Despite attempts to weed out fake cryptocurrency apps on the Android marketplace, the war is far from being won. Cybersecurity researcher Lukas Stefanko recently came across four fake crypto apps in the Google Play Store that impersonated Ethereum wallet MetaMask, as well as the Tether and NEO cryptocurrencies. According to Stefanko, the apps have been
The market cap of Nvidia has dropped by more than $23 billion, and analysts were quick to claim that the overnight plunge in the firm’s stock price was caused by an overall drop in demand for crypto. Susquehanna Financial Group analyst Christopher Rolland said: “While disappointing, the crypto-bubble is temporary, but secular growth opportunities like
The drama surrounding the recent Bitcoin Cash fork has comprised the catalyst for significant action across the cryptocurrency market, with both BCH and BTC posting new lows for 2018 on Nov. 15. Meanwhile, XRP has again overtaken ETH to rank as the second largest cryptocurrency by market capitalization.
In the days leading up to the fork, BCH was trading within an approximately 6% range between $500 and $530. Support at the $500 area then broke at around midday on Nov. 15th, with the price crashing as low as $350 on Bitstamp. On Bitfinex, BCH spiked down to $250, before BCH trading was halted on the platform in the run-up to the fork.
In the days since the fork, BCH has predominantly traded within a 10% range of between $375 and $410. The aggressive sell-off has seen BCH lose over 35% of its value against the dollar in just 12 days, although this can be attributed to some of BCH’s value being assigned to the minority SV chain that forked off.
When measuring against BTC, BCH established a new low of 0.046 BTC on Bitstamp after the markets broke below resistance at 0.066 BTC. Since Nov. 6th, BCH has lost approximately 45% of its value when measuring against BTC.
Bitcoin cash is currently the fourth largest cryptocurrency by market cap with a total capitalization of $6.67 billion.
BTC Consolidates Below $6,000
Looking at Bitfinex, BTC experienced heavy selling pressure starting from approximately 4 a.m. on Nov. 14 when the markets began to test support at approximately $6,400. After a short period of consolidation, the markets then fell 9.5% from $6,460 to approximately $5,850 in less than three hours.
24 hours of sustained selling pressure then drove prices to set an annual low of $5,432 on Nov.15, before a sharp bounce found resistance at approximately $5,750. The aggressive sell-off saw the price of BTC drop approximately 15% in a single day. Since then, BTC has consolidated within a tight range of less than 5%, with prices hovering between $5,550 and $5,750.
On Bitstamp, the dump saw BTC lose 16% in 24 hours, falling from approximately $6,210 to set an annual low of $5,200. Since then, BTC has hovered between $5,400 and $5,600. BTC currently has a market cap of roughly $97.25 billion.
Ripple Boasts Largest Altcoin Market Cap
XRP has again overtaken ETH to rank as the second largest cryptocurrency by total capitalization, a position it has held since Nov. 15 as of this writing. XRP currently has a market cap of $20.6 billion.
When measuring against USD, XRP has fully recovered from its 16% crash that transpired on Nov. 15, with prices currently hovering at roughly $0.517.
When looking at XRP/BTC, the Nov. 15 sell-off appears to have formed an inverse head & shoulder pattern on the hourly chart, priming the markets for the Nov. 16 breakout that has driven the price of ripple up to test resistance at 0.000093 BTC in recent hours.
ETH/BTC Sees Low Volatility
When measuring against BTC, ethereum has held relative stability in recent days, with the Nov. 15 dump trading within a tight range.
As of this writing, ETH is testing support at 0.0325 BTC, with the current price action appearing to follow roughly two months of sideways consolidation following May through July’s heavy selling pressure.
When measuring against USD, the Nov. 15 sell-off drove an approximately 17% drop in the price of ethereum once support at $210 broke. After bouncing off a low of $170, ETH has since consolidated between $175 and $185.
Ethereum is currently the third largest cryptocurrency by market cap with a capitalization of $18.17 billion.
Do you think the markets have posted their lowest position for 2018 or is more selling pressure imminent? Share your thoughts in comments section below!
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The people of Venezuela have been forced to cope with an increasingly difficult economic situation in recent years. This has led to a loss of trust in government-issued fiat by the population in a way that many believe exemplifies the need for cryptocurrency. This may account for why a major Venezuelan department store chain accepts cryptocurrency, something which is a rarity to see in more prospering economies.
Traki is a large chain of department stores operating in Venezuela for over 30 years. It encompasses 49 branches in many major cities across the country, selling everything from fashion to food and cookware.
According to its public profiles on social media, the company has opened up to transactions with digital assets since at least October. Traki accepts payments in a number of popular cryptocurrencies including bitcoin cash (BCH), bitcoin core (BTC), dash (DASH), ethereum (ETH) and litecoin (LTC).
Due largely to government policies, exacerbated by a fall in revenue from oil exports, the economy in Venezuela has been in a sharp decline for years. Inflation in the country is expected to reach over one million percent by the end of 2018, and consumer prices are projected to rise by another ten million percent in 2019 according to recent data from the International Monetary Fund.
The situation in Venezuela has pushed many in the crypto community to try and promote digital assets as a solution to the problem unabated fiat printing has caused. A number of charities have also formed, such as the Eatbch initiative which we recently reported on.
On Friday, we received another example of cryptocurrency being used for good in Venezuela as a Reddit user spoke of buying over 800 items at Traki with donated BTC. She showed a video of herself buying clothing and school supplies with the funds that will be gifted to kids in need.
Is the economic situation in Venezuela likely to convince more people in the country to turn to cryptocurrency? Share your thoughts in the comments section below.
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If there are two things a bear market’s good for, it’s building and memeing. Your portfolio might be down, but if you’re anything like crypto Twitter, your meme bank will be filled to overflowing with riches. Bloody markets make for marvelous memes.
Twelve months ago, media outlets such as news.Bitcoin.com were running low on stock images of bulls to accompany stories of BTC hitting new all-time highs. One year on and it’s bears we’re running low on. Thankfully, internet image boards and Telegram channels are a ripe repository of the sort of bears last seen in childhood cartoons, now repurposed to suit the market we find ourselves in.
Do our memes reflect the mood of the markets or do the markets reflect the mood of our memes? Perhaps if we all shared more bulls in our cryptocurrency trading groups the good times would return.
Hide the Pain
While market downturns can be good for germinating new memes, they’re also good for resurrecting old ones. Hide the Pain Harold sticker sets have been seeing heavy usage on Telegram ever since BTC dropped below $6,000.
2018’s defining meme has undoubtedly been the non-player character (NPC). It’s been used mercilessly throughout the cryptocurrency space to mock opponents, with the Blockstream/Bitcoin Core Telegram pack one of the finest sticker collections currently doing the rounds.
Sergey and the Singularity
Some crypto memes are too arcane to explain. Quite why posters on 4chan’s /biz/ messageboard have fixated on the CEO of oracle project Chainlink doesn’t matter. Nor does it matter why they’re hoarding LINK in anticipation of an event dubbed The Singularity that’s supposedly going to make them stupidly rich. All that matters is poor Sergey Nazarov has been memed mercilessly, albeit for all the right reasons – namely humor and awareness by his devoted band of Link Marines.
You’ve probably already seen the bagholder bingo card:
In a week where the SEC laid the banhammer on a brace of ICOs, it seems the perfect time to share bagholder bingo’s sister card – ICO bingo:
Finally, no matter how rekt your portfolio might be, remember – it can always get rekter.
What are your favorite crypto memes of the moment? Let us know in the comments section below.
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Significant cryptocurrency mining outfit BTC.top has begun mining bitcoin cash on the blockchain supported by Bitcoin ABC (BCHABC), potentially putting another nail in the coffin of the minority Bitcoin SV (BSV) chain. Including its BTC operation, the pool has more hash by itself than all of BSV combined, meaning that the threat of a potential
The issue of Islamic classification of cryptocurrency has been ongoing since the rise of bitcoin’s popularity, with debate over whether or not bitcoin and other cryptocurrencies are considered halal (permitted) or haram (forbidden). This is due to the stringent guidelines regarding monetary classification laid out in the Muslim faith, with conditions forbidding usury (the act of lending for
This week, SIX Swiss Exchange, Switzerland’s principal stock exchange based in Zurich, approved the listing of a crypto exchange-traded product (ETP) with the ticker “HODL.” Like the Coinbase Index and Bitwise Hold 10, Amum ETP represents the value of five cryptocurrencies that include Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum (ETH).
A new report suggests that cryptocurrency and digital assets are becoming something of a staple in the lives of the upcoming generation, with potentially seismic implications for the world of finance in the future. The Holiday 2018 report released by investment bank and asset management company Piper Jaffray reveals that, for the first time ever, American teenagers
Benoît Cœuré, a member of the Executive Board of the European Central Bank, condemned Bitcoin (BTC), describing it a bubble, ponzi scheme, and an environmental disaster. “Lightning may strike me for saying this in the Tower of Basel — but bitcoin was an extremely clever idea. Sadly, not every clever idea is a good idea.