Round For Crypto Platform

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The payment processor PayPal leads what is seen as a $4.2 million funding round for the cryptocurrency risk management platform TRM Labs. With this, the payment processor proves that it is active in the cryptonews and wants to back as more startups as possible.As a November 19 press release by TRM Labs shows, the company managed to secure $4.2 million in an investment round led by PayPal with participation from other top investors, too. These include the names of Initialized Capital, Blockchain Capital and Y Combinator.As PayPal leads the funding round, we can see that TRM was founded in 2018 and aims to support financial institutions across the United States, Latin America, Asia and Europe by measuring, monitoring as well as mitigating their cryptocurrency risk exposure. This is how the platform wants to meet the regulatory requirements and help streamline their Anti-Money Laundering compliance.The CTO and co-founder of TRM Labs named Rahul Raina said that PayPal leads with the investment - and that this is proof that the company's "continued commitment to ensuring safety and compliance as the digital payments landscape evolves and innovates."The new funding by TRM also brings their total amount raised to $5.9 million and will enable the company to grow its engineering and data science teams, expand into new markets as well as increase the product development.
"At TRM, we are fueled by a fundamental belief that cryptocurrency and blockchain can democratize access to financial services and empower billions of people. By building solutions to prevent cryptocurrency fraud and financial crime, we enable this vision and build a safer financial system for billions of people," said Esteban Castano, the co-founder and CEO of TRM Labs.
The blockchain news earlier showed that TRM secured $1.7 million from Blockchain Capital this January. Now that PayPal leads the way with another investment, the number is at $4.2 million and "many strategic angel investors" already participate in the rounds, reports show.Meanwhile, updates from the market show that today's market cap is at $222 billion, still dropping but not that strongly when compared to yesterday's levels. Bitcoin (BTC) is still below $8,200 while Ether (ETH) is struggling to push through the $180 mark.
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Crypto Markets Continue The Drop: BTC Below $8,200, Alts Following

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A major sell-off occurred earlier today, resulting in a lot of pain for cryptocurrency traders this morning. As the crypto markets continue their drop, Bitcoin (BTC) is now at a new price level below $8,200.At the time of writing, it seems like all of the top 20 cryptocurrencies are in the red and seeing significant losses. The altcoin news show that Tezos (XTZ) which is the 17th largest altcoin by market cap is resisting this bearish movement and is still up by 1% over the past 24 hours despite the massive sell-off occurring on the market.As we can see from the charts, Bitcoin failed to reclaim $8,500 earlier today which caused its price to continue dropping. As the crypto markets continue the drop, BTC managed to visit lows of $8,104 per coin earlier on the day.At press time, Bitcoin (BTC) is trading at around $8,160. The latest Bitcoin news indicate that there has been a decline which is south of 5% as the major cryptocurrency is flat over the past 30 days.The fresh decline in the market is considered by some analysts as one that could expose Bitcoin to a potential return to $7,400 as we reported today. In contrast to this, other analysts suggested that Bitcoin's recent trading into a falling wedge is typically a bullish pattern which has a success rate to break to the upside in around 68% of the cases.Ethereum is losing 4% on the day, Ripple's XRP token is down by ore than 5%, Bitcoin Cash has lost ground and keeps falling with 8.31% minus so far, and EOS is in similar pains with a 7.53% drop. The Bitcoin Cash news today now seem to pinpoint BCH as the biggest loser of all in the altcoin markets.Last week, the CEO and co-founder of Distributed Lab made waves in the industry when he claimed that the Bitcoin price could "crash to zero" in the event of mass adoption by institutions.The total market capitalization right now amounts to $225 billion and keeps dropping. While industry experts hoped for another bullish run this week, the Tuesday proves painful. The only optimists in the space are the renowned bull Tom Lee who recently reaffirmed his prediction about BTC hitting $25,000 by 2022.
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MakerDAO Project Launches Multi-Collateral DAI Stablecoin

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MakerDAO project officially launched its upgraded multi-collateral DAI stablecoin today and announced it will not include traditional assets as accepted forms of collateral yet. The cryptocurrency exchange Coinbase on the other hand, announced support for the upgraded token from 2nd December as we reported in the previous altcoin news here on DC Forecasts.The Multi-collateral DAI (MCD) will add a lot of new features to the Maker protocol according to the recent blog post and in addition to the expanded range of increased collateral asset types, it will also introduce the Dai savings rate. This will allow the holders of the MakerDAO project to earn the save in the native coin and the initial rate will be decided by the holders.The collateral which has been limited previously to the ETH tokens only, will not be open to other ERC 20 tokens and there are right now a few other tokens under constructions and the initial tokens will be added and voted on by the MKR holders. Coinbase announced its intention to support the Multi-collateral DAI in a blog post of its own. Any token that is held on the exchange will be upgraded from Single-Collateral DAI or now known as SAI, to multi-collateral DAI on December 2nd.Sai that is held elsewhere can be moved to a new Coinbase account before the date for automatic conversion. Coinbase also plans to further automate the conversion at some point in the future for all those who miss the deadline. However, Sai can also be manually converted to DAI by using the Migration app from MakerDAO or via the Coinbase Wallet app. Anyone who has the SAI on the Coinbase platform, but does not want to migrate to the multi-collateral version, should move the tokens elsewhere before December 2nd.The original single-collateral DAI went live before two years with the goal of creating a cryptocurrency that will be able to support the decentralized and stable digital global economy. There were some concerns back in September that the token’s multi-collateral future would incorporate the traditional assets as collateral and to also introduce KYC features which many believe is defeating the purpose of the decentralized finance.
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