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Bitcoin, XRP, ETH, Litecoin, XLM – the whole market crashes, why?

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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.

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:

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:

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

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The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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Why Blockchain Projects Keep Failing

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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.

Unfortunately, this mentality isn’t just…

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