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Crypto Market Sheds $50 Billion on Perceived Regulatory Risks

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The global cryptocurrency market suffered huge declines on Thursday, with most major coins down double-digit percentages on reports of increased regulation in India.

Broad Declines

The selloff on Thursday mirrored similar corrections throughout the month of January. With the exception of DigixDAO (DGD), all 100 of the top cryptocurrencies traded lower, according to data provider CoinMarketCap. Double-digit losses were common, with the likes of bitcoin, Ripple, Cardano, Stellar and Litecoin falling 10% or more.

Bitcoin briefly fell below $9,000, reaching its lowest level since November. Ripple XRP, the fastest growing currency of 2017, also fell back below the $1.00 mark.

In terms of total market cap, cryptocurrencies sunk to a low of $452 billion. Bitcoin, once the overwhelming favorite, has seen its total market share drop to around 33%.

Thursday’s trade volumes averaged roughly $26 billion, with bitcoin accounting for 34% of the trades.

Uncertainty, Controversy Weigh on Market

The latest collapse followed reports that India was planning new restrictions on cryptocurrency trading. In a speech before parliament, Finance Minister Arun Jaitley said the government would clamp down on the use of crypto assets to finance illegal activities. Many mainstream media outlets took this to mean an all-out ban on cryptocurrency. This is somewhat confusing, given that India already considers cryptocurrencies to be illegitimate.

Regulatory uncertainty continues to be the thorniest issue facing global cryptocurrency markets. Last month, concerns over a tighter clampdown on South Korean exchanges triggered one of the biggest two-day selloffs in history.

Markets are also on edge over fears that bitcoin prices may have been artificially inflated by digital currency exchange Bitfinex, which was recently subpoenaed by the U.S. Commodity Futures Trading Commission (CFTC) along with Tether, a crypto startup with the same executives.

Tether is a unique case because it is supposedly backed by U.S. dollars. However, analysts have questioned the voracity of those claims, with some arguing that Tether is issuing new coins to inflate the value of bitcoin to cover solvency issues.

The price of bitcoin ballooned to the $20,000 range in December, bringing its total market cap to $330 billion. The coin’s total market value has fallen to less than half that level.

Analysts bullish on bitcoin believe now to be the biggest buying opportunity. Most medium-term price forecasts share the view that BTC is likely headed higher, although the road to getting there will be volatile.

Market strategy firm Fundstrat recently gave bitcoin a year-end price target of $25,000. Others, such as cryptocurrency asset manager Jeet Singh, believe bitcoin could reach $50,000 by the end of the year.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 648 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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  1. eocc12

    February 2, 2018 at 6:42 pm

    “the voracity of those claims” You meant ‘veracity’ I imagine.

  2. snow4me

    February 3, 2018 at 10:45 pm

    Well if you want to control the crypto market simply take it from $150B or so in August 2017 to $790B then unleash your trade bots using an algorithm to incrementally dump the market. Sure bet to make sure your short position in the BTC future markets pay off?

    Reverse when you are ready to make your longs pay off? Meanwhile you have positions up and down the top 100 cryptos to play your games there, IMHO. Now who has that kind of cash to do such a thing? The wild card in this for that gang is how much $$$ comes in from the Asian markets.

    So from here on out it will be a game of some how trying to deal with these bot trading mechanisms, and Lord help anyone who thinks they can day trade this stuff unless you truly are a professional. The interesting thing is you can buy your own algorithm programs and I sure hope you know how to program it.

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Cardano Price Analysis: ADA/USDT is Eyeing a Big Move Out of Current Technical Setup

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  • Positive update from IOHK audit of Icarus by Kudelski Security.
  • ADA/USDT is moving within a pennant pattern formation, subject to breakout.

Solid Icarus Audit reported by IOHK

IOHK recently announced in their forum that an audit was conducted by Kudelski Security, which is an independent and third-party security audit firm. The audit conducted demonstrated that the Icarus project implementation for Cardano looks all good and set to go, without any major problems. However, a few changes may need to be executed. IOHK developed the Icarus code as a reference implementation, for Cardano light portfolio.

The important of “independent audits, like this one was stressed by IOHK. Stating “they are critical for identifying security issues in the Icarus wallet, that may not have been identified by internal audits”.

Furthermore, IOHK has elucidated Icarus as an open source code base serving as a reference for the creation of safer and easier mobile wallets for Cardano. They said, “this guarantees our customers and clients the safest portfolio we can offer.”  Given the benefit of an external audit, the developers can resolve any problems identified during its product launch audit.

Positive Updates from Cardano Founder

Cardano’s founder, Charles Hoskinson, was recently commenting on Cardano’s future. He said “We have so many amazing things coming out.”

Mr Hoskinson further added that one of their scientists has flown in from Switzerland. They will be doing a video, which will be the first time they have ever talked about their sharding design that we have for Cardano. Further commenting on other updates, including videos about Shelley and the Rust project.

Technical Review – Daily Chart

ADA/USDT daily chart

ADA/USDT is moving within a triangular pattern or a pennant formation, as seen via the daily time frame. It is narrowing, moving closer to a breakout. Ranging ahead of another drop to the deep south. Although, fundamental developments coming out from the Cardano foundation, remain very much upbeat currently.

Over the past 8 days, the price has been grinding higher, after receiving support at the lower trend line of the above-mentioned pattern. In terms of resistance to the upside, this can be seen at 0.08310000. The upper tracking trend line. Further north, a supply zone is running from 0.09000000-0.09500000. ADA/USDT  last traded here on 23rd September. Finally, support is tracking at 0.071800000, lower part of the pennant, also within a demand area. Another strong buying territory is observed from 0.06500000-0.06000000.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 33 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Zcash (ZEC) Up 16% For Week as Sapling Hardfork Approaches

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Privacy coin Zcash (ZEC) gained 16% on its value from Monday through to Saturday as anticipation builds regarding the upcoming Sapling update.

The update, which will require a hardfork, aims to make improvements to shielded addresses, including reducing the time it takes to create them and the amount of memory used when doing so.

October proved to be a productive month for Zcash, with the coin recently being added to the Bitnovo platform, which will see ZEC become available for purchase in over 20,000 physical stores throughout Spain and Italy.

ZEC/USD

In the calendar week leading up to Saturday, Oct 20th, ZEC climbed just over 16% against the dollar, on its way from a valuation of $107.54 up to Saturday afternoon’s peak of $1124.96.

Trade volumes grew steadily in that time, without much violent fluctuation. Instead, overall trade movement rose quietly from $57 million to $83 million, suggesting a more ‘natural’ progression than many spikes of late.

Saturday’s peak marked a weekly high for ZEC, and stands higher than the valuation with which the coin opened the month. With that said, the monthly high of $145 which landed towards the end of September is still some way off.

Sapling Hardfork

The Zcash twitter team have been building up the anticipation all week in the lead up to the Sapling update, and have earmarked October 28th for the initiation date – as per the Saturday’s tweet:

“Activation block 419200 will be mined October 28, 2018 18:21 UTC-05:00 assuming 150 seconds/block.”

The update is expected to improve the ZEC blockchain’s handling of shielded addresses. According to a recent blog post:

“Sapling is a network upgrade that introduces significant efficiency improvements for shielded transactions that will pave the way for broad mobile, exchange and vendor adoption of Zcash shielded addresses.”

More details on the update can be read here.

Zcash Gets Bitnovo Integration

The other big piece of news to come out of the Zcash camp this week is the Bitnovo integration. Bitnovo facilitates in the buying and selling of prepaid cryptocurrency vouchers, which can be filled with a choice of various currencies. According to this week’s tweet:

“You can now purchase $ZEC #Zcash at over 20.000 stores in Spain and Italy with @bitnovo with full privacy and straight to your favorite wallet!”

The firm also deal in refillable cryptocurrency credit cards which users can use in physical stores, while offering up crypto ATM’s to store owners and businesses.

How much the Bitnovo deal will boost Zcash’s numbers remains to be seen, but having the ZEC ticker plastered across products in mainstream stores is sure to increase its recognition.

Besides that, Zcash remains one of the as of yet unlisted coins among the five which Coinbase singled out earlier this year. Basic Attention Token recently pumped on the Coinbase anticipation, and ZEC’s turn may also be coming before long.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 81 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Is BTC Still the Real Bitcoin? Not According to Roger Ver

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Anyone familiar with Roger Ver may have already heard him proclaim the benefits of Bitcoin Cash (BCH), while deriding the development path taken by Bitcoin (BTC).

That development path has been largely guided by the overseeing hand of Blockstream – a privately funded company which has itself provided much of the funding for Bitcoin’s development.

A Departure from the BTC Vision

While Roger Ver’s constant assault on Blockstream and BTC on Twitter may prove irksome to some – it does appear to be founded on genuine reasons. Ver believes that features like the Lightning Network and Liquid Network detract from the original ideals set forth by Satoshi Nakamoto in the original Bitcoin whitepaper.

Furthermore, Ver and many others maintain that Blockstream purposely derailed the development of Bitcoin, purely so that they could then step in and get rich selling a product that was never needed in the first place.

As Ver recently told his Twitter followers:

“Supporters of lightning network intentionally crippled the world’s best working and most popular cryptocurrency (Bitcoin) in an attempt to push people onto something that doesn’t work, isn’t ready yet, and may never be able to work!”

The crippling of Bitcoin Ver refers to is the refusal by Blockstream to increase block sizes in order to increase scalability. What many believe should have been a straightforward issue – and one that was even touted by Satoshi Nakamoto himself – eventually became a farce.

Rather than increase block sizes on the Bitcoin blockchain to hold more transactions, Blockstream instead decided to create and sell their own products, such as sidechains and the Liquid Network, in order to solve the (self-sustained) scalability problem.

Earlier this week, Ver tweeted:

“BTC is the only coin in existence with intentionally limited on-chain capacity.”

Conflict of Interest?

As for Blockstream, they have made no secret of their intentions to make money from their Bitcoin activities. The company plans to provide sidechain services for investors using the newly created Liquid Network – a system which sees Bitcoin swapped out for a pegged sidechain token.

Some people may see a conflict of interest here. But even if we put conspiracies and speculation aside, this tweet by Blockstream CEO Adam Back suggests they aren’t too interested in maintaining the Bitcoin mainchain:

“I bet they’d pay $100/tx for digital gold, and mid-sized international remittance, I would. Still be really good if fees were much lower.”

The tweet refers to speculation on what the future price of a Bitcoin transaction would be, and seems to confirm that Blockstream see Bitcoin as a remittance tool for large-scale investors, rather than cheap, efficient P2P digital cash.

When Bitcoin started it was supposed to be a decentralized, permission-less, trust-less, immutable and therefore uncensorable alternative to the existing financial hierarchies and centralized infrastructures.

Even if you like the idea of Lightning Network hubs, block producers, and state channels, one thing you can’t say about them is that they’re decentralized, permission-less or trust-less.

Bitcoin Cash (BCH) was forked from Bitcoin in 2017 after many in the BTC community became dissatisfied with the blockchain’s direction. Bitcoin Cash essentially acts as the pre-Blockstream version of Bitcoin.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 81 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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