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Bitcoin Pullback Fears Accelerate Crypto Market Losses, $28 Billion Dumped

Fears of a wider market correction have accelerated today as
traders dump altcoins en masse following another minor pullback by Bitcoin.

Cryptocurrency markets are sliding during Asian trading
today as altcoins bear the brunt of another Bitcoin bounce off resistance. BTC
finally topped $9,000 a few hours ago but instantly retreated following a huge
fake out. In what appeared to be a massive trading bot triggered event, prices plunged
over $1,000 in a matter of hours as BTC finally settled at just over $8,000.

reported that fundamentals are still strong and institutional investment has
yet to gather momentum so this movement could be considered a minor blip. These
patterns are not unusual and have happened countless times in the volatile
world of crypto markets.

Altcoins Bleeding Again

As usual, a cascade effected rippled through altcoin markets
as they dumped even harder. Bitcoin seems to have recovered a little and is
only down 6 percent on the day according to The
same cannot be said for the rest of them as the avalanche gathers momentum.

Ethereum has dumped 11 percent back to the $250 level.
Following recent
ETH was also due a correction and this still proves how hopelessly
tied to Bitcoin it still is. If this is the beginning of an expected 30 percent
pullback, Ethereum will be back below $200 in no time.

XRP has fared no better dumping 9 percent back to $0.416
while Bitcoin Cash has been trounced 10 percent to $420. Even EOS did not escape
the purge and a Coinbase listing could not keep the token above the red tide.
Dropping a similar 9 percent, EOS is back to $7.30 today but hopes are that the
B1 event
and much hyped announcements can keep momentum going.

Following its scam induced pump yesterday, Bitcoin SV has slumped a whopping 20 percent falling back to $180. There is no escape and several are in double digit pain including Cardano, Tron, IOTA, and Tezos. The only altcoin surviving the bloodbath is Cosmos which is actually up 5 percent on the day.  

Total market cap 24 hours –

The Friday correction has seen $28 billion exit the space as
total market capitalization dumped from a new ten month high of $286 billion
down to $258 billion where it currently sits. Daily volume has surged over $100
billion but it is all flowing outwards at the moment. Things are likely to
settle soon but further losses could be on the cards if the 30 percent
correction theory is accurate.

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Litecoin (LTC) Leading in $10 Billion Crypto Market Surge

A crypto correction that started
a couple of days ago
was quickly quashed when Bitcoin found support and moved
back towards $8k once again. Since then the altcoins have been on fire with
some, such as Litecoin, surging ahead of the pack.

Another $10 Billion Back into Crypto

From a low of $243 billion yesterday crypto market
capitalization has pumped to a high of $254 billion before stabilizing at
around $250 billion where things currently sit. Daily volume has surpassed $80
billion once again which is extremely bullish. May has seen some of the highest
volumes on record and they have been maintained which has kept markets buoyant.

Total market cap 24 hours –

Bitcoin has made it back over $8k one again, hitting an
intraday high of $8,140 according to The
bullish sentiment has resulted in a further 2 percent gain from Bitcoin which
has yet to have any real pullback in this current rally. After spending the
majority of April at around $5,300 BTC has found a new resistance zone around
$8,000. Its market dominance is currently 56.6 percent and the altcoins are
leading the digital race today.

Litecoin Ignited in 20% Pump

Litecoin is one of the top performing altcoins at the time of writing. It has surged from $88 to $104 over the past day and reached its highest level for almost a year. There is massive resistance at $100 which LTC has already hit last week. A move above it could send the ‘silver of crypto’ surging in a parabolic pump mirroring that of December 2017. LTC has trounced EOS to take fifth spot with a market cap now exceeding $6.4 billion.

The halving
event in 73 days
is likely to be driving early momentum for LTC which is
bound to trade a lot higher as August approaches. Coin scarcity and increased
demand could push prices back to their all-time highs of $370.

Binance Coin is also trading well and has just made a new
all-time high at $34. A 7 percent surge on the day has been the result of the
world’s top exchange announcing margin trading features. Though it can’t catch
Litecoin at the moment, EOS
has made 8 percent and is up to $6.50 at the time of writing.

The momentum for crypto markets is holding and May is
shaping up to be another month of solid gains. Crypto market cap has doubled
since the beginning of the year indicating that things have finally lifted off
the bottom and the bulls are running the show now.

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Markets Dump $30 Billion In Massive Crypto Correction

The crypto correction that everyone has been waiting for has
finally kicked in today. Markets are a sea of red and Bitcoin tumbles ten
percent and altcoins get hammered. The move is not entirely bearish however and
will present new support zones and entry levels for traders and investors.

What Goes Up Must Come Down

Bitcoin and crypto markets have been on fire in May. Since
the beginning of the month markets have surged
over 50 percent
to reach a ten month high of $264 billion. This epic rally
has been largely driven by Bitcoin which has dominated markets as it surged
above $8,000
when most expected it to stop at $6,000.

With such rapid gains come equally violent dumps as day
traders take profits and sell orders are triggered. This is exactly what has
just happened to Bitcoin a few hours ago. During early Asian trading BTC dumped
from just below $8,000 down to $7,175 according to The
ten percent slide has pulled the entire market down with it as total capitalization
shrunk by $30 billion.

As expected the altcoins have been hammered even harder with
many dropping double figures. Following a couple of days of solid gains, XRP,
Stellar and Cardano have dumped around 14 percent each today. Bitcoin Cash,
Litecoin, EOS and Binance Coin are not faring much better as the all lose over
9 percent on the day.

Total market capitalization dropped from its 2019 high of
$264 billion to around $230 billion as the exodus accelerated.

A number of industry observers are still bullish though and
see this correction as a healthy part of market cycles. Many are looking for
new buying opportunities at BTC support levels. Analyst fil₿fil₿ said;

“Would like a bounce at $6.4k but i fully expect a 61.8% retracement from top which may present the last great buying op. @ c.$5.2k”

$6,400 was the most traded price of 2018 so a major
correction could find support at this level. Moving averages have traditionally
served as levels of support and resistance and the 50 day one sits at $5,500 at
the moment. On the lower side the 200 day MA is at $4,400 but a drop to here
would be extreme.

At the time of writing Bitcoin had already started to
recover from its intraday dip and was trading at $7,300. Further losses are
expected though as Europe and America wakes up to a red Friday in crypto land.

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Crypto is Taking Over the World, Bubbles are Normal; Shapeshift CEO Says to Blomberg

Crypto is making its way into the world of finance, slowly taking over an important part of the global markets. The recent Bitcoin (“BTC”) Bullrun seems to have attracted a substantial amount of fresh investors and this new wave of enthusiasm is very beneficial for the expansion of the ecosystem. This impression was shared by Erik Voorhees, CEO of Shapeshift in an interview for Bloomberg.

The well-known businessman and bitcoin bull said that not
only financial experts believe that the bearish season passed; from his point
of view, common traders also share this opinion and are venturing into the
world of crypto, albeit more cautiously:

“We’ve seen four or five of these bubbles at this point, so a lot of this is just cyclical. People wait until they feel the bottom is in and when they feel like the bear market Is over then they feel comfortable moving back into crypto. That´s probably the biggest reason why this is happening but often these things are just a confluence of many individuals making their own decisions”

Voorhees explained that bubbles are part of the typical behavior of an asset such as Bitcoin which is growing and settling in the industry. The experienced businessman explained that he is sure that cryptocurrencies are taking over the world. An opinion that has been shared by other investors such as Tim Draper and Mike Novogratz

Crypto is a Volatile and Heterogeneous Ecosystem

 “There have to be bubbles in crypto because crypto is taking over the world and it’s not just going to advance 5% a month without end” Said Mr Voorhees while calmly explaining why bubbles tend to be cyclical in crypto “There’s no way to go from a zero dollar asset onto one that is worth trillions without mass speculation and massive volatility we see in cyclical bubbles”

This graph shows the stages of a bubble. It seems very similar to the performance of the crypto markets
This graph shows the stages of a bubble. It seems very similar to the performance of the crypto markets

Voorhees also commented that there are already practical
cases for Bitcoin in various parts of the world but that most of those who use
it do so for speculative purposes. Finally, he explained that there are still
very few assets that can really affect the ecosystem since the gap in the
global marketcap is still too high:

 “In crypto you have to understand that even though there are thousand of these assets, it’s a very long tail and only the (first) ten or 20 have any importance at all and then there’s a lot that don’t really matter much, and they don’t really move the market”

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Rakuten Exchange Could Push Amazon to Accept Cryptocurrency

Amazon Rakuten Cryptocurrency 2019

The first four months of 2019 have already kicked off a string of high-profile acquisitions for cryptocurrency, including the development of J.P. Morgan Chase’s stablecoin. With social media giant Facebook looking to release its own coin at some point in the near future, the adoption of cryptocurrency is beginning to pick up pace.

However, investors are still unable to use their coins directly on some of the world’s largest marketplaces, including online retail goliath Amazon. For years, Amazon has been tied to false stories of Bitcoin and cryptocurrency integration, as one of the most high profile companies that has yet to put any interest towards the industry–despite being an obvious source for crypto-based transactions.

According to data compiled by Statista, Amazon had $232 billion in net sales in 2018, and is currently the most popular online store for U.S. shopper by a long margin. The sheer volume of transactions per day generated by Amazon would sky-rocket the use case for cryptocurrency, helping both the marketplace and development for coins. As it stands, a vast number of coin projects are focused entirely on cryptocurrency exchanges, where they become more like bartering chips in speculation as opposed to legitimate currencies. Having a significant marketplace for crypto transactions would give users increased incentive to spend their coins.

Even if Amazon continues to ignore the growth of cryptocurrency, their hand may be forced by the development of rivals. While, a competitor in U.S.-based online retail has accepted cryptocurrency for years, the rise of Japan-based Rakuten may ultimately prove more compelling. Rakuten has been expanding in markets around the world for the last several years and has directed a portion of their growth into capitalizing on cryptocurrency.

Already the company is accepting registrations for their new Bitcoin and crypto platform, Rakuten Wallet, which will combine e-commerce with cryptocurrency trading. According to Forbes, the company went on record last year stating their bullish position on cryptocurrency

“the role of cryptocurrency-based payments in e-commerce, offline retail and in peer-to-peer payments will grow in the future.”

Following Rakuten’s licensing approval for their Bitcoin and cryptocurrency platform exchange last month, the platform is set to launch in June 2019. While Rakuten may still be a far-cry from challenging Amazon in e-commerce for U.S.-based markets, the development of their cryptocurrency platform could lead to increased competition. At the very least, if cryptocurrency adoption goes exponential, Amazon will be exposing itself to playing catch-up, as opposed to their present opportunity to become a market leader.

Changpeng Zhao, CEO of leading cryptocurrency exchange Binance, has repeatedly expressed his view that all business will one day be forced to take an interest in token projects or cryptocurrency. In response to the recent update by Rakuten, the exchange CEO replied,

Cryptocurrency prices continue to rise throughout April, after their bullish start to the month, with Bitcoin looking to make another push towards $5300.

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PwC Partner: Central Banks Should Leave Cryptocurrency to Corporations

PwC Central Bank Cryptocurrency

The contention between the industry of cryptocurrency and banking institutions may have been furthered by an unlikely third party, with an even more unsuspecting alternative proposed as a substitute.

According to Pauline Adam Kalfon, a financial partner at PwC France, Central Banks should leave cryptocurrencies to corporations like Facebook and JPMorgan, as opposed to issuing their own digital asset. Kalfon cautions that institutions with as much political and economic sway would be wise to wait on the sideline before tokenizing fiat currencies themselves, and allow the emerging host of players such as Facebook test the waters first.

Kalfon does not rule out the potential for future monetary tokenization by Central Banks, with governments potentially re-issuing fiat currencies in the form of digital assets and cryptocurrencies–a move that has been proposed for inflation struck countries such as Venezuela. Instead, Kalfon says to observe the hurdles of transitioning assets to a digital equivalent, allowing cryptocurrency to become “battle-tested by corporations.”

By waiting, central banks can more effectively navigate the landscape of developing into cryptocurrency, potentially learning from the mistakes that JP Morgan & Co. are likely to encounter, and overall doing their best to avoid the negative consequences that could stem from governments adopting cryptocurrency en masse.

Included in her talk, Kalfon advised the Banque de France, in particular, to avoid testing fiat-to-cryptocurrencies before the rest, outlining that country’s economic landscape is even more precarious for such a transition. She explained,

“France’s central bank may not be the best entity to drive forward such a digital currency project, which would sit within the prerogatives of the European Central Bank, Kalfon added. Having said this, Banque de France could seize technological leadership by following European Central Bank guidance.

It is clear that a European-level project would be very complex and challenging governance-wise, requiring alignment and the political consensus of all relevant stakeholders from each Member State.”

In January 2018, the French minister of economy Bruno Le Maire warned his country about the dangers and speculative risks involved in cryptocurrency. However, by year’s end he had changed his tune to support the innovation of blockchain and the potential for crypto adoption in conjunction with better regulation.

Last month the French equivalent of the Securities & Exchange Commission echoed the comments of Le Maire and warned that cryptocurrency has the potential to disrupt the finance industry on a broad scale, necessitating the need for increased regulation.

However, the tune for both cryptocurrency and blockchain development in France appears to be in line with that growing across the globe, with French minister’s urging their government to adopt a proposal that would invest €500 million into blockchain development over the next three years.

The more interesting result of Kalfon’s remarks will be if Facebook and JP Morgan, among others, succeed in a large way in implementing digital assets on their platform. In such a situation, central banks may be even more compelled to consider the potential of issuing fiat through blockchain and digital currencies.

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JP Morgan Exec: More Partnership Than Competition Between Banks and Crypto

JP Morgan Cryptocurrency Banks

A JP Morgan Chase executive has put forth an interesting compromise between cryptocurrency and the banking framework–two industries that have long been put at odds.

Speaking in an interview with CNBC’s Squawk Box on Mar. 20, JP Morgan’s Global Head of eCommerce Solutions Ron Karpovich made the claim that there is “more partnership instead of competition” between existing financial establishments and what has often been viewed as a banking disruptive market in cryptocurrency.

Karpovich’s comments for collaboration between the two industries comes just a month after his bank announced the development of the JPM Coin, a blockchain-based stablecoin that will function on J.P. Morgan’s internal payment network for clients. While some analysts at the time made the comparison to the role of XRP in Ripple’s payment protocol, Binance Research subsequently dispelled that notion. Instead, Binance’s team pointed out that JPM Coin will be limited in scope and more than likely only available for the use of JP Morgan clients as opposed to inter-bank operability.

Nonetheless, Karpovich’s comments appear to give an indication of reaching across the aisle, with the executive contending that blockchain-based payments will increase the utility of JP Morgan transfers. However, he also goes on to claim that cryptocurrency innovators and entrepreneurs should avoid shunning the banking industry all together, and that they will have to rely upon banks to move funds.

Karpovich told CNBC,

“Ultimately behind the scenes, they [crypto innovators] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space. When it comes to margins and capabilities — payments is never something that grows in margin, nobody wants to pay for a payment. That’s one of the hardest parts of this process: you have limited resources in the capability to sell, so you need highly efficient and large players.”

The JP Morgan executive stressed the need for more efficient and cost-effective payments as the primary driver for innovation in the space of both banking fintech and blockchain-based cryptocurrencies. However, Karpovich finds blockchain somewhat poised to fade into the back-end of technology, as opposed to achieving mainstream adoption by forward-facing cryptocurrencies.

In the case of the JPM Coin, blockchain makes up a component of the technology that will ultimately be used by clients without them directly engaging in the process, as some believe will propel the adoption of cryptocurrency.

Karpovich also dispelled the idea that JP Morgan had contradicted its stance on crypto with the development of the JPM Coin, particularly given anti-Bitcoin comments from the bank’s CEO Jamie Dimon,

“I think there’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous versus using the technology to enhance your payments infrastructure. We look at the technology as being a means to doing things faster and cheaper: every CEO would like to make things faster and cheaper. So from that standpoint I think it represents a buy into the concept of using blockchain.”

Overall, Karpovich remains positive on the development of blockchain and blockchain-based payments as a field of interest for banks to develop upon.

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If Bitcoin (BTC) Falls Under $3,200, HODLers Should GTFO: Bearish Trader

Former Bitcoin Short Seller Paints Bearish Picture

Recently, Mark Dow, a preeminent hedge fund manager and skilled chartist, took to Twitter on Tuesday to make an unexpected declaration. In a tweet seemingly poking fun at crypto’s zealous bulls, Dow wrote that he would be saying goodbye to his Bitcoin (BTC) short, which he purportedly opened during the asset’s peak in late-2017.

In a phone interview with Bloomberg, the ostensible Bitcoin bear made it clear that his tweet wasn’t made in jest, adding that he was “done” with the position. Speaking to the outlet, Dow explained that he doesn’t “want to try and ride this thing to zero,” potentially indicating that he sees some semblance of value in BTC. Equating his anti-BTC forecast to a lemon, he stated:

“I don’t want to try to squeeze more out of the lemon. I don’t want to think about it. It seemed like the right time.”

The current head of a Southern California family office then explained that he already took profits twice this year, making the covering of his controversial short more than logical, especially from a risk management standpoint.

Just a few weeks later, Dow has taken to Twitter again, this time to paint a bearish picture for BTC’s prospects, specifically from a technical analysis outlook. The American economist recently wrote that BTC’s chart remains “beautiful,” but noted that if the asset cannot breach the $5,000 or $6,000 prices levels in a bounce, “cyberbulls” will be in for a tough time.

Dow added that if BTC breaks below $3,200, a long-term line of support as stipulated in the chart below, “even HODELers need to GTFO,” likely accentuating the importance of this line of support.

Maybe Not… Bitcoin Fundamentals Still Booming

Although Dow’s call shouldn’t be fully disregarded, his use of traditional markets analysis in crypto threw some for a loop. One Twitter user, who goes by the moniker InvestmentWizard, noted that Bitcoin’s fundamentals are stronger than ever, adding that even if BTC break through the “scary yellow line” the end wouldn’t be nigh for the flagship cryptocurrency.

This isn’t an isolated outlook, far from, in fact. Armin Van Bitcoin, a pseudonymous, yet prominent cryptocurrency zealot, recently claimed that Bitcoin has undergone a handful of developments that made 2018 the project’s most successful year.

Bitcoin saw the 0.16.0 and 0.17.0 installments of its core software go live, the former of which aided SegWit’s arrival to the mainstream. Blockstream also made strides, allowing offline consumers nearly all across the globe to access the Bitcoin blockchain via a series of satellites. And even while the network’s hashrate has recently stumbled, it remains up by 400% year-on-year, accentuating the fact that miners still see value in BTC. The SegWit protocol has also seen an adoption uptick, moving from 10% to 40% from January to now.

Moreover, there is a mass of traders who believe that BTC could break under $3,000, but still have a positive future ahead of itself. Anthony Pompliano, for instance, recently stated that BTC could fall under the aforementioned level, but he remains bullish on the cryptocurrency. He explained that in the end, when you boil cryptocurrencies down, they’re driven by math and software, rather than the nefarious individuals that can plague traditional industries. This is, of course, crypto’s underlying value proposition, and this industry’s fundamental narrative since its earliest days, or blocks if you will.

Title Image Courtesy of Ben O'Sullivan on Unsplash

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Bitcoin (BTC) Hit $20,000 One Year Ago Today: “Happy Mooniversary”

“Happy Mooniversary,” Yell Bitcoin Enthusiasts

One fateful year ago, Bitcoin (BTC), the world-renowned digital asset, hit $20,000 on a majority of exchanges amid 2017’s jaw-dropping, unprecedented “speculmania” that took the entire globe by storm. Now, on December 17th, 2018, a number of crypto’s most prominent commentators have taken to Twitter to commemorate that day in Bitcoin’s relatively short ten-year history.

(Altcoin) Thoreau, who goes by the handle “PrintingUSD” in a likely reference to the U.S. FED’s devious practices, took to his following of 23,000 to remind crypto’s segment of Twitter that approximately one year ago, BTC eclipsed the $20,000 price barrier. Just days later, the aggregate value of all cryptocurrencies hit an all-time high of $814 billion. In closing, Thoreau added that he hopes that cryptocurrencies can go to the moon again, subsequently coining the term “Happy Mooniversary.”

Although prominent traders and commentators, like Thoreau, painted their Mooniversary in positive lights, pundits took to Twitter to remind skeptics that this event isn’t a good thing. Peter Schiff, the CEO of Euro Pacific Capital and a diehard fundamentalist, noted that Bitcoin’s recent uptick, which he thought was catalyzed by the Mooniversary, wasn’t worth buying into.

Schiff later appeared on Fox Business, discussing his distaste for BTC and cryptocurrencies, while being pitted against Andy Bromberg, co-founder of CoinList, a platform and service for promising ICOs and prospective investors.

The traditional markets specialist said that just like stock market investors, “Bitcoin HODLers” don’t want to admit that the bull market is over, clearly touching on the controversial sentiment that continual hope in the crypto market is nonsensical. Schiff then noted that while BTC is young, “it will have a very short life,” adding that Bitcoin’s proposed use case as “money” is “flawed.” The Euro Pacific even went as far as to say that Bitcoin doesn’t have the characteristics of a store of value, and as such, doesn’t have prospects for another ten years.

And interestingly, the crypto public at large was mixed at this celebration of what would call a “non-event.” In a Reddit thread, which quickly rose to the top of /r/cryptocurrency’s leaderboards, pseudonymous commenters indulged in the use of humor to douse their pain. One user, who goes by the moniker “Joetromboni,” joked that “there’s going to be a lot of ‘Remindme’s’ showing up in our inboxes,” touching on the fact that one year ago, many traders predicted that BTC would be far above $20,000 today. Others reminisced, stating that last year was a golden time for cryptocurrencies, before making it clear that they missed the unprecedented run-up.

Some ignored price talk entirely. Jameson Lopp, a cypherpunk and zealous Bitcoiner, took today’s occasion to remind the cryptosphere about Bitcoin’s inherent value and ability to alter the world — alluding to the fact that fiat values of BTC should be disregarded. Lopp, who is an advocate for a decentralized ecosystem, noted that he, a libertarian and cypherpunks, sees Bitcoin as the “promise of privacy” and “freedom.”

Title Image Courtesy of Brian Garcia Via Unsplash

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Bitcoin (BTC) Stable At $3,400: Analyst Compares Crypto With Dotcom Bubble

Bitcoin Stable At $3,400, Altcoins In Similar Position 

Interestingly, after a multi-week bout of lower lows, the crypto market at large stabilized on Tuesday and Wednesday, as Bitcoin (BTC) found itself trading in a tight range between $3,300 and $3,500. Since Ethereum World News’ previous market update, released not 24 hours ago, the aggregate market capitalization of all cryptocurrencies has barely budged, up by $1.4 billion (~1.2%) to $111.39 billion in comparison to yesterday’s $109.9 billion.

Like crypto asset values, volumes posted by exchanges have begun to slow, with 24-hour volumes per Live Coin Watch amounting to $5.9 billion, down $1 billion from the $6.9 billion tallied by the platform yesterday. CoinMarketCap statistics have echoed the dissipation of volume, as its 24-hour volume statistic has fallen from $13 billion to $11 billion, where it remains now.

Although BTC underwent a small uptick on Tuesday night/Wednesday morning, with the asset moving as high as $3,460 on Coinbase, Bitcoin has been relatively laid back, failing to break out or fall throughout any key levels of support or resistance. Many eyes are looking to BTC’s year-to-date lows, and the resistance situated at $4,000 as levels of interest.

At the time of writing, Bitcoin has found itself at $3,380 on Coinbase and $3,440 as a global average, making it clear that the asset has found a semblance of stability in the $3,400 range. BTC is currently 0.57% in the past 24 hours.

XRP, Ethereum (ETH), and Litecoin (LTC) followed BTC with precision over the past day, posting gains that were all under a mere 1%. Notable outliers included EOS, which posted a 4.13% gain after a dismal week, Bitcoin Cash (BCH) and Bitcoin SV (BSV) — as the two both lost 2% — and Tezos (XTZ), as the asset surged by 15.42% presumably due to the fact that Huobi Global announced support for the up-and-coming network.

Analyst Compares Crypto To Nasdaq Boom (And Bust)

Speaking with MarketWatch’s William Watts, the outlet’s deputy markets editor, Russ Mould, an investment director at British investment platform AJ Bell, drew lines between the Dotcom boom at the turn of millennia to 2017/2018’s crypto boom & bust.

Mould claimed that crypto’s performance throughout 2018 “looks like many that we’ve seen before across a wide range of asset classes,” adding that the status of the market today propagates “vicious bear traps,” sending crypto “HODLers” even further into the ground. He explained that the Nasdaq, in the midst of its collapse in 2003, tried to break out multiple times, but failed miserably — not too different than Bitcoin’s stints at $10,000, $6,200, and $3,500 today.

Mould isn’t the only analyst to make such connections between two of history’s largest bubbles. In a post titled, “What Bear Markets Look Like,” Twitter angel investor Fred Wilson, who heads Union Square Ventures, noted that just like technology stocks in 2002/2003, cryptocurrencies have posted a more than 80% loss in a year’s time.

The prominent investor added that cryptocurrencies, even BTC, could head lower from here. Giving his statement some rationale, Wilson explained that once Amazon (AMAZ) declined to 20 percent of its all-time high, the then-startup saw its public valuation experience another 50 percent haircut, summating to a jaw-dropping 90 percent loss.

AMAZ’s debacle in the early 2000s may have been nothing but a blip on its multi-decade chart, but Wilson, a Bitcoin believer himself, is visualizing how cryptocurrencies could fall further, even while they have ground-breaking potential and seemingly endless upside.

Still, Wilson, a legendary venture capitalist, ended his aforementioned blog post with an optimistic tone, writing:

“I think some crypto asset (and possibly a number of crypto assets) will have a price chart like Amazon’s current one in 18 years. But we will have to do what Amazon did, hunker down and build value and survive, for quite a while to get there. And I think things will get worse before they get better.”

Title Image Courtesy of Alejandro Alvarez on Unsplash

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