The cryptocurrency market lost more than $9 billion in only a couple of hours after the price of several tokens and small market cap cryptocurrencies dropped.
After the relatively strong rally which saw some tokens even rise from 30% to 50% in 24 hours, the crypto market corrected and saw a decline in the value of tokens. Some of the most affected coins in the new drop were Nano, Zilliqa, and Aelf – which dropped by 18%, 13%, and 12.9% respectively.
Currently, the analysts believe that the decline in price was triggered by the strong recovery of the market which “needed to correct”. One expert crypto trader and FX market maker named Alex Kruger commented on the situation, stating:
“BTC was rejected at $6,600 and the whole crypto complex fell like a house of cards (-10%/20% this morning). A strong bounce out of massively oversold levels does not indicate a new bull run has started.”
He also said that the majority of the traders in the crypto sector mistook a minor corrective rally that was formed by strong oversold conditions in the crypto market for a bull rally. This made them expect that the market will perform better than its recovery in the first place.
If we go back to yesterday’s price situation, the price of VeChain increased by 90% at one point against the US dollar in only 24 hours. As analysts say, a market recovery from such a bullish run is always normal.
Over the next few days, analysts expect that the Bitcoin will further stabilize at $6,400 – at least for a couple of days – before another bullish rally is initiated. Currently, the volume of both Bitcoin and Ethereum remains equal to its July levels.
Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.
A New $4 Billion Drop Sees Bitcoin Cash – And The Entire Market – Falling
‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
Crypto Exchange OKCoin Expands To Latin America, Launching A Fiat Market
"We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” Buyn said following the official announcement.He also pointed that the Latin American market is extremely important for the exchange as it is for many crypto and blockchain industries.
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