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Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April

Bitcoin’s average transaction volume is topping $3 billion per day, data from crypto analytics site Coinmetrics.io reveals.

Bitcoin’s average transaction volume is topping $3 billion per day, data from crypto analytics site Coinmetrics.io reveals as of July 16.

Bitcoin’s Uptrend in Daily Transaction Value Eclipsing Altcoins’

The data — which has been adjusted to remove noise and certain artifacts, per Coinmetrics — shows an impressive uptrend in the USD value for the volume of the coin’s transactions and transfers over the past 90 days.

On April 17, the average daily value was at $1.04 billion as compared with $3.22 billion on July 16, an almost 210% increase.

The top coin has seen a significantly higher spike in volume as compared with ether (ETH), which saw a 77% increase over the same time period — from a daily average of $370 million to $657 million. XRP has seen a still milder uptrend, at 61% — with the value of daily transactions climbing from $152.5 million in mid-April to $245.6 in mid-July.

3-month chart for BTC  transactions, transfers, value, adjusted, in USD

3-month chart for BTC  transactions, transfers, value, adjusted, in USD. Source: Coinmetrics.io

(Non-)Correlations

Bitcoin broke the $3 billion daily average mark on July 11, Coinmetrics’ data shows, when the coin was circling the $11,500 price point. Despite trading roughly $2,000 lower as of today — having taken a steep 11.4% hit on the day and over 24% on the week — average daily transaction value has continued to climb.

Commentators have today argued that the coin’s short-term downtrend was triggered by an antagonistic response from the United States government to Facebook’s Libra coin, which has extended to the cryptocurrency space more broadly.

Veteran trader Peter Brandt anticipates that total market cap could now correct by as much as 80% — yet argues that most of the damage will be shouldered by altcoins, not Bitcoin.

On July 7, Cointelegraph reported that Bitcoin’s hash rate had hit a new all-time high of 65.87 EH/s. Nevertheless, despite the week’s price fluctuations, this figure has continued to soar north, reaching almost 73 EH/s to press time.

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Money Managers are Paying Big Bucks to Interpret Your Bitcoin Tweets

Algorithms that can decode social media market sentiment are making waves in the institutional crypto landscape.

Algorithms that can decode market sentiment are making waves in the institutional crypto landscape, a July 17 report from Reuters claims. 

An Arms Race for Algorithms

With the resounding return of Bitcoin’s (BTC) volatility amid an ever-hotter crypto market, hedge funds and asset managers are increasingly turning to software developers to help them interpret and harness sentiment signals to their advantage.

Bin Ren — CEO of Alan Howard-owned Elwood Asset Management — told Reuters that the soaring interest in developing algorithms capable of identifying price clues from the tumultuous social media landscape has become akin to “an arms race for money managers.”

While A.I. and other software-driven sentiment analysis has long been an accepted tool in traditional financial markets, Reuters argues that crypto’s nativity to the internet makes the asset class potentially an ideal fit for such algorithmic parsing tools.

Moreover, the crypto sector isn’t served by centralized sources of information — such as central banks — that can traditionally provide economic indicators and financial statements for investors to interpret.

The price of so-dubbed sentiment analysis algos is undeniably steep. As Andrea Leccese, president of New York-based investment firm Bluesky Capital told Reuters, even a robot that can parse just anglophone Twitter can cost between $500,000-$1 million a pop, largely in developer fees. 

‘Similar to Modeling the Spreading of a Virus’

This fragmentation and vibrancy of the social media landscape — extending beyond Twitter to Reddit, Russian-developed Telegram, Japan’s Line, Korea’s Kakao and China’s WeChat, and many others — presents significant complexity for the Sherlocks of sentiment analysis.  

According to data from BitInfoCharts, Bitcoin-centric Tweets clock in at 22,784 daily as of press time and subscribers to Reddit’s main Bitcoin forum are at almost 1.1 million.

It isn’t impossible to finding method in the madness of this proliferation, Elwood’s Ren told Reuters, given that the “information propagates not randomly, but through a very well-defined structure […] like a tree.” He added: “It’s very similar to modeling the spreading of a virus.”

As Cointelegraph has reported, a Q1 2019 survey from Big Four auditor PwC found that quantitative funds — who avail themselves of both sentiment analysis and other tools — managed to secure higher overall returns than their rivals. 

This June, Fidelity-backed crypto analytics firm Coin Metrics partnered with Social Market Analytics to develop on a feed of real-time sentiment towards crypto based on Twitter data.

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Bitcoin ‘Single Best Hedge’ Against Traditional Financial System, Says VC

Chamath Palihapitiya, CEO of VC firm Social Capital, argues bitcoin is the single best hedge against the traditional financial system.

Chamath Palihapitiya, CEO of VC firm Social Capital, has proposed that bitcoin (BTC) is the single best hedge against the traditional financial system. 

During a panel on the CNBC show Squawk Box on July 9, Chamath — a stakeholder and board member of the Golden State Warriors NBA Team, and an early Facebook executive to boot — elaborated his perspective on the cryptocurrency, saying: 

“It [bitcoin] is the single best hedge against the traditional financial infrastructure. Whether you support fiscal and monetary policy or not, it doesn’t matter: this is the shmuck insurance under your mattress.”

In response to Chamath’s remarks, his CNBC hosts admitted to having lagged behind in recognizing the significance of cryptocurrencies and their underlying technology:

“Bitcoin was probably trading at around $9,000 when I realized that distributed ledgers probably imbue more inherent value on something than a government does,” one remarked.

As reported earlier this week, bitcoin’s bullish breakthrough past the $13,000 mark — as of press time — comes hot on the heels of bleak news for the traditional banking world.

Deutsche Bank revealed plans to axe an expected ~18,000 jobs and carry out a 40% reduction of the risk-weighted assets currently allocated to its trading operations, sparking commentators to observe that DB remains “built for the old world” — unlike cryptocurrencies.

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Bitcoin Falls Under $10,700 as Top Cryptos See Mixed Movements

After crossing $11,000 recently, bitcoin has corrected downward to trade under $10,700.

Monday, June 17 — Most of the top 20 cryptocurrencies are reporting mixed movements on the day by press time, as bitcoin (BTC) trades under the $10,700 mark.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin is currently down over 4.65% on the day, trading around $10,644 at press time, according to Coin360. Looking at its weekly chart, the coin is up over 16%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Coin360

As Cointelegraph reported yesterday, bitcoin crossed $11,000 in under 24 hours after crossing $10,000.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at over $32.8 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $19.9 billion at press time.

Coin360 data shows that ether’s price has decreased by 1.69% over the last 24 hours. On the week, the coin has also gained over 13% in value. Just yesterday, ether hit a 10-month high.

Ether 7-day price chart

Ether 7-day price chart. Source: Coin360

XRP is up just over 1% over the last 24 hours and is currently trading at around $0.473. On the week, the coin is up about 12%.

XRP 7-day price chart

XRP 7-day price chart. Source: Coin360

Among the top 20 cryptocurrencies, both bitcoin cash (BCH) and tron (TRX) are seeing reasonable gains, both trading up over 4% at press time to trade at $478.68 and $0.036, respectively.

At press time, the total market capitalization of all cryptocurrencies is $324 billion, over 14.8% higher than the value it reported a week ago.

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Bitcoin Fails to Hold $8K as Cryptos Trade Sideways, Stocks Tumble After Recent Surge

Cryptocurrency markets are trading sideways, most of the top 20 coins by market cap are seeing slight losses over the past 24 hours.

Tuesday, June 11 — crypto markets are trading sideways, with the top 20 coins by market cap predominantly seeing red at press time, according to data from CoinMarketCap.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) has failed to hold the $8,000 price point that it broke yesterday after seeing another dip below $7,900 before. At press time, bitcoin is trading at $7,878, down 0.82% over the past 24 hours, seeing a sufficient recovery from the intraday low of $7,778. The biggest cryptocurrency is up 1% over the past 7 days.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ether (ETH), the second cryptocurrency by market cap, is down 0.85% over the day to trade at $242.97. Over the past 7 days, the altcoin is down around 0.38%.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

Ripple (XRP), the third top cryptocurrency by market cap is down 1.44%. The major coin is down 3.15% over the past 7 days. Yesterday, Ripple was reported to expand its operations to Brazil as part of plans to expand into Latin American markets generally.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

While the majority of the top 20 coins by market capitalization are seeing losses at press time, Tezos (XTZ), ranked 19th, is seeing the biggest losses of around 3.2%.

Total market capitalization has recovered to $252 billion at press time after dropping to as low as $248 billion earlier today. Daily trade volume has significantly declined from $67 billion in the beginning of the day to $57 billion at press time.

Total market capitalization 24-hour chart

Total market capitalization 24-hour chart. Source: CoinMarketCap

Earlier today, major South Korean bank KB Kookmin Bank announced a partnership with blockchain technology firm Atomrigs Lab to explore digital asset management and protection solutions. According to a recent tweet by crypto and blockchain writer Joseph Young, Kookmin Bank announced on June 10 that it is planning to launch custody services for digital assets.

Also today, Nasdaq, the world’s second-largest stock exchange, has revealed plans to release an institutional-grade crypto pricing product in collaboration with cryptocurrency data provider CryptoCompare.

The United States stock market has rallied earlier today amid the anticipation that the Federal Reserve should soon reduce interest rates, CNBC reports. However, stocks have subsequently reversed to see losses, with the Dow Jones Industrial Average (DJIA) having dropped about 0.2% at press time. The S&P 500 (SPX) and Nasdaq (NASDAQ) Composite are down 0.2% and 0.3%, respectively.

Oil prices have seen mixed signals today, with the OPEC basket surging 3.5%, while West Texas Intermediate (WTI) crude oil edged up 0.1% and Brent crude dropped 0.1% at press time, according to Oilprice.com.

Meanwhile, gold prices dipped earlier today as investors allegedly booked profits after big gains over the past weeks. At press time, spot gold has tumbled about 0.3%, while U.S. gold futures gained 0.2%.

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Bitcoin Reclaims $8K as Coins See Green, Experts Warn of Ominous Stock Market Volatility

The crypto markets are today back firmly in the green, with bitcoin (BTC) breaking back above the $8,000 mark.

Friday, June 7 —  after recent shaky sentiment, the crypto markets are today back firmly in the green, with bitcoin (BTC) breaking back above the $8,000 mark, as Coin360 data shows.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Having bullishly surged above the psychological price point of $9,000 in May, bitcoin has since seen significant corrections — briefly trading below $7.600 on June 6. To press time, the top coin is seeing solid green, breaking back above $8,000 to trade at $7,003 — up roughly 1.8% own on the day, according to CoinMarketCap data.

On the week, the cryptocurrency’s losses remain at 3.9%.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: CoinMarketCap

Largest altcoin by market cap ether (ETH) has seen a gain of 1.21% on the day to press time to trade around $250. Having traded above $270 on June 1, ether has corrected downwards and remained range-bound in the $240-50 range in recent days.

The altcoin is reporting a mild 2.66% loss on the week.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

XRP has reported a solid 4.36% gain on the day to trade at $0.42 by press time. The asset hit its intraweek price peak on June 3, when it traded close to $0.46. On the week, XRP’s losses stand at a slight 0.6%.

 

XRP 7-day price chartXRP 7-day price chart. Source: CoinMarketCap

Among the top ten cryptocurrencies at press time, all are in the green except for eighth-largest coin bitcoin sv (BSV), which has reported a 1.26% loss on the day to trade around $198.

The highest 24-hour gain has been sealed by fifth largest crypto litecoin (LTC), which has surged 8.45% to trade at $113.50. Other top ten coins such as bitcoin cash (BCH), stellar (XLM) and eos (EOS) are seeing milder gains of between 1 and 3%.

Widening out to the top twenty, virtually all coins are green, with the exception of ethereum classic (ETC), which is down a slight 0.8% to trade at $7.94 by press time.

17th largest coin tezos (XTZ) has seen the highest gain, growing 12.65% to trade at $1.34 by press time. Cosmos (ATOM) is reporting a 5.25% gain on the day, with cardano (ADA), neo (NEO) and nem (XEM) seeing more typical gains of between 3.5 and 4% on the day.

To press time, the total market capitalization of all cryptocurrencies is at around $255.78 billion — as compared with an intraweek high of $276.56 billion on June 2. Bitcoin dominance is at 55.5%.

Total market capitalization of all cryptocurrencies

Total market capitalization of all cryptocurrencies. Source: CoinMarketCap

In crypto market news, margin lenders on American cryptocurrency exchange Poloniex reportedly lost around $13.5 million due to a flash crash on May 26. A blog post from the exchange outlined that a severe price crash in the clams (CLAM) market had led to margin loans losses amounting to roughly 1,800 bitcoin — approximately $13.5 million at the time.  

Meanwhile, further alleged details continue to surface in regard to Facebook’s much-anticipated crypto project, with fresh reports claiming that there are now 100 people known to be working on the project according to profiles on the professional networking platform LinkedIn.

In traditional markets, CNN Business has reported that Masanari Takada, a strategist at Japanese financial holding company Nomura, has warned that recent swings on Wall Street are becoming ominously similar to the market sentiment that preceded the 2008 Lehman crash and subsequent financial crisis.

Today’s early stock markets have nonetheless shown strong openings. As of 6:21 AM (EDT) the Stoxx Europe 600 Index increased 0.8% — its reported highest in over 2 weeks, Bloomberg reported. Futures on the S&P 500 Index also saw their reportedly largest increase in the same time period, rising 0.3%, while the United Kingdom’s FTSE 100 Index increased 0.7% — its largest hike in over three weeks.

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Bitcoin Continues to See Negative Corrections After Breaking $9,000, US Stocks Tumble

Bitcoin has seen significant volatility on the day, with the intraday high above $8,800 and a low below $8,500.

Monday, June 3 — after seeing a short recovery attempt yesterday, crypto markets have seen another negative correction, with most of the 20 major coins in the red.

According to data from CoinMarketCap, only four out of the top 20 cryptos by market cap are seeing gains at press time, with cosmos (ATOM) and bitcoin sv (BSV) seeing the largest gains over the day, up around 15.3% and 15% respectively. In contrast, tron’s (TRX) price has plunged 8%, which is the biggest loss over the day among the top 20.

Market visualization from Coin360

Market visualization from Coin360

After breaking a new 2019 threshold of $9,000 on May 30, bitcoin (BTC) has seen a significant price correction after multiple recovery attempts. The biggest cryptocurrency had not managed to hold the $8,600 price point yesterday, and even dropped below $8,500 earlier on the day.

At press time, bitcoin is trading at $8,550, down 2% over the past 24 hours. Bitcoin has seen sufficient volatility on the day, with its intraday high of $8,808 while the intraday low amounted to $8,471 as of press time. Over the past seven days, bitcoin is down around 2.4%.

Bitcoin 24-hour price chart. Source: CoinMarketCap

Ether (ETH), the second-largest cryptocurrency by market cap, tumbled about 2.6% to trade at $264. The top altcoin is down 1.7% over the past 7 days.

Ether 7-day price chart. Source: CoinMarketCap

XRP, the third-top cryptocurrency by market cap, is one of the few top 20 coins that has seen some gains on the day. At press time, XRP is up about 1% to trade at $0.446, and is also seeing considerable growth over the past 7 days, up almost 8%.

XRP 7-day price chart. Source: CoinMarketCap

Total market capitalization has dropped below the $270 billion threshold earlier today, accounting for $271 billion at press time, according to CoinMarketCap. Daily trade volume hovers around $70 billion after reaching $104 billion over the past seven days.

Total market capitalization 7-day chart. Source: CoinMarketCap

Yesterday, Cointelegraph reported that the decentralized exchange (DEX) launched by the major crypto exchange Binance will block website access to users from 29 countries starting from July 1.

Earlier today, social media giant Facebook was reported to be discussing the regulatory issues around its upcoming stablecoin — called Globalcoin — with the United States regulator the Commodity Futures Trading Commission.

The United States stock market tumbled today amid the intensifying trade war between the United States and China. At press time, the Dow Jones Industrial Average (DJIA) is down about 355 points by 1.4%, while the S&P 500 (SPX) and Nasdaq (NASDAQ) Composite dropped 1.3% and 1.5% respectively.

Oil prices are seeing moderate gains at press time, with West Texas Intermediate (WTI) crude oil and Brent crude having edged up 0.7% and 0.5% respectively, according to Oilprice.com, while the OPEC basket is up 2.1%.

Meanwhile, gold prices have reportedly hit a two-month high today amidst the trade tensions between the two major economies as well as Washington’s threat of tariffs on Mexico, which intensified concerns of a global recession, CNBC reports. At press time, both spot gold and U.S. gold futures are up around 0.8% to trade at $1,315 and 1,321 per ounce respectively.

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Bitcoin Breaks $9,000 In Latest Landmark Price Point

In the latest milestone of its renewed bull run, bitcoin today broke past $9,000, soaring to its highest price point in over a year.

Thursday, May 30 —  in the latest milestone of its renewed bull run, bitcoin (BTC) today broke past $9,000, soaring to its highest price point in over a year. Most of the top 50 cryptocurrencies are seeing solid green, as Coin360 data shows.

Market visualization courtesy of Coin360

Bitcoin broke the psychological price point of $9,000 earlier today, hitting a high last seen in early May 2018. To press time, the top coin is up 1% on the day and is trading at $8,802, according to CoinMarketCap data. In recent days, bitcoin had been comfortably trading in the $8,600-800 range.

On the week, the cryptocurrency’s gains have surged to a bullish 14.5%.

 

Bitcoin 24-hour price chart. Source: CoinMarketCap

Largest altcoin by market cap ether (ETH) has seen a gentle gain of 2.25% on the day to press time to trade around $279. Ether has correlated with bitcoin’s price surge, breaking above $285 earlier today. The altcoin last traded in a similar range in the first week of September 2018.

Ether has sealed a strong 16.7% gain on the week.

Ether 7-day price chart. Source: CoinMarketCap

XRP has reported a 2% gain on the day to trade at $0.46 by press time. The asset has seen positive upward momentum since May 27, and has capped a gain of above 21% on the week.

XRP 7-day price chart. Source: CoinMarketCap

Among the top ten cryptocurrencies at press time, seven are in the green. The three outliers — eos (EOS), litecoin (LTC) and native exchange token binance coin (BNB), ranked fifth, sixth and seventh largest coins by market cap respectively — are all reporting slight losses of below 1%.

A major outlier in a green direction is eighth largest coin bitcoin SV (BSV), which has seen an almost 11% gain on the day to trade at $201.78 to press time. Other top ten cryptos are reporting gains of up to 2% on the day.

The co-founder of cryptocurrency investment holding firm Primitive Ventures Dovey Wan has claimed that fake news circulating in China may be responsible for bitcoin sv’s sudden recent price surge.

Widening out to the top twenty, two further coins are seeing red — dash (DASH), which has seen a negligible 0.2% loss, and iota (MIOTA), which has reported a more sizeable loss of 5.6%. The highest gain has been secured by 16th largest crypto cosmos (ATOM), which has surged 23.35% on the day to trade at $5.85 by press time.

Ethereum classic (ETC), neo (NEO) and nem (XEM) — ranked 18th, 19th and 20th respectively — have all seen above average gains, of 2.7%, 3.4% and 5.8% each. Other coins are seeing 24-hour gains of below 2%.

To press time, the total market capitalization of all cryptocurrencies is at around $277.87 billion — having brushed $286 billion earlier today — with bitcoin dominance at 55.7%.

Total market capitalization of all cryptocurrencies. Source: CoinMarketCap

In a tweet today, Shapeshift CEO Erik Voorhees contrasted bitcoin’s price performance with the tulip bubble — which is usually cited as a pejorative comparison by cryptocurrency skeptics. Voorhees remarked:

“Tulips never re-emerged to hit new ATH’s.  Bitcoin does it every couple years. Anyone equating the two needs to explain this discrepancy.”

As Cointelegraph reported today, United States copyright archive data indicates that Wei Liu, a Chinese citizen residing in California, claimed copyright to bitcoin’s (BTC) white paper on May 24.

In other crypto news, Russian-developed encrypted instant messaging service Telegram has officially released a test client for its Telegram Open Network (TON).

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Crypto Markets See Gentle Green, US Stocks Edge Lower at Opening Bell

Yesterday’s mild market movements continue, with most of the top twenty cryptocurrencies seeing mild green.

Thursday, May 2 — yesterday’s mild market movements continues, with most of the top twenty cryptocurrencies seeing mild green on the day at press time with typical growth of between 1 and 3%, as Coin360 data shows.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Bitcoin (BTC) is up 1.4% on the day and is trading at $5,455 by press time, according to CoinMarketCap. After a bullish spike at the start of its 7-day chart — with a break above the $5,500 mark on April 26 — the top cryptocurrency swiftly saw a sharp tumble down to below $5,200 that same day. Since then, the top cryptocurrency has recovered positive momentum and has today come close to trading as high as $5,470.

On the week, bitcoin is down a fractional 0.49%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

The largest altcoin by market cap, ether (ETH), is seeing virtually no price change over the past 24 hours and is trading around $160.93. The alt spiked in correlation with bitcoin on April 26 — hitting close to $166 — before seeing several days of mild corrections and fluctuations at a slightly lower price point. On the week, ether has reported a 2.5% loss.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

XRP has similarly seen virtually no price change on the day and is currently trading at $0.304. The asset saw its 7-day price high yesterday — at $0.311 — on May 1, during early trading hours, but has since corrected downwards. On the week, XRP has sealed a 0.43% slight gain.

XRP 7-day price chart

XRP 7-day price chart. Source: CoinMarketCap

The top ten cryptocurrencies are largely green, almost all capped below a 3% gain, with the notable exception of native exchange token binance coin (BNB) — which has spiked 7.46% on the day to trade at $23.39. The only coin not in the green is eos (EOS), which has seen a minor 0.5% loss at $4.71.

Widening out to the top twenty, cryptocurrencies are again largely green, seeing gains below 3.5%, but with a scattering of red — bitcoin SV (BSV), cosmos (ATOM) and ethereum classic (ETC) are all reporting mild losses of below 1%.

Aften BNB, the highest gainer is among the top twenty cryptocurrencies is neo (NEO), which is up 3.3% to trade at $9.90.

The total market capitalization of all cryptocurrencies is currently around $177.06 billion — around $1.9 billion shy of its weekly peak on April 25.

Weekly high in the 7-day chart for the total market capitalization of all cryptocurrencies

Weekly high in the 7-day chart for the total market capitalization of all cryptocurrencies. Source: CoinMarketCap

In crypto and blockchain news, Hong Kong-listed contractor turned blockchain investor Grandshores Technology has revealed plans to enter the medicinal and industrial cannabis market in a bid to counter the adverse impact of crypto winter.  

In an interview with reporters, the firm’s co-chairman is said to have stated that “both blockchain and industrial cannabis are the future, and both are embraced by the younger generation.”

Also today, the CEO of the London Stock Exchange has expressed confidence that blockchain could be implemented in issuing securities and settlement.

In South Korea, the national financial watchdog authorized nine fintech companies — among them blockchain service providers — to operate in the country as part of a regulatory sandbox.

In traditional markets, United States stocks edged lower at opening, with the Dow down 0.2% (or 47 points), and both the S&P 500 and Nasdaq Composite opening 0.1% lower, according to CNN.

Meanwhile, stock for Tesla — whose CEO is the well-known entrepreneur Elon Musk — reportedly climbed 4.4% following its announcement that it plans to raise $2 billion through the sale of additional shares.

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All Cryptos See Major Losses as Market Hit by Distinctly Unfestive Correction

Crypto markets are lacking in Christmas cheer, with virtually all of the top 100 coins by market cap in the red.

Friday, Dec. 25 — crypto markets are lacking in Christmas cheer, with many major crypto assets hit with double-digit losses. Virtually all of the top 100 coins by market cap are in the red, as data from Coin360 shows.

Market visualization by Coin360

Largest cryptocurrency Bitcoin (BTC) has plummeted over 9 percent on the day, and is trading at $3,812 as of press time, according to Cointelegraph’s Bitcoin Price Index. After bullish growth yesterday, Christmas eve, to break over $4,236, the top coin has been trading as low as $3,755 in the trading hours before press time — an around $500 drop.

Over these past seven days, Bitcoin’s trading pattern has been characterized by high volatility — veering between reclaiming the $4,000 price point and beyond, to dipping back down towards the $3,700–$3,800 range.

While the coin is still a strong 17.2 percent higher than its value at the start of its weekly chart, on the month, Bitcoin is down by around 12 percent.

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Second-largest crypto by market cap Ripple (XRP) has fared even worse, shedding a stark 15 percent over the 24 hours before press time, according to Cointelegraph’s Ripple Price Index. The asset is currently trading at $0.38 — following an intraweek peak at $0.45 yesterday. On its weekly chart, Ripple is nonetheless a strong 31.5 percent in the green, with monthly losses at a mild 7 percent.

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index

Ethereum (ETH) — ranked third by market cap — has lost over 18 percent on the day and is trading at $127 to press time. During yesterday’s mini-rally, Ethereum had broken above $150 — its highest price point in around five weeks.

Ethereum is a bullish 51.5 percent in the green on its weekly chart, and it has inched into green on the month, up by around 5 percent.

Yesterday’s price hike in the context of Ethereum’s 3-month price chart. Source: Cointelegraph’s Ethereum Price Index

Fourth-largest cryptocurrency Bitcoin Cash (BCH) is down around 20.7 percent and is trading at $164 as of press time. Having seen astonishing volatility as of late, the coin is around 113 percent up on its weekly chart — and down by around 27 percent on the month.

Newly-forked Bitcoin SV (BSV), currently ranked ninth largest cryptocurrency, is down around 15 percent at $93, according to CoinMarketCap data.

Including BTC, XRP, ETH and BCH, sixteen of the top twenty coins on CoinMarketCap are down by between 10 and 19 percent on the day. Stark losses have hit cryptos such as Litecoin (LTC) — down almost 12 percent at $31.09 — IOTA (MIOTA) — down 14 percent at $0.33 —  and Cardano (ADA), down 16 percent at $0.04.

Dash (DASH) is down by around 16 percent at $82; Ethereum Classic (ETC) is down around 13 percent at $4.72. Privacy-focused altcoins Monero (XMR) and ZCash (ZEC) are down 10.8 and 12 percent, at $50.5 and $61.57 at press time.

Total market capitalization of all cryptocurrencies is at $128.8 billion as of press time — having hit over $147.8 billion yesterday. It nonetheless remains up from a low of $114.2 billion at the start of the 7-day chart on Dec. 18.

7-day chart of total market capitalization of all cryptocurrencies from CoinMarketCap

Earlier today, news broke that Japanese internet giant GMO Internet Group is quitting the Bitcoin mining hardware sector, after reporting an “extraordinary loss” in Q4 this year, amid the unrelenting crypto bear market.

On a more positive note for adoption, blockchain protocol TRON (TRX) passed one million user accounts this week, even as the token has not been spared today’s blisteringly red markets.