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Binance’s Bitcoin (BTC) Trading Share Falters In Crypto Bear Market

Binance’s Bitcoin (BTC) Trading Dominance Dives

Another week, another crypto-centric analytics report from Diar, a leading research unit in the nascent cryptocurrency ecosystem. In the startup’s most recent installment, released on Monday, Diar drew attention to the ever-changing role that Bitcoin (BTC) and that exchanges that support it have played in the cryptocurrency market at large. Interestingly, per data compiled by Diar, sourced from this industry’s foremost exchanges, Binance’s nearly-unquestioned hegemony over crypto may be at risk.

According to Diar, “Bitcoin trading volumes have taken a hit across major token exchanges over the course of 2018.” The research team, doing their best to portray this happenstance, noted that while Binance continues to dominate the crypto trading scene, its in-house BTC/USD(T) pair only accounts for 32% of the entire market’s total BTC/USDT volume. While this may seem like a hefty figure in and of itself, considering that this statistic for Binance peaked at 47% in June, the unprecedented growth of interest in altcoins through Binance may be worrying to Bitcoin’s diehard maximalists.

Binance isn’t alone in its inability to attract active Bitcoin traders. Hong Kong-based Bitfinex saw its BTC/USD market undergo an even worse popularity decline, with the pair now only amounting for 27% of the market’s aggregate BTC/USD volume, compared to 51% at the turn of 2017. This can likely be attributed to the platform’s uncanny ability to generate immense controversy in recent months, as seen by the Tether debacle and banking qualms.

Interestingly, “State-side” platforms, exchanges based in America, have “suffered” the largest losses in BTC/USD in recent months, with Bittrex and Polniex now only accounting for 2.7% of Bitcoin trading volumes.

There’s been one notable outlier in this case of ‘bear market blues’, with OkEX, widely lauded as Binance’s primary competitor, seeing its primary BTC market post a 6x market share gain since January.

Report: Crypto Market To Consist Of 66% Bitcoin in 2019

Although Diar’s report didn’t paint a positive picture for the short to mid-term prospects for Bitcoin’s hegemony over the cryptosphere, as it seems that traders are looking to altcoins yet again, a number of analysts from A.T. Kearney expect for BTC to continue to rule over altcoins with an iron fist, no holds barred.

Per reports from Forbes contributor Panos Mourdoukoutas, who has taken a liking to Bitcoin, A.T. Kearney, a multinational management consulting firm, reportedly issued a report specifically on Bitcoin’s market dominance statistic, which is currently situated at 55%. The corporation noted that it expects for the statistic to “nearly” reach two-thirds of the aggregate capitalization of cryptocurrencies. Citing reasons for this ~66% target, which isn’t out of the realm of possibility, the American firm purportedly stated that altcoins have “lost their luster” due to growing risk aversion tactics enlisted by retail investors.

Investors’ growing penchant for liquidating their altcoin positions for Bitcoin can potentially be chalked up to the U.S. SEC’s renewed crackdown on ICO-funded tokens. Just recently, the American financial regulator fined AirFox and Paragon, two lesser-known ICOs, in a precedent-setting case, instilling fear throughout the crypto investor base as a whole. As is common practice, if there aren’t enough rewards to justify the risk, investors won’t allocate capital to the asset class in question. This case with altcoins, a majority of which were parented by ICOs, is undoubtedly no different.

However, A.T. Kearney says this isn’t exactly the case, with the firm drawing attention to the ever-growing complexity of the nascent altcoin subset. Courtney Rickert McCaffrey at A.T. Kearney wrote:

“Our prediction is that Bitcoin will regain its dominance is supported by the ever-growing complexity among altcoins, most recently demonstrated by the ‘hash war’ that occurred in the Bitcoin Cash ecosystem.”

Although this isn’t a well-documented issue, a number of crypto-centric consumers took to Twitter during Bitcoin Cash’s hard fork to express how confusing the whole fracas was. This, of course, only legitimizes the aforementioned firm’s report, albeit only be a smidgen.

Title Image Courtesy of Andre Francois Via Unsplash

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Stablecoins Could Lead Cryptocurrency Growth in 2019

Cryptocurrency, Stablecoins–With Bitcoin making a shaky climb closer to $4000, the entire industry of cryptocurrency is still reeling from hitting a relative low on the year last week. Since the start of the year, the number one cryptocurrency by market capitalization is down nearly 80 percent since peaking close to $20,000 in December 2017.

For some, the falling price of Bitcoin and the broader altcoin has raised the alarm and led to widespread selling out, negativity and a soured mood towards crypto and blockchain-based assets. Just yesterday, EWN reported on the significant number of crypto-based startups which have been forced either to close shop or make substantial staff cuts in response to the ongoing bear market, in part due to overexposure through plummeting coin prices.

While the dire state of the industry has some lamenting the future of cryptocurrency–and others claiming Bitcoin to be dead for the 300th time–others see 2018 as a severe correction, but overall miscue for an industry that is still experiencing growing pains on the way to broader adoption and more focused development. During a Crypto Summit held on Friday in London by financial outlet Bloomberg, a series of panelists seem to suggest that, while there’s no denying the immediate outlook for cryptocurrency is shaky at best, the industry is just experiencing a temporary setback that will eventually see the market back on the expectation-shattering pace that characterized the end of 2017.

Speaking on the panel, Chief Investment Officer at CCL Investment Management James Bevan gave hope to investors who have continued to stick with crypto through the falling market year,

“I don’t regard this as an existential crisis, I just regard it as a bump in the road and institutional investors have had plenty of bumps in the road in conventional currencies and transaction systems.”

Interestingly, panelists singled out the areas of stable coins and digital contracts as two potential avenues for cryptocurrency to expand into 2019 and beyond. While the latter has been a familiar mainstay in crypto, with third largest coin by market cap Ethereum being viewed as the industry leader for executing smart contracts, the rise of stablecoins has characterized 2018 in much the same way that “blockchain” became a buzzword throughout last year.

“While no one forecast an immediate rebound in crypto prices — Bitcoin has lost about 80 percent of its value this year — they cast the current downturn as more like growing pains than rigor mortis. In fact two areas of growth for the industry will come from low-volatility tokens known as stable coins and so-called security tokens, digital contracts that represent ownership of assets such as real estate or stocks.”

Given the level of innovation, security and digital functionality instilled by the technology of cryptocurrency, the industry of coins as a whole has a established a precedent that is going to be difficult to fully do away with. Merchants who continue to be rebuffed by the lack of price protection and are looking for a more stable form of Bitcoin to transact in will find more benefit in the less-volatile nature of stablecoins.

Price-stable coins, such as Tether’s popular yet controversial USDT, allow both merchants and consumers to transact in crypto without being exposed to the severe price volatility that has characterized the market throughout 2018. While some, particularly investors looking to trade and speculate on crypto, will find the lack of price appreciation or market-driven value a drawback, the majority may find stablecoins more palatable for everyday use–which is the type of adoption that could set cryptocurrency back on the road to greater acceptance.

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Analyst: Crypto Bear Market May Get Worse, Bitcoin (BTC) Fundamentally Unsupported

Crypto Market Slows After Imbroglio

Although selling pressure eased off crypto markets over the weekend, Bitcoin (BTC) and altcoins are still in the midst of stormy seas. BTC has found itself stagnant at $3,375, seemingly caught in an inflection point between a short-term bounce and lower lows. As this market’s leading asset has slowed, so has the market capitalization of all cryptocurrencies in circulating. This pertinent figure has moved to $111 billion, just three billion down from Ethereum World News’ Friday update.

Interestingly, trading has dried up in recent days, with the 24-hour volume figure dropping to $13 billion ($6.7 billion adjusted) from the $20 billion ($10 billion adjusted) posted amid Friday’s rapid price action.

What would be a market update with BTC… right?

Over the weekend, BTC embarked on a short-term recovery, moving from $3,300 to a multi-day high at $3,650 over the course of multiple hours. However, as the buying pressure quickly dissipated, BTC began to fall back to Earth on Sunday, moving under $3,500, a cited key support level, before falling victim to the weekly Monday sell-off.

At the time of writing, BTC has found itself at $3,375, down 4.25% in the past 24 hours. Altcoins have also followed suit, with XRP, Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Tron (TRX), and Binance Coin (BNB) all posting near-identical performances to the cryptocurrency godfather.

Analyst: Bitcoin Well Beyond The Ridiculousness Of The Tulip Bubble 

Amid this seemingly endless market tumult, Stephen Innes, head of the Pacific Asia trading arm of Oanda, only doubled-down on his hate for BTC and other cryptocurrencies. Speaking with MarketWatch, the inflammatory crypto skeptic exclaimed that Bitcoin still doesn’t have a use case, obviously forgetting the network’s nature as a borderless, censorship-resistant, decentralized, and efficient medium of value that transcends traditional boundaries.

Innes added that “BTC has gone well beyond the ridiculousness of tulip bulb mania,” evidently referencing the unpopular sentiment that cryptocurrencies are the second coming of the ‘Tulipmania’ of yesteryear.

However, a multitude of industry insiders has overtly stated that cryptocurrencies aren’t in the midst of a bubble, contradicting the relevant point of contention. Ambrosus CEO Angel Versetti, for instance, recently told the Independent, a U.K.-centric news outlet, that while lines can be drawn between the Dotcom Boom at the turn of millennia and crypto in 2017/2018, commentators would be remiss to classify the latter as a bubble.

The startup chief explained that seeing that cryptocurrencies have yet to beckon in institutions, which he referred to as “financiers,” en-masse, a bonafide market bubble has yet to strike this budding asset class. Yet, as seen by the countless crypto-related forays from Wall Street participants, this bubble may be right on the horizon. In fact., Versetti explained that in due time, the aggregate value of all cryptocurrencies may eclipse the $15 to $20 trillion mark, cementing BTC and its altcoin brethren as a legitimate component of the financial world’s vast intricacies.

Still, the aforementioned Oanda trader cast aside these arguments, drawing attention to the “disastrous year” that cryptocurrencies have undergone, likely touching on the ~87% decline experienced by this decade-old market. Innes added that the “current bear market could go from bad to worse,” claiming that there isn’t a fundamental or underlying rationale behind purchasing BTC, especially when “the only support offered up is a squiggly line on an analyst’s chart.”

Innes’ most recent quip comes just two weeks after the trader lambasted cryptocurrencies on Bloomberg TV. As reported by Ethereum World News previously, the Oanda head trader claimed that it’s a “wild west show” out in crypto, before adding that mature investors are still hesitant to purchase BTC, due to its “falling knife” status.

Title Image Courtesy of W A T A R I on Unsplash

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Crypto Startups Going Bankrupt Amidst Market Crash

Blockchain, Cryptocurrency–While investors are left holding the tab from the plummeting crypto market, with this week seeing a relative low for Bitcoin since peaking at $20,000 in December 2017, crypto-based startups have also had to contend with the fallout.

On December 6, Bloomberg reported on a round-up of cryptocurrency startups that are closing doors amidst the most recent price rout for Bitcoin and the broader altcoin market, starting with ETCDEV–the group behind the launch of Ethereum Classic.

ETC, seventeenth in market capitalization with a value of over $400 million, announced last week that it would be closing shop following a shortage of funds and inability to raise more capital to keep the project afloat. Igor Artamonov, founder of ETCDEV and the forked coin of Ethereum (ETH), spoke in an interview on the state of his company in the context of the broader falling market,

“There are a few things that happened at the same time. I am sure if that happened a year ago, that wouldn’t be a problem at all, a year ago there was a lot of free money in the market. But in a bear market there’s a change.”

ETCDEV is not the only crypto based company to take a hit in the present market, with the Bloomberg report including actions by ConsenSys, a software company based out of New York, to cut its workforce by 13 percent as a direct result of falling coin prices. In November, content publishing platform Steemit Inc., which also created the currency Steem (STEEM) to facilitate in-house transactions, had to layoff 70 percent of its employees.

Bloomberg lays the majority of the blame in projects over-extending themselves on digital assets, setting up significant losses as a result of 2018’s ongoing bear cycle,

“Many of the companies are suffering because they kept a portion of their funds in digital assets, whether in tokens they sold through initial coin offerings or in Bitcoin and Ether, which served as the preferred means of exchange in the crypto world. As prices collapsed this year by more than 90 percent in some cases, and their so-called digital wallets thinned out, many developers found they couldn’t raise additional funding.”

With the decline in crypto prices and the demand for ICOs, many projects that made their fortune collecting coins in exchange for issued tokens have had to contend with the ill effects of a collapsing market. In addition, the landscape for fundraising has vastly shifted, with projects no longer being able to raise millions on a whitepaper alone or by including “blockchain” in a company title.

In some ways, the declining market may have the effect of pushing better projects to the top of the heap, with efficiency being valued over greed. Given the sudden boom cryptocurrency experienced in 2017, with coin prices rising several thousand percent for many currencies by year’s end, the gold rush for blockchain and ICOs created a scramble that is still having negative effects on the industry. The focus became on launching projects rather than promoting durability, quality and real world use–a hallmark of an inflated and destined to crash industry.

With prices and the market resetting to a valuation to that of over a year ago, cryptocurrency will find itself of having to do more with less, which includes focusing on development routes that will lead to the greatest adoption by Main Street customers while drawing the interest of Wall Street investors.

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Bitcoin Price Prediction Gone Wrong: $1M Options Call To Be Purged

$50,000 Per Bitcoin (BTC) Forecast Goes Wrong Amid Bear Market

One year ago, amid the peak of 2017’s monumental cryptocurrency bubble, in which everyone and their dog were incessantly discussing Bitcoin, BlockTower Capital, a juggernaut in the crypto investment realm, made a ludicrous bet on the future value of BTC.

This, for those who aren’t in the loop, was the decision to create a $1 million options contract on LedgerX, a CFTC-regulated cryptocurrency platform, that would reportedly fork out $29 million to BlockTower if BTC hit $50,000 by 2018’s end. In other words, if BTC somehow manages to hold above $50,000 on December 28th, BlockTower will see a thirty-fold profit fly its way.

However, according to a recent report from Bloomberg, and as made clear by crypto’s tumult, BlockTower’s ante might not end well, especially as the vehicle’s expiry date rapidly approaches. In fact, for the $1 million options call to be saved from impending doom, BTC will need to rally by upwards of 1,400% in just three weeks, a near-impossibility for any asset, even in an industry as nascent, yet promising as cryptocurrencies and blockchain technologies.

Still, Ari Paul, a managing partner at the America-based BlockTower, told CNBC in December 2017, just days after the creation of the bet, that he purchased the contract while liquidating his firm’s BTC stash. The former University of Chicago endowment manager then explained that the surprising call allowed BlockTower to secure profits, mitigate risk in a market drawdown, and have a potential to score big if BTC surpasses 50k, clearly accentuating the fact that if the options didn’t strike, he wouldn’t be (financially nor emotionally) devastated.

He echoed this sentiment in a tweetstorm made in late-September, in which he stated that “there’s no shame in losing trades,” before accentuating that risk management was a key factor in the creation of the $50,000/BTC by EOY 2018 options call.

BlockTower Still Bullish On Crypto

Although BlockTower’s ambitious wager on the short-term fluctuation of Bitcoin’s value is likely to go awry in a few week’s time, the firm, or at least some of its representatives, are still undoubtedly bullish on crypto.

Speaking with CNBC’s Fast Money segment, Michael Bucella, a partner at the crypto-focused investment firm, did his best to break down the current state of the Bitcoin market, and what’s in its short to mid-term scopes.

Noting that crypto’s bear cycle isn’t as perilous as it seems, Bucella, a former executive at Goldman Sachs‘ Canada branch, drew attention to his theory regarding the interplay between “strong hands” and “weak hands,” the two overarching types of cryptocurrency investors. The BlockTower partner noted that while it would be accurate to assume that weak hands, also known as speculators, are liquidating their holdings to diehards (strong hands), the latter group isn’t rushing to on-ramp free capital.

He explained that crypto’s recent liquidity dry spell, along with market volatility, can be chalked up to the hesitance from strong hands to bulk-buy Bitcoin. Although this statement may seem bearish in and of itself, Bucella added that crypto’s near-year-long “distress cycle” is presumably coming to its culmination, echoing analysts’ cries that the bottom is almost in.

Bucella, while reluctant to forecast where the looming Bitcoin bottom will hit, added that when BTC finds a floor, whether it be at $2,000, $3,000 or otherwise, opportunities to scoop up the asset at low prices will be rather scant.

And in the end, the BlockTower partner explained that the “smartest money” continues to foray into this industry, whether it be the endowments of MIT, Harvard, Stanford, or the countless institutional players that have overtly expressed interest into purchasing cryptocurrencies. Keeping this thought process in mind, Bucella noted that even purchasing BTC at current prices could be a bargain bin deal, especially from a multi-year perspective.

Title Image Courtesy of Alex on Unsplash

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BTCC Co-Founder Lee Hints At $333,000 Bitcoin (BTC) Prediction For 2021

Bobby Lee Issues Tweetstorm, Hints At Crazy Bitcoin (BTC) Prediction

Through a series of tweets, starting a so-called “tweetstorm,” Bobby Lee, the co-founder of BTCC and the brother of Litecoin creator Charlie Lee, hinted at an extremely bullish prediction for Bitcoin (BTC). This tweetstorm, which began on Friday, saw Lee, a long-time cryptocurrency proponent, pose optimistic hypothetical scenarios to his social media following.

Drawing lines between Bitcoin’s decade-long history of tumult, dismal bear markets, and jaw-dropping parabolic rallies, the crypto-centric entrepreneur claimed that if “history repeats [itself] perfectly,” BTC will first find its true long-term bottom by January 2019 and at $2,500, a further 30% drop from current prices ($3,600), somewhat echoing comments made by his peer industry insiders.

In Lee’s speculative scenario, once BTC bottoms at $2,500, the popular digital asset will enter a lull, which may keep crypto markets in a seduced state until late 2020. By late 2020, just months after the next Bitcoin Block Halving, the anti-traditionalist expects for crypto’s next monumental bull run to start to fester, and eventually embark on an unprecedented rally that will bring BTC above $250,000 a piece, over 100 times the price that it bottomed.  The prominent cryptocurrency player wrote:

[The next rally] would peak out in Dec 2021 at $333,000, and then crash back down to $41,000 in Jan 2023. Something like that?

In subsequent tweets, the BTCC co-founder further outlined the rationale behind this ambitious call, primarily referencing his expectation that the market capitalization of Bitcoin will surpass that of gold in due time, as a result of BTC’s classification as the second coming of the aforementioned precious metal, but in a digital semblance.

Lee explained that if BTC goes for $333,000 a piece, the market capitalization of the asset will reach $7 trillion, the assumed value of all gold on Earth. He wrote on the matter:

One more coincidence: If the next #bitcoin rally (in 2021?) does indeed reach $333,000, that’ll bring Bitcoin’s price to roughly that of #Gold, at $7 trillion each!

Although it would be hard to claim that this was an explicit prediction, considering Lee’s former comments lauding BTC and cryptocurrencies, it would be fair to assume that $333,000/BTC is a logical eventuality in his mind. Still, interestingly, Lee’s most recent forecast comes just months after he claimed that the next halving would only (relatively) send BTC above $60,000.

Not The Craziest Crypto Prediction…

While Lee’s prediction(ish) is undoubtedly somewhat ludicrous, especially considering that cryptocurrencies still have a ways to go, the Bitcoin Foundation board member isn’t the only industry savant to make such extravagant claims.

As reported by Ethereum World News previously, John McAfee, the eccentric multi-millionaire that founded McAfee Software and a long-time zealous anti-governmental figure, told CoinTelegraph that the bear market hasn’t been irksome, as the fundamentals of the Bitcoin Network are alluding to the fact that BTC’s true value is still “escalating tremendously.”

He explained that if “you track the usage curve [of Bitcoin],” $1 million per BTC by 2020 (his original prediction) is conservative, adding that eventually, BTC will be valued by its usage, not by speculative factors and investors.

Title Image Courtesy of Brian Garcia Via Unsplash

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Bloomberg Opinion Bitcoin Price Prediction: More FUD for 2019

Bitcoin (BTC), Cryptocurrency–While the crypto markets see a slight reversal in pricing to round out the final week of December, with Bitcoin creeping closer to $3700 after hitting a relative low earlier in the week, predictions on the outlook of the industry for 2019 continue to sour investors.

Last week, as reported by EWN, billionaire crypto investor Mike Novogratz lamented the state of the cryptocurrency markets throughout 2018, claiming in a conference call that,

“It’s been a horrible bear market in tokens. There’s plenty of reason to be depressed.”

However, Novogratz qualified his statement with some positive spin, reminding investors that coin prices may be down but adoption and general acceptance for crypto and blockchain has been on the rise throughout the year. Despite his crypto investment firm Galaxy Digital Holdings posting over $130 million in losses through 2018’s bear cycle, Novogratz remains confident in cryptocurrency extending into 2019 and beyond,

“I fundamentally think you’re going to see big adaption in 2019, 2020. Lots of the items in the digital world, the e-gaming space, are low value items so I think people will be more comfortable participating in blockchain. We’re making big investments in that area.”

While Novogratz, a long time Bitcoin bull and supporter for cryptocurrency, remains hopeful for a market recovery into next year, traditional financial outlets have fond more reason to be cynical. In a year end, opinion-based review for 2019 predictions, Bloomberg opinion column has struck a chord in crypto investors by publishing more of the FUD that has become part and parcel among mainstream publications.

Rounding out the top of the list for “egregious predictions of 2018,” the opinion piece by Barry Ritholtz lambasts Bitcoin and the litany of assumptions that were made at the start of the year in the midst of a bull run,

“The spectrum of predictions ran from the sublime to the criminally negligent to the utterly insane. It got so bad that a website was set up to track all of the Bitcoin prophesies.”

The article continues on to call out Fundstrat’s Tom Lee and the aforementioned Mike Novogratz for their predictions throughout the year,

“Fundstrat’s Tom Lee’s 2018 forecast for $25,000 Bitcoin was reduced last month to $15,000 by year-end. (The cryptocurrency recently traded at about $3,650.) As foolish as that sounds, it was modest compared to the rest of the asylum. Michael Novogratz forecast that ‘$40,000 was possible by the end of 2018.’”

While Bitcoin continues to trade close to a relative low for the year, with the digital asset slipping from near $20,000 in December 2017 to $3600 as of writing, the schadenfreude for BTC and cryptocurrency in general is mounting. From a combination of FOMO and “I told you so,” traditional finance analysts are lining up to cast stones at the number one cryptocurrency by market cap, despite failing to predict a similarly bullish run for the coin just a year ago.

Investors, still reeling from the losses of 2018’s ongoing bear cycle, have little to be excited for as we enter the final month of the year. However, they have managed to weather the storm of Bitcoin hate and claims of BTC “being dead,” which has led to the creation of websites tracking the obituaries for the coin. Time will tell if the current crop of predictions for the demise of Bitcoin will be added to the heap.

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It Is No Longer a Matter of ‘If’, But ‘When’ Coinbase Will List XRP

On the 7th of December, the popular American cryptocurrency exchange of Coinbase made an announcement that excited a lot of crypto enthusiasts as well as angering a few. The announcement was that the exchange was considering support for 31 additional digital assets on its platform. A few crypto enthusiasts wondered why the exchange would provide a new list when the previous list – that still had Stellar (XLM) and Cardano (ADA) – was not complete.

Others pointed out that the exchange went ahead and listed 4 ‘relatively unknown’ ERC20 tokens rather than solid tokens linked to solid projects. These 4 tokens were Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA).

One such complaint can be seen in the following tweet.

A Silver Lining for XRP

The new list did however include XRP thus providing a silver lining for fans of the digital asset who have been waiting for a listing since early January this year. Back then, XRP went on to reach levels of $3.84 as traders were sure it was next to be listed on the exchange. Bitcoin Cash had been listed a few weeks earlier in December 2017.

But the listing fell through and XRP tailspinned to current levels of around $0.30. The decline in value was  however accelerated by the current bear market that was catalyzed by regulatory fears across the globe, exchanges being hacked, hash wars and traders throwing in the towel due to investor fatigue.

XRP Continually Resilient

However, amidst the turmoil, XRP has managed to become one of the most resilient digital assets in the current bear market. XRP has slowly but surely climbed the ranks according to market capitalization even edging out Ethereum (ETH) in the process. XRP is now ranked second according to market capitalization.

Discrepancies Between Coinmarketcap.com and Yahoo Finance

XRP traders have noted that when using the popular cryptocurrency tracking website of Coinmarketcap.com, $50 Billion in market capitalizations stands between XRP and Bitcoin: The King of Crypto.

Checking the cryptocurrency screener on Yahoo Finance, we find that the difference in market capitalization between the top two is  now reduced to $30 Billion. A screenshot from Yahoo has been provided below for a better visualization.

The difference between the two tracking websites is that Coinmarketcap does not include the entire supply of XRP when doing its calculations for market capitalization. It uses 40.92 Billion XRP to reach the market cap figure of $12.86 Billion. Yahoo on the other hand, uses the entire 99.99 Billion XRP to calculate its market cap figure of $31.367 Billion.

Market Reaction When Coinbase Lists XRP

This then leaves us with the question as to what will be the market reaction when Coinbase lists XRP. The exchange has already provided the information that it is exploring listing the digital asset. Therefore, it is safe to assume if XRP is listed in the coming days, it could close the gap it has with Bitcoin or even succeed in dethroning the King of Crypto.

Using Coinmarketcap figures, XRP needs only be valued at $1.525 to dethrone BTC. On the other hand, when using Yahoo’s figures, XRP needs to be valued at $0.624 to achieve a similar feat.

Do you think Coinbase will list XRP soon? What will be the market reaction of such an event? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Crypto Trader Still Long-Term Bullish After Bitcoin (BTC) “Bloodbath”

Crypto Market Conditions Are “Phenomenal” For Traders

Diversified trader Merlin Rothfeld, an investment strategist at Online Trading Academy, recently sat down with Cheddar, an up and coming fintech media outlet, to discuss the current crypto market. The outlet, who has developed a penchant for covering the Bitcoin (BTC) ecosystem, asked the trader, as it did with its other crypto guests, about his opinions on the market.

Interestingly, Rothfeld went against the crowd, claiming that the conditions in the crypto seas are “phenomenal,” alluding to the fact that BTC’s most recent tumult became perfect for scalping, a popular technique used by day traders.

Bitcoin Cash Hard Fork Was A “Systemic Issue”

Still, the multi-markets participant added that 2018’s crypto collapse actually stems from a “systemic issue,” drawing attention to the infrastructure that makes this nascent industry tick. Rothfeld explained:

The technology behind what makes cryptocurrencies popular is threatened right now. That’s the problem that I think is going to bring down a vast majority of cryptocurrencies.

Elaborating on his somewhat vague statement, the Online Trading Academy representative brought up November’s contentious Bitcoin Cash hard fork, which championed by the ABC and SV squads, explaining that such an event undermines decentralization, trust, security, and the immutability of transactions.

Rothfeld then noted that the U.S. Securities and Exchange Commission (SEC) likely took notice of the fork, as claimed by many on Twitter’s crypto ecosystem, adding that more downside could be in store as agencies see fundamental risks and stave away from the space.

This, interestingly, echoes comments made by Barry Silbert of the Digital Currency Group, who called the hard fork an industry “disservice.”

Bitcoin Crash Might Have “Shellshocked” Retail, But There’s Still Potential For Growth

Asked about consumers and crypto themselves, Rothfeld explained that as it stands, there are likely very few retail investors rushing to purchase BTC, which, interestingly, he classified as a “good thing.” The trader noted that when BTC is boiled down, it remains an extremely risky asset at its core, despite its unofficial classification as the world’s second coming of gold, yet in a digital form.

So, following up on his aforementioned comment, Rothfeld noted that there may be some silver linings to the “shellshocked” retail subset right now, presumably due to the unpredictability of cryptocurrencies. Yet, doing his best to keep an optimistic tone, the seeming Bitcoin proponent stated:

There could be some great buying opportunities coming up here. There are a few crypto assets that have great potential for the future, but right now, we’re in the midst of an absolute bloodbath and to be honest, we’ve seen in this in Bitcoin’s history before.

Many Cryptocurrencies Are “Garbage, Junk”

Although Rothfeld painted a positive picture for BTC, the trader went on to add that not all is well for a majority of cryptocurrencies. Expecting a “shakeout,” Rothfeld noted that many cryptocurrencies are “garbage, junk,” noting that like the Dotcom Bubble, there will be startups that are ousted due to their inability to innovate.

Yet, some say it’s unfair to equate cryptocurrencies to the Dotcom Bubble, in spite of the similarities as two ground-breaking industries with global potential. CEO of Ambrosus, Angel Versetti, for instance, told the Independent U.K. that when it comes down to the nitty-gritty, cryptocurrencies aren’t even in a bubble yet, claiming that once crypto assets reach a $15 to $20 trillion market cap, that’s when this decade-old market can pop.

Title Image Courtesy of M. B. M. on Unsplash

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Crypto, Bitcoin (BTC) Crash Just A “Bump In The Road”

Diehards: Bitcoin (BTC), Crypto Slump Is Just A Bump

Since Bitcoin (BTC)’s first day on the block, if you will, there have been a number of diehard decentralists that have seen immense value in the world’s first blockchain network. And while much has changed since the launch of the project, originally headed by pseudonymous coder Satoshi Nakamoto, with the crypto industry seeing sweeping market cycles, zealous believers in this decade-old innovation haven’t faltered in their belief.

In a testament to this undying belief, at the Bloomberg Crypto Summit on Friday, a number of crypto-centric panelists and presenters doubled-down on their affection towards cryptocurrencies and related technologies.  Speaking on-stage, James Bevan, chief investment officer at CCLA Investment Management, a long-term return-focused consortium, touched on crypto’s recent collapse, which skeptics say is a precursor to a Bitcoin “death spiral.”

Bevan, who once lauded Bitcoin (BTC) as pertinent in the future of global transactions, said the following:

“I don’t regard this as an existential crisis, I just regard it as a bump in the road and institutional investors have had plenty of bumps in the road in conventional currencies and transaction systems.”

Speaking with the Independent U.K., Angel Versetti, CEO of Ambrosus, echoed this sentiment that this is far from the end for cryptocurrencies. In an interview, the blockchain startup chief claimed that while many lambast cryptocurrencies for being in a Dotcom-esque bubble, this is far from the case. In fact, Versetti noted that he “doesn’t believe [that] we are, or were, anywhere close to a bubble with cryptocurrency.” The CEO of the blockchain upstart then added that the arrival of hotshot institutional players, who he dubbed “bankers” and “financiers,” indicates that the industry’s first bonafide bubble is still on the horizon, rather than in the present.

Attributing a figure to his call for an eventual bubble, the Ambrosus chief exclaimed that an eventual $15 to $20 trillion U.S. dollar market capitalization for all crypto assets is within the realm of possibility.

“I Can See A Huge [Stablecoin] Expansion”

After Bevan made his comments, other industry insiders also discussed stablecoins, a growing subset of cryptocurrencies that are aimed at more conservative investors — namely, institutions.

In recent months, a number of stablecoins have hit the market, with even Coinbase and Circle joining the fray. Keeping in mind that these new cryptocurrencies often are lauded as better than Tether (USDT), coupled with the recent downturn in Bitcoin, stablecoins recently saw an influx of buying pressure, as traders sought solace.

As noted by CoinDesk’s market analysis team, three USDT competitors, TrueUSD, USD Coin, and the Paxos Standard, recently entered the crypto Top 30, finding themselves around a ~$190 million market capitalization.

And interestingly, Lewis Fellas, the chief investment officer a British crypto fund Bletchley Park, believes that this growing stablecoin dominance is only slated to continue moving forward, despite the fears regarding Tether and Bitfinex. Fellas explained that there are purportedly 120 stablecoin-centric projects, but this subindustry is still in the “early innings of the proliferation.” The CIO added that he sees “huge expansion” potential, presumably referencing the institutional penchant for this form of cryptocurrency, which is just like a digitized dollar with blockchain values.

The conference attendees also touched on regulation in Bitcoin markets, claiming that it will become a growing facet of this industry henceforth. Although some lauded regulation as a good thing for crypto entrepreneurs, Ryan Radloff, CEO at CoinShares, exclaimed that government intervention could pose challenges, especially if there are discrepancies between crypto-friendly nations, many of which are economically small, and Western powerhouses.

Yet, Marieke Flament, the global chief of marketing at Boston-based Circle, claimed that it is necessary for larger countries to lay a path for cryptocurrency regulation, instead of leaving nations to play a never-ending waiting game.

Title Image Courtesy of JOHN TOWNER on Unsplash

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