In the past 24 hours, the crypto market has found itself caught in a big bloodbath resulting in the loss of more than $26 billion, making it one of the most extreme losses and daily sell-offs this year.
At Nov 14, 2018, 22:41 UTC, the price of Bitcoin was at $5,525.92 – which is noted to be one more than a 12% loss – it shows the volatility of the crypto-market but in connection to the downside. Continuing with its decline, at the time of writing, BTC has dropped even a bit further to $5,501.
It is important to know that this is the first time in more than a year the total market cap of Bitcoin moved underneath the $100 Billion mark. However, in the last twelve hours, the total market capitalization of cryptocurrencies fell from $210 Billion and it is now at $184 Billion.
Due to the drastic fall of Bitcoin, other cryptocurrencies such as Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Stellar (XLM), etc., followed suit recording falls of about 10% or more.
In the course of the current cryptocurrency carnage in the market, XRP has overtaken Ethereum by market capitalization as the second largest digital asset in the space by market capitalization, according to coinmarketcap.
Only the stable-coins like Tether are still trading in the green. Tether and other stable-coins have been projected to trade steadily against USD. At the time of writing, USDT is trading at $0.981804.
What Caused The Recent Crypto Bloodbath?
The recent drop in the crypto market has been attributed to a lot of factors which includes the forthcoming Bitcoin Cash fork and a feud between Bitcoin Cash developers.
Craig dies not have that power. He is a blind fool with zero understanding of Chinese business, its relationship to the Chinese government and the power of the Chinese Government to utterly destroy someone – anywhere, anytime. Wake up Craig. You are now playing in the adult world
— John McAfee (@officialmcafee) November 15, 2018
BCH recorded the highest loss out of other digital assets in the space by 19%. The cryptocurrency was created last year with the aim of producing a crypto coin better and faster than Bitcoin. At the moment, there seems to be a dispute within BCH developers (the creators of Bitcoin Cash (BCH) as Jihan Wu (a developer of Bitcoin Cash) supports Roger Ver’s faction (another Bitcoin Cash developer community).
It has been reported that Wu wants to rival Craig Wright, due to the fact that Craig Wright intends to make some updates to the software of Bitcoin Cash. It is important to know that only 3 factions in the developer community support the Wright’s model of Bitcoin SV. Surprisingly, BITMAIN has been included in the dispute.
Jihan Wu stated this towards the dispute:
I have no intention to start a hash war with CSW, because if I do (by relocating hash power from btc mining to bch mining), btc price will dump below yearly support; it may even breach $5000. But since CSW is relentless, I am all in to fight till death! pic.twitter.com/d95axXEwFS
— ๑ RAMEN ๑ (@RamenofBinance) November 14, 2018
Many have blamed the current recent dip on the end of BTC’s future – no doubts, this type of notion do have bad effects. Moreover, it may be one of these factors or a combination of all, that has contributed to the current crash. John McAfee tweeted a couple of minutes ago:
The war raging around Jihan Wu was started by the egos and short sightedness of the Bitcoin developers. The developers serve the community, not some ideal principal of technology. And they certainly do not control our community. Wake up developers. You could have avoided this. pic.twitter.com/WF3a9V3sWq
— John McAfee (@officialmcafee) November 15, 2018
Nevertheless, there are good indications that despite the massive dip, there is stability in the ecosystem of the crypto-market. Overall, the upcoming fork is keeping its enthusiast at alert, and one of them stated in recent hours that it is making the crypto-market healthier.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Caio_Triana/Pixabay
Why Blockchain Projects Keep Failing
If you’ve been keeping up with news coming out of the blockchain community over the past year, you’ve probably heard countless projects hyped as the next best thing—only for them to fall off completely off the map a few months later. While some of these projects offered no practical solutions and seemed destined to fail, others creatively used blockchain technology to enhance the way we perform day-to-day tasks.
So, What’s the Problem?
For starters, many of these founders have no real experience running a business or managing finances. Instead, teams are usually comprised of programmers and tech geeks with the ability to develop blockchain-driven apps, but have no clue about project management, allocating resources, effective team building or marketing.
What’s more, when you look at the average blockchain start-up’s website, you’ll probably find a list of team members with accolades a mile long. And many of these “achievements” are in similar blockchain projects that have yet to take off. This makes it hard to distinguish between what is hype and what is credible information, which scares off all but the high-risk investor.
Project Success Starts at the Team Level
The sudden interest in cryptocurrency and blockchain technology can be compared to the California Gold Rush. Everyone wants to get in on the ground floor so that they can make as much money as possible.
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STEEMIT Running Out Of STEAM?
Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.
If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like…
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In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?
However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.
Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.
We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:
Who hasn’t been scammed at least once?
The crypto community is overrun with scammers taking advantage of inexperienced and naive users. What’s more, scams don’t only occur on an individual level.…
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