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
Smart MFG Tech Announces its First Liquidity Mining Rewards Program on LINKSWAP
Manufacturing Industry 4.0 company Smart MFG Tech has announced that it is launching its MFG Liquidity Mining Rewards on LINKSWAP today. LINKSWAP is a decentralized, community-governed Decentralized Exchange (DEX) and an AMM platform, which was created by YF Link (YFL). The team at YF Link says it aims to address “the pain points of second-generation AMMs” by offering such features as Reduced Impermanent Loss, RugLock, SlipLock that are not offered by other platforms.
Smart MFG Tech has said that the first integration of the MFG liquidity mining rewards will use the LINKSWAP LP (Liquidity Provider) Rewards service. It will allow LPs to deposit their LP token(s) (UNI-V2) to the participating rewards pool (ETH|MFG) and earn MFG rewards seamlessly. Smart MFG said it will continue to work with the YF Link team to provide support for other pairs and expand services.
LINKSWAP’s Rewards is a liquidity mining service that enables LPs to earn rewards for providing liquidity in a participating pool. YF Link has implemented a custom frontend solution for Smart MFG LP rewards pool on LINKSWAP. This will allow LPs to add liquidity to Smart MFG’s existing ETH|MFG pool on UniSwap v2 and deposit their LP token(s) (UNI-V2) to their LINKSWAP rewards pool (ETH|MFG).
Smart MFG explained how the rewards can be earned:
“LPs get a share of the transaction fees on Uniswap v2. This is calculated by how much liquidity is provided relative to the percentage…
Building Your Nest Egg Brick By Brick: Are Micro-Investments Here to Stay?
No matter what our goals are, sometimes just getting started can be the most difficult part of building our savings up. When it comes to investing, many of us are wary of parting with our money to generate more financial security in the future. But what if you can build significant savings without even noticing?
That’s the aim of the micro-investing apps that have come to dominate online stores across Android and iOS. Today, more fintech startups are working on delivering refined solutions that encourage minuscule investments at a more frequent rate.
Micro-Investing apps will look to make saving more accessible to young people – many of whom in the UK have little-to-no money tucked away for a rainy day.
However, the prevalence of money-saving technology and the disruptive chaos of the COVID-19 pandemic appears to have prompted a widespread increase in households saving more of their disposable income:
With micro-investing platforms playing a role in bringing UK household savings back up to five-year highs, is it fair to say that little-by-little investing is here to stay? Let’s take a look at how micro-investment platforms could revolutionise how we manage our finances:
What is Micro-Investing
Micro-investing, or sparse change investing, is a relatively new development in fintech. It effectively enables users to put away small amounts of money towards their long, or short, term goals. The idea…
Decentralized Insurance Platform Bridge Mutual to Launch BMI Token on Polkastarter
Bridge Mutual, a decentralized platform that allows users to insure stablecoins, has announced that its native BMI token will be launched on Polkastarter tomorrow, January 30. The Polkadot’s decentralized exchange will host an Initial DEX Offering (IDO) for Bridge Mutual.
“Even the most sophisticated digital asset investors are at risk of losing their funds through various malicious and negligent activities in the blockchain ecosystem. With Bridge Mutual, we believe it doesn’t have to be this way. Using Bridge, people can control the risk exposure of their digital asset investments, just as they do with real-world assets. The Bridge Mutual platform allows people to offer and purchase coverage in a decentralized p2p way. We’re excited kickstart the launch of the BMI ecosystem with a launch on Polkastarter and creating a better way of protecting digital assets for users all over the globe,” Bridge Mutual CEO Mike Miglio said in a statement.
Bridge Mutual allows users to buy and sell insurance for smart contracts, stablecoins and crypto exchanges, peer-to-peer. Users can purchase insurance via the Bridge Mutual app and then file a claim if their digital assets are lost after a hack. “When users lock stablecoins in Bridge Mutual’s coverage pools, those funds are reinvested into popular (and safe) yield generating platforms that return yields to coverage providers. When a claim is approved, stablecoins from the coverage pool goes…