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Cryptocurrencies plummet as Van Eck warns Bitcoin investors are moving to gold

Jan 28, 2019

 

 
High Machine Learning Accuracy Rates for CryptocurrenciesHigh Machine Learning Accuracy Rates for Cryptocurrencies
High Machine Learning Accuracy Rates for CryptocurrenciesHigh Machine Learning Accuracy Rates for Cryptocurrencies

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$3461.55 0.04% -3.73% -3.26% USD$60,600,149,496 USD$6,360,039,890
Ethereum ETH USD$105.11 -0.02% -8.25% -10.61% USD$10,995,187,321 USD$3,191,757,412
EOS EOS USD$2.22 -0.46% -7.46% -5.79% USD$2,011,116,914 USD$838,603,587
Litecoin LTC USD$30.78 0.16% -6.62% -1.27% USD$1,853,732,464 USD$718,209,377
XRP XRP USD$0.29 -0.61% -5.87% -8.59% USD$12,034,511,396 USD$568,112,857

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

On Mobile/Tablet scroll to the right

Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$3461.55 0.04% -3.73% -3.26% USD$60,600,149,496 USD$6,360,039,890
OmiseGO OMG USD$1.12 -0.18% -5.71% -12.89% USD$156,415,356 USD$31,451,062
Dash DASH USD$67.7 0.29% -5.73% -3.3% USD$581,766,569 USD$178,487,752
XRP XRP USD$0.29 -0.61% -5.87% -8.59% USD$12,034,511,396 USD$568,112,857
Litecoin LTC USD$30.78 0.16% -6.62% -1.27% USD$1,853,732,464 USD$718,209,377

 

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Crypto Market Recap

  • Cryptocurrency prices continued falling in afternoon trading as the price of Bitcoin (BTC) fell the least among major coins, down 3.81% in the last 24 hours to USD$3,459.41. After steadily rallying from its low of USD$4.20 on December 7th, 2018, Binance Coin (BNB) has fallen the most among major cryptocurrencies in the last 24 hours, down 12.45% to USD$6.21. Bitcoin Cash (BCH), TRON (TRX), Stellar (XLM), and Bitcoin SV (BSV) are also sustaining heavy losses, all down at least 10% in the last 24 hours. Waves (WAVES) is the only major cryptocurrency that is positive in today’s trading, up 2.19% in the last 24 hours to USD$2.84. As a result of the broad market’s declines, Tether (USDT) has become the 4th largest cryptocurrency by total market capitalization.

Crypto Developments in Financial Services

  • John Van Eck, CEO of Van Eck Associates, suggested in an interview with CNBC that Bitcoin (BTC) investors are moving to gold investments. Van Eck told CNBC, “that Bitcoin pulled a bit of demand away from gold last year, in 2017.” Van Eck went on to say, “Interestingly, we just polled 4,000 Bitcoin investors and their number one investment for 2019 is actually gold. So gold lost to Bitcoin and now it’s going the other way.” 
  • Intercontinental Exchange (ICE) announced a partnership with major global blockchain firm Blockstream to develop and launch a Cryptocurrency Data Feed product. As per the announcement by ICE Data Services on Twitter, the product will enable real-time and historical data for over 60 different cryptocurrencies. The partnership aims to provide users with a reliable and comprehensive tool to monitor crypto data from major trading markets and exchanges across the world.  
  • South Korean cryptocurrency exchange giants Bithumb, Upbit, Korbit, and Coinone are partnering to combat money laundering, according to a report by The Korea Herald. The four South Korean exchanges are developing a hotline where domestic users can call with any information on unusual trading or payments possibly related to crimes. Earlier this month, the South Korean government approved only 7 of 21 domestic crypto exchanges following a thorough security audit -- Bithumb, Upbit, Korbit, and Coinone were among those approved.

Crypto Regulatory Environment

  • Kik, a social media messaging application based in Canada, told the Wall Street Journal (WSJ) that they intend to fight back against enforcement by the US Securities and Exchange Commission (SEC) over the company’s Initial Coin Offering (ICO) in 2017. Kik raised roughly USD$100mm through the sale of Kin (KIN) tokens, which can be earned by users on the platform, traded on exchanges, or redeemed for goods and services.

General Crypto News

  • Nvidia, a Taiwan-based computer hardware manufacturer, updated its CY4Q2018 financials today and cited a slump in cryptocurrency mining hardware demand as one of the reasons for lowering its revenue guidance. Nvidia pulled back its CY4Q2018 revenue guidance to USD$2.20bn from a previously projected USD$2.70bn. In addition to a slowdown in cryptocurrency mining hardware demand, Nvidia founder and CEO Jensen Huang also cited, “deteriorating conditions,” in China resulting in a slowed demand for the company’s gaming GPUs in CYQ42018.  
  • A new report published by blockchain analytics firm Chainalysis details that two hacker groups are responsible for stealing a total of USD$1bn in cryptocurrencies, as per an article by the Wall Street Journal (WSJ). The report by Chainalaysis describes two hacker entities, dubbed Alpha and Beta, as groups to receive a majority of cryptocurrencies stolen/lost in crypto scams and hacks. Chainalysis describes in its report that Alpha is, “a giant, tightly controlled organization at least partly driven by non-monetary goals,” and that Beta is likely a smaller and less organized, “heavily sanctioned organization heavily focused on money.”

 

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

Sources:

http://kinecosystem.org/wells_response.pdf 
http://www.globenewswire.com/news-release/2019/01/28/1706161/0/en/NVIDIA-Updates-Financial-Guidance-for-Fourth-Quarter-of-Fiscal-Year-2019.html 
http://www.koreaherald.com/view.php?ud=20190128000331 
https://coin360.io/  
https://coinmarketcap.com/  
https://cointelegraph.com/news/chainalysis-two-probably-still-active-groups-account-for-1-billion-in-crypto-hacks 
https://cointelegraph.com/news/nvidia-decreases-q4-revenue-estimates-citing-crypto-mining-decline-conditions-in-china 
https://cointelegraph.com/news/nyse-operator-partners-with-blockstream-to-launch-crypto-tracking-tool-for-investors 
https://cointelegraph.com/news/south-korea-report-major-exchanges-join-forces-to-combat-money-laundering 
https://cointelegraph.com/news/south-korea-report-major-exchanges-join-forces-to-combat-money-laundering 
https://cointelegraph.com/news/van-eck-associates-ceo-bitcoin-investors-are-moving-to-gold 
https://medium.com/kinblog/why-were-fighting-back-against-the-sec-b54e6f609b2 
https://www.cnbc.com/2019/01/26/bitcoin-investors-are-running-from-crypto-to-invest-in-this-commodity.html 
https://www.coindesk.com/nvidia-cites-crypto-miner-demand-decline-in-missed-revenue-target 
https://cointelegraph.com/news/social-media-platform-kik-promises-to-challenge-proposed-sec-enforcement-against-its-ico 
https://www.coindesk.com/nyse-parent-company-launches-crypto-trading-data-stream-for-exchanges 
https://www.wsj.com/articles/are-ico-tokens-securities-startup-wants-a-judge-to-decide-11548604800 
https://www.wsj.com/articles/two-groups-account-for-1-billion-in-cryptocurrency-hacks-new-report-says-11548676800

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