Day: November 23, 2018

This was the worst week for cryptocurrencies in 2018

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THE great cryptocurrency crash of 2018 is heading for its worst week yet. Bitcoin sank towards US$4,000 and most of its peers tumbled on Friday, extending the Bloomberg Galaxy Crypto Index’s decline since Nov 16 to 23 per cent. That’s the worst weekly slump since cryptomania peaked in early January. After an epic rally last year that exceeded many of history’s most notorious bubbles, cryptocurrencies have become mired in a nearly US$700 billion rout that shows few signs of abating. Many of the concerns that sparked the 2018 retreat –…

Price Slump to Continue, With Bitcoin Bottoming Out at $3,000

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Michael Moro, the CEO of cryptocurrency trading companies Genesis Trading and Genesis Capital Trading, said that the Bitcoin (BTC) price could bottom at $3,000 in an interview with CNBC Nov. 23. Speaking on CNBC’s “Squawk Box,” Moro suggested that the leading cryptocurrency will lose another 30 percent before bottoming at $3,000. Moro said, “You really won’t find [the floor] until you kind of hit the 3K-flat level.” Moro addressed small resistance levels, saying that he does not think the BTC price can stabilize in “the mid-3s,” also noting that the…

Bitcoin Miners Selling Old ASICs for Scrap as BTC Decline Worsens

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Twitter Facebook LinkedIn Over the past several days, there has been much debate within cryptocurrency circles about a series of videos and images allegedly showing Chinese crypto mining firms dumping bitcoin miners on the street. BRUTAL: this is what’s happening now in a China based mining site …. ?? pic.twitter.com/gcN4lVTyBt — Dovey Wan ? (@DoveyWan) November 20, 2018 To some observers, the video and images demonstrated that crypto miners — even those located in China, where low energy rates provide greater profit margins — were beginning to feel the pinch…

Bitcoin Cash Price Drops 12% to All-Time Low at $190, What’s Causing it?

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Twitter Facebook LinkedIn Since November 7, the Bitcoin Cash price (BCH) has dropped from $640 to $190, by more than 70 percent. Prior to the hash power war between Bitcoin Cash and Bitcoin Cash SV, a camp led by CoinGeek, Calvin Ayre, and Craig Steven Wright, the price of BCH plunged from $640 to around $450. BCH has continued to extend its loss to the lower end of $200 in the past several days following the incident, finally dipping below the $200 support level in the last 24 hours. Within a…

Bitfury Partners With Russian Economics University to Establish Blockchain Accelerator

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Multisectoral blockchain company Bitfury has partnered with the Plekhanov Russian University of Economics to create an accelerator for blockchain projects, Russian crypto news outlet Forklog reports Nov. 21. In addition to supporting the development of blockchain projects, the university will provide courses and additional education dedicated to “training specialists who are able to create innovative projects using digital technologies in a short time.” This will enable specialists to “bring [the projects] to market amid the new industrial revolution,” Dmitry Ufaev, the head of Bitfury Russia, told Forklog. According to Forklog,…

Bitcoin May Not Bottom Until It Hits $3,000, Will Institutional Interest Help?

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The cryptocurrency markets have shown an unprecedented level of weakness amidst its latest drop, with most altcoins trading down 90% or more from their highs, and Bitcoin falling to levels not seen since early 2017. There is now a consensus amongst industry analysts that Bitcoin has to fall even further in order for it to establish a bottom. Bitcoin’s plunge to its current price of $4,270 first began in late-October and into early-November when it failed to stabilize above $6,500, which sparked a gradual decline. Bitcoin’s price began to fall…

Bitcoin, Ripple, Ethereum, Stellar, EOS, Litecoin, Cardano, Monero, TRON, Dash: Price Analysis, Nov. 23

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. Does a crash in prices indicate the decaying fundamentals of an asset class? In many instances it does, but the market usually gets the fundamentals of an emerging technology wrong, both in the short term and in the long term. In May 1997, Amazon’s…

BlockShow Opens Pitch Competition in Singapore

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BlockShow is preparing a live-streamed business pitch competition for startups, called EXP20, which will take place on Nov. 29, 2018. The event is a new segment of their Asia Blockchain Week programme, that will be hosted in Singapore from Nov. 27 until Dec. 1, 2018. Dubbed “the largest blockchain technology roadshow” by Venturebeat, Asia Blockchain Week addresses the rise of the Asian economy and the region’s growing interest in blockchain technology. Crypto colosseum EXP20 is a new startup competition show which will be livestreamed during the Asian Blockchain Week. Taking…

Bitcoin Hits Another Low, Bitcoin Cash Is Down Almost 50% on the Week

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Friday, Nov. 23: Crypto markets are facing another significant decline today, with Bitcoin (BTC) seeing another yearly low, and Bitcoin Cash (BCH) dropping almost 50 percent over the past 7 days, according to data from CoinMarketCap. The major 20 cryptocurrencies by market cap are all red this Black Friday, with some altcoins losing more than 10 percent over the past 24 hours at press time. Market visualization from Coin360 Bitcoin dropped below the $4,200 price point to as low as $4,195 earlier today, breaking the lowest threshold for the first…

Major South Korean Satellite Operator KT SAT to Focus on Blockchain, Other New Tech

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The satellite operator owned by South Korea’s largest telecommunications company KT Corporation is exploring blockchain, local newspaper EDaily reports Friday, Nov. 23. KT SAT, which is reportedly Korea’s sole satellite communication operator with 50 years of satellite expertise, has set up a working group to address the use of major emerging technologies, including blockchain, in order to expand the existing limits of the satellite industry. Announced yesterday, Nov. 22, at the company’s event “2018 KT SAT Partners Day,” the new initiative, dubbed KT SAT Eco Alliance, aims to bring together…