In the latest cryptocurrency news, we have a new wipeout that has the crypto market suffering – and being one of the most intense daily sell-offs in all of 2018, where the market lost more than $26 billion in one single day.
The price of Bitcoin, which demonstrated a high level of stability over the past 3 months, recorded a 11% drop within 12 hours, which was a decline that brought down many other altcoins and digital assets, triggering downward movements in the entire market.
One of them was Bitcoin Cash (BCH) which suffered most yesterday, falling by more than 19% and losing about a fifth of its value. Over the past week, this altcoin has managed to drop by over 50% and lose half of its value against the US dollar and 40% of its value against BTC.
The intensity of yesterday’s selloff reached a point in which Bitcoin saw its trading volume doubling from $4 billion to $8.1 billion. Even though the volume rarely surpassed the $4 billion margin over the past few months, it now demonstrated a high trading activity because of the selloff.
One respected crypto trader and analyst going by the handle DonAlt commented on the latest drop, stating:
BTC looks pretty weak, this might be the first time I'm not buying 6.2k in quite a while.
I'm just not trusting it to hold forever after getting battered for so long.
If it does break alts will suffer hardest.
Waiting for the daily close.
S: 6200, 6250
R: 6330 pic.twitter.com/D9jwgvHMp8
— DonAlt (@CryptoDonAlt) November 14, 2018
The price trend of Bitcoin has played out similarly to the trend that DonAlt laid out and small market cryptocurrencies managed to suffer against both Bitcoin and the US dollar. Throughout the first two quarters of 2018, however, tokens and small market cap assets recorded losses from 40% to 80% against Bitcoin.
The recent losses of 15% to 20% managed to bring their total yearly losses to around 95% percent. Bitcoin is now trading at $5,645 – and analysts believe that a quick rally to $6,000 could recover it from this situation.
Venezuelan President Mandates New Petro-Financed Housing Scheme
“We tell President Nicolás Maduro that we continue to follow his instructions, moving forward and giving concrete samples when delivering homes, and the next milestones will be with Petro and the homes will be more protected by this mechanism.”Another member of the Venezuelan government was in the altcoin news. Joselit Ramirez, who is the superintendent of virtual currency in the country, praised the department and its confirmaiton that it will adhere to the Petro Incentive plan. He described the department as “a bastion of transformation of the entire national economy" and stated that this program will allow private investors to finance the construction of public housing through the stock market with 4,000 houses set to be constructed. This announcement was featured on many best cryptocurrency news sites and local news sites portraying the Venezuelan president as an authority leading the scheme. The announcement also comes 15 months after the government in the country and its desired to finance public housing using Petro cryptocurrency was first reported. As the coming altcoin news show, the financing initiative approved by the Venezuelan president Maduro is the latest attempt of the government in the country to cultivate Petro adoption via executive mandate. Earlier this month, the Bank of Venezuela launched an online portal which aim is to facilitate Petro wallet registrations. The announcement followed an official order from the Venezuelan president Nicolas Maduro in July - which demanded that the country's central bank must provide support for Petro. At the end of August 2018, Maduro ordered banks throughout Venezuela to accept the oil-backed virtual currency as a unit of account.
Will Next Gen Altcoins Blossom In The Next Crypto Bull Run?
BitMEX CEO Arthur Hayes: ‘Traditional Traders Are Under Pressure’
“Some of the practices in our market are going to be mimicked in traditional trading [...] All these things about being somewhere and trading something and physically reconciling records is all going to go out the window. Once you get away from that and understand that everything will be digital in the next 10 years, you realize that Bitcoin isn’t such a strange idea.”It remains to be seen how labor organizations which were crucial in the adoption of weekends, the 40-hour workweek and mandatory break - will respond to the claims of the BitMEX CEO Arthur Hayes and especially if his prediction passes. On September 18 and before this, the CEO of BitMEX was in the news for predicting that Bitcoin (BTC) could soon shoot to $20,000 as a result of emergency measures from the United States Federal Reserve. The comments by Hayes came right after the Federal Reserve swooped in and decided to decrease interest rates on some loans which reached more than 10% or four times its target. More than $53 billion was pumped in the economy through the quantitative easing (QE) measures.
“QE4eva is coming. Once the Fed gets religion again, get ready for #bitcoin $20,000,” the BitMEX CEO Arthur Hayes tweeted back then.The latest Bitcoin and altcoin news show a new correction on the market. The total market cap is now at $267 billion and Bitcoin is again below $10,100.
Upbit Exchange Delists Privacy Coins Including Monero, Dash and Others
“There are also crypto-assets that can selectively utilize anonymity features among projects that are subject to end of transaction support. For these crypto-asset, Upbit has only supported transparent withdrawal/deposit support. Nevertheless, the decision to end trading support for the crypto-asset was also made to block the possibility of money laundering and inflow from external networks. Upbit will continue to consider crypto-asset that represent anonymity functions as candidates for designation of investment warning crypto-asset.”Now that Upbit exchange decided to delist the privacy coins, the coming altcoin news show that coin prices are starting to drop. According to Messari analytics, the Zcash price dropped over 50% since July 1 joined by Monero, which has been down near 20% over the same period. Still, the exchange delistings and price drops have not necessarily slowed privacy coin tech development. Over the past month, the Electric Coin Company by Zcash released Halo which is the long-awaited zk-SNARK which can verify a single blockchain in one proof.
Join us on Facebook
- Venezuelan President Mandates New Petro-Financed Housing Scheme
- NASA Is Hiring A Data Scientist With Crypto/DLT Background
- Merchants Accepting BTC In 2019: What Can You Buy With Bitcoin?
- Will Next Gen Altcoins Blossom In The Next Crypto Bull Run?
- CipherTrace Scout App Lets You Flag BTC/ETH Tokens On Mobile
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Tether’s Burning Of 400M USDT Could Crash The Bitcoin Price
Bitcoin News5 days ago
Bitcoin Price Analysts: A Strong Bull Run Is Imminent
Altcoin News3 days ago
Wells Fargo Tokenizes Cash But Avoids Calling It A Cryptocurrency
Altcoin News3 days ago
Ripple And Coinbase Relations Rumor Will Fuel XRP By 20%
Bitcoin News4 days ago
Current Bitcoin Is Stronger Than Ever, But No One Cares: Google Trends
Bitcoin News4 days ago
Deloitte Starts Testing Bitcoin Payments For Its Staff
Ethereum News1 day ago
ETH Looks Bullish As Its Uptrend Continues
Bitcoin News2 days ago
CME BTC Futures Volumes Hits 4-Month Low: Analysis