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Cryptocurrencies continue to sell-off as hopes of long-term bull-market are dimmed

Sep 06, 2018

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Top 5 Cryptocurrencies sorted by 24 hour Volume

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$6475.19 0.01% -6.93% -6.37% USD$111,716,549,760 USD$5,790,662,054
Ethereum ETH USD$226.65 0.44% -7.75% -19.34% USD$23,072,636,309 USD$2,212,316,240
EOS EOS USD$5.1 0.1% -6.34% -14.85% USD$4,624,201,692 USD$888,670,103
Bitcoin Cash BCH USD$508.59 -0.38% -6.25% -4.84% USD$8,815,972,796 USD$456,098,292
Litecoin LTC USD$56.35 0.26% -6.72% -5.85% USD$3,278,053,094 USD$357,139,711

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
XRP XRP USD$0.3 -0.73% 2.48% -8.93% USD$11,973,632,327 USD$342,739,438
OmiseGO OMG USD$3.9 0.36% -3.63% -5.71% USD$547,440,341 USD$45,185,121
Monero XMR USD$115.02 0.86% -3.89% 14.77% USD$1,884,446,416 USD$50,426,136
Cardano ADA USD$0.09 -0.26% -4.56% -12.5% USD$2,252,523,411 USD$76,744,359
Ethereum Classic ETC USD$11.73 0.57% -4.71% -7.85% USD$1,224,134,095 USD$226,925,911

Crypto News

  • Bitcoin’s sharp drop continued into today’s trading, with the cryptocurrency now trading at US$6,422, down more than 13% from Wednesday’s highs. Still, Bitcoin is sitting comfortably above the critical US$6,000 price level. 
  • IBM announced today of a partnership with Hu-manity.co to develop a ‘health data application that utilizes blockchain technology. This is not the first time the tech giant has partnered on a blockchain related projects, announcing partnerships earlier in the year with SecureKey and Sovrin.  
  • An individual from New York has pled guilty to kidnapping and robbery charges related to the theft of over US$1.8 million of ether. The man, identified as Louis Meza, was arrested in December after allegedly forcing the victim to surrender their phone, wallet, and car keys at gunpoint.  
  • The Iranian government has officially recognized cryptocurrency mining as an industry, propelling local Bitcoin to prices north of $24,000 Wednesday. Also, Iran’s Economic Commission claims that citizens have bought over US$2.5 billion of cryptocurrencies in preparation for the United States’ formal withdrawal from the Iranian nuclear deal. 
  • The Linux Foundation announced in a press release Wednesday that it would begin opening enrollment for an advanced training course on ‘Hyperledger Fabric Blockchain Technology’. Linux Foundation's Clyde Seepersad explained in the press release that blockchain engineering jobs are, “the second fastest growing in today’s labor market”.  
  • An order issued by Uzbekistan President Shavkat Mirziyoev on Sunday states that Uzbekistan will no longer charge tax on cryptocurrency related income and that licensed cryptocurrency exchanges will not be held to the country’s securities and exchanges regulations. This announcement comes as Uzbekistan is attempting to attract cryptocurrency related businesses to the country. 
  • South Korea’s national postal service, the Korea Post (KP), is meeting with Goldman Sachs to gain insight into cryptocurrencies, as reported by Bloomberg. The KP oversees an investment fund of over US$112 billion, and has already met with incoming Goldman Sachs CEO David Solomon about the topic. 
  • Southeast Asia’s largest cryptocurrency exchange, Coins, reported that it tripled its user count over the last fiscal year, going from 1.5 million users to over 5 million users. Coins is located in the Philippines and has grown by aggressively targeting foreign markets, specifically Malaysia and Thailand.  

*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Sources:

https://www.coindesk.com/bitcoins-double-digit-drop-negates-long-term-bull-market/ 
https://www.coindesk.com/ibm-makes-another-blockchain-identity-play-with-health-data-app/ 
https://www.coindesk.com/ethereum-kidnapper-pleads-guilty-may-see-10-years-in-prison/ 
https://www.ccn.com/iran-legitimizes-crypto-mining-industry-bitcoin-price-spikes-to-24000-locally/ 
https://cointelegraph.com/news/linux-foundation-launches-new-hyperledger-blockchain-training-course 
https://www.coindesk.com/uzbekistan-looks-to-lure-crypto-exchanges-with-new-tax-benefits/ 
https://cointelegraph.com/news/south-korea-post-service-seeks-crypto-know-how-from-goldman-sachs 
https://www.ccn.com/scaling-adoption-southeast-asias-biggest-crypto-exchange-adds-4-million-users-in-2018/ 
https://www.coindesk.com/stock-brokerage-ef-hutton-to-launch-crypto-reports-for-confused-investors/