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It’s been a tough week for cryptocurrency holders, as the top 10 virtual currencies by market capitalization have lost 30% to 60% of their value over the past seven days. Prices this low have not been seen since the spring of 2017 and at the moment the entire economy of all 2000+ coins has a market valuation of about $ 128 billion.
Over $ 60B Lost During the Last 7 Days
A lot of cryptocurrency enthusiasts have been using words like “carnage,” “bloody” and “capitulation” to describe the recent cryptocurrency market downturn. The top digital asset markets show deep losses for nearly every single cryptocurrency besides stablecoins. Trade volume has increased since the slump, but only by a few billion, as global trade volume is currently hovering around $ 18.5 billion.
Bitcoin core (BTC) markets dipped to a low of $ 3,475 on Nov. 24 but managed to rebound a hair back to the $ 3,817 range where it rests today. BTC’s spot value is down 11% today and 31.8% over the last seven days. Ripple (XRP) markets currently hold the second-highest valuation but markets are down 14.4% today and 32.6% since last week. One XRP is trading for $ 0.34 per coin and ripple’s market capitalization is $ 13.9 billion. Ethereum (ETH) has lost 9.9% over the last 24 hours and 37% since last week and the price per ETH today is $ 110. Lastly, the fifth-largest market valuation is held by eos (EOS), with the token trading for $ 3.24. EOS values have lost 9% in the last day and have seen losses of around 29% over the last week.
Bitcoin Cash (BCH) Market Action
Bitcoin Cash (BCH) markets have also seen better days and currently, the price is hovering around $ 160-195 (depending on the exchange), but reached a low on Saturday night down to $ 177. BCH is down 18.2% today and over the last week, has lost 56% of its market value. The cryptocurrency market dumps alongside the recent blockchain split has caused severe losses throughout bitcoin cash markets in general.
At the moment, BCH global trade volume is 126 million and the total BCH market valuation today is hovering around $ 2.94 billion. The top exchanges swapping the most BCH this weekend include Lbank, Huobi, Bluebelt, Bithumb and Bittrex. Again the top currency pair with bitcoin cash today is ethereum (ETH), capturing 38.2% of today’s BCH trades. This is followed by BTC (30.9%), USDT (17.3%), KRW (12%), and USD (0.4%). The Korean won has made a noticeable increase throughout BCH trade volume over the last two weeks.
BCH/USD Technical Indicators
The four-hour BCH/USD charts on Bitstamp and Bittrex show bears have managed to make it quite difficult for bulls to gain momentum. The two Simple Moving Averages (SMA) show the long-term 200 SMA is still well above the short-term 100 SMA. This indicates the path toward the least resistance for BCH traders is still the downside. BCH/USD has been clinging to long-term support for over the last seven days and oscillators like the Relative Strength Index and Stochastic have seen extreme oversold conditions twice this past week.
Currently, four-hour RSI levels are meandering in the middle (-46.8)m showing some uncertainty throughout the ranks of traders wondering what will take place next. Order books show on the upside that bulls need to move past the current vantage point and the $ 220 price region in order to face smoother seas. Further, at the time of publication, the MACd shows things might be heading northbound for a short period of time and there’s plenty of room for improvement. On the backside, things look a bit dreary as there are solid foundations between now and $ 145, but after that things begin looking slimmer.
The Verdict: Traders Evaluate a Range of Price Forecasts
Most traders have been very curious about the next big move for cryptocurrency markets and the last two dips came as a surprise for many. The entire cryptocurrency market capitalization has lost a significant amount of value, shedding $ 60 billion since last week. After the big dips, most traders began waiting for a strong bounce that never materialized, leaving most digital assets clinging to long-term support. Top digital assets like BCH, BTC and ETH indicate there is pretty solid support at the current vantage point on the weekly’s EMA200 and a bearish-to-bullish trend reversal could take place in a matter of days. Some traders are betting a reversal is coming, but others anticipate more losses. Most traders this weekend are playing positions like a game of musical chairs and hoping their predictions will be correct.
Do you think cryptocurrency market prices will recover any time soon? Let us know in the comments section below.
Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
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The post Markets Update: Cryptocurrencies Continue to Suffer From Deep Losses appeared first on Bitcoin News.
The stock market’s huge rally on Wednesday lifted multiple industries after the relatively unsurprising midterm election results reassured investors. Big-name technology, consumer and healthcare companies soared as the S&P 500 index closed at its highest level in four weeks.
The S&P 500 climbed…
Coincheck reported a pre-tax loss of 588 million yen (US $ 5.3 million) for the third quarter of 2018, the Japanese exchange’s second consecutive quarterly loss since hackers pilfered $ 530 million in January. That’s an increased deficit of 130 percent from the 259 million yen ($ 2.3 million) loss the previous quarter.
Coincheck Remains Optimistic After Surviving a Multi-Million-Dollar Hack
Coincheck’s revenue for the period July to September plunged 66.5 percent to 315 million yen ($ 2.8 million) from $ 8.4 million the previous quarter, as the exchange battled to regain public trust. Attributable net loss widened 111 percent to $ 3.6 million during the review quarter, as total group net profit came in at $ 4.9 million, down 118 percent from $ 10.7 million in the quarter prior.
Coincheck, acquired by Tokyo-based securities firm Monex Group in April for $ 40 million, said that it retained some 1.7 million users after repaying $ 420 million to depositors after the hack. Running costs are down by around 17 percent for the quarter, but cumulative losses over the past six months have reached $ 7.6 million.
“Since the service suspension in January 2018, Coincheck basically allowed existing customers only to sell their cryptocurrency,” Monex Group said in its third quarter earnings release on Oct.29.
Exchange Steps up Security
Lawsuits filed against Coincheck, still unregistered under Japanese law, have had only a minor impact on the financial status of the holding company, Monex said, adding that the exchange had beefed up security to prevent further breaches. At least four privacy coins have been delisted as part of measures to improve security. Know-your-customer and anti-money laundering features have also been tightened.
“Going forward, Coincheck will advance as a highly technology-driven company with a cutting-edge security control system and the know-how to secure profitability appropriate of its true value,” Monex Group chairman and chief executive officer Oki Matsumoto detailed in the financial results statement.
“In Japan and the United States, we will increase our user base by developing and providing new services that appeal to millennials and other new economic players. And finally, we will expand our operations in the Asia-Pacific region, an area that will support global growth in the future,” he said.
The majority of leading digital currency exchanges have reported stellar earnings. Binance said profits soared to $ 350 million between September last year and June, mainly driven by transaction fees. The platform, which has over 10 million users and averages about $ 1.5 billion in daily volume, has targeted net profit of between $ 500 million and $ 1 billion for 2018.
Do you think Coincheck will be able to regain public trust after the January hack? Let us know in the comments section below.
Images courtesy of Shutterstock and Monex Group.
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The majority of cryptocurrency traders recorded losses on their investments last month, according to a report we’ve covered in The Daily. In this edition, we also look at the new debit cards allowing customers in Singapore to spend cryptocurrencies anywhere Visa is accepted and the decision of a large cryptocurrency mining company to move one of its farms from Sweden to Colorado.
Report Depicts Bleak September
September was a busy but not an optimistic month for the crypto space, according to a report published by OK Blockchain Capital – the investment arm of OK Group, operator of cryptocurrency exchange Okex. The monthly survey among investors found that most of them had suffered small losses (25.47%), “essentially flat” (24.53%) or large losses (23.58%). A little over 14.15% of traders made small gains, while another 5.19% remained on the sidelines. The market situation was rather bleak, the authors have concluded.
The study confirms a continued downward trend in the value of digital assets throughout September. However, the trading volume rebounded significantly toward the end of the period. According to the aggregated data, the average global daily market cap of digital assets was $ 211.103 billion, down 10.27% from August. At the same time, the transaction volume reached $ 13.526 billion, up 5.15%. The top three cryptocurrency holdings last month were BTC (23.11%), EOS (16.04%) and ETH (12.26%).
The report also lists the industry buzzwords for September, including stablecoins, bitcoin mining machines, Bitmain, and the Ethereum “Difficulty Bomb.” Iran’s decision to recognize cryptocurrency mining, the ongoing court proceedings around the RBI ban in India, and regulatory developments in Japan and the United States are mentioned among the most important global policy news items.
Crypto Debit Cards Issued to Customers in Singapore
Cryptocurrency platform and payment provider Crypto.com has announced it is now shipping the new MCO Visa Cards to customers in Singapore. The prepaid cards are linked to a mobile wallet that allows holders to buy, sell, store, send, and track cryptocurrencies, the company formerly known as Monaco explained in a post published on Medium this week.
With the wallet app, users can order an MCO card, control its usage and manage all transactions. They will also be able to freeze or unfreeze their card. The metal cards come with free ATM withdrawals and no annual or monthly fees. The cards issued by Crypto.com will enable customers to spend digital coins converted to fiat money anywhere Visa is accepted.
The service supports cryptocurrencies like bitcoin core (BTC), ethereum (ETH), Binance coin (BNB) and the platform’s own MCO token as well as major fiat currencies, including the U.S. dollar, euro, British pound, Singapore dollar, Hong Kong dollar, Japanese yen, and Australian dollar.
MGT Moves 6,000 Miners From Sweden to Colorado
MGT Capital Investments, a company involved in cryptocurrency mining operations in the State of Washington and in Northern Sweden, has announced it concluded a hosting agreement for a new facility in Colorado. MGT has been exploring options to relocate more than 6,000 S9 Antminer devices that are currently installed in its bitcoin farm in the Scandinavian country.
“We have identified and successfully negotiated a deal with a U.S. facility that nicely suits our needs,” said MGT’s Chief Operating Officer, Stephen Schaeffer. “This location is capable of not only providing a cost-effective solution to our relocation needs, but also facilitates our growth plans for 2019,” he added, as quoted in a press release.
The facility in Colorado Springs, a former semiconductor campus, has an initial capacity of 10MW of electricity but the electrical infrastructure can support an additional 30MW of power. MGT Capital intends to complete the relocation and restart mining operations in the new location by the end of 2018.
MGT Capital Investments is one of the largest cryptocurrency mining companies in the U.S. where it operates around 6,800 Bitmain S9 miners.
What are your thoughts on today’s news tidbits? Tell us in the comments section below.
Images courtesy of Shutterstock, Crypto.com.
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Stocks are slumping for a second straight day as the market endures its most volatile stretch since February, the AP reports. The Dow Jones industrials fell 545 points, or 2.1%, to 25,052.83 and the benchmark S&P 500 dropped 57 points, or 2.1%, to 2,728.37….
Asian markets were broadly lower Thursday after Wall Street slumped on a heavy selling of technology and internet stocks.
Japan’s benchmark fell by an unusually wide margin of 3.9 percent, and China’s main index lost 4.3 percent. Markets in Hong Kong, South Korea, Australia and Southeast Asia recorded…
Nearing the end of the trading day, U.S. stocks were lower for the third session in a row Monday as technology companies again took steep losses. Major indexes were coming off two weeks of declines, and a big jump in bond yields startled investors last week.
Stocks in Europe fell after Italy’s…
Sears Holdings Corp. is limping into the critical holiday season, after the struggling company reported its quarterly sales fell 26% and it continues to close dozens of stores.
WSJ.com: US Business
Many altcoins have posted significant losses in recent days, with ETH currently testing price levels not seen in over 12 months after losing 40% in roughly one week. The declining value of altcoins has also driven BTC to continue to establish new highs for market dominance during 2018.
BTC Gains Dominance
The heavy losses sustained by many leading altcoin markets have led BTC to continue to further its market dominance over other cryptocurrencies. As of this writing, BTC has a market dominance of 57.6% and is trading for roughly $ 6,300 USD.
Despite stable price action over recent days, BTC has shed approximately 16% in the last 8 days. BTC currently has a market capitalization of nearly $ 109 billion.
The number of BTC short positions is testing the all-time high level of roughly 38,000 for the second time in roughly one month.
BCH Hits New Low for 2018
Bitcoin Cash has experienced a bearish week or so of price action, losing approximately 30% in the last 8 days when measuring against the dollar. With prices currently hovering at the $ 420 area, BCH has established a new low for 2018 and is currently testing price areas not witnessed since late October 2017.
When measuring against BTC, BCH is trading for approximately, 0.067 BTC – a key support area dating back to the market’s inception a year ago.
BCH is currently the 4th ranked cryptocurrency market by capitalization with roughly $ 7.35 billion.
ETH Breaks Below $ 200
In the last 8 days, ETH has lost roughly 41% when measuring against the dollar. The drop plunged the price of ETH down to the $ 170 area – prices not seen since mid-July 2017.
Ethereum’s market dominance has dropped below 10% for the first time since December 8th, 2017, and March 2017 before then – with ETH currently comprising 9.6% of the total cryptocurrency market cap, according to Coinmarketcap.
When measuring against BTC, ETH is testing the support area of approximately 0.0275 BTC for the first time since December 2017.
Both ETH/USD Shorts and Longs Test All-Time Highs
As of this writing, the number of both ETH/USD shorts and longs are testing record highs on Bitfinex – with longs breaking into new all-time highs above the 350,000 area as of this writing, and shorts testing the 240,000 area for the second time in just a few days.
ETH is the second largest cryptocurrency market with a capitalization of $ 17.76 billion.
Other Leading Altcoins Post Significant Losses
XRP dropped by 21% in 8 days to retest support at its 2018 low of approximately $ 0.26. XRP is the third-ranked market by capitalization with $ 10.43 billion.
EOS is trading for approximately $ 4.85 after losing 25% in 8 days. EOS has now tested the roughly $ 5 area for several consecutive weeks. EOS is the fifth largest cryptocurrency by market cap with nearly $ 4.4 billion.
Stellar has posted the most modest losses among leading altcoins for the last 8 days – falling by roughly 16%. Stellar is the sixth largest crypto market with a capitalization of $ 3.65 billion.
LTC set a new low for 2018 today, breaking below $ 50 for the first time in nearly 12 months. As of this writing, LTC is trading at $ 49 after shedding roughly 28% of its value in 8 days. LTC has the seventh largest cryptocurrency market cap with $ 2.87 billion.
ADA is the ninth largest cryptocurrency with a market cap of $ 1.65 billion. ADA posted the most violent losses of the leading altcoin markets this week, losing roughly 60% in 8 days. ADA is currently trading at a record price low of $ 0.064 USD.
XMR has fallen by 29% in the last 8 days and is currently testing support at the $ 100 area. XMR is the tenth largest cryptocurrency market with a capitalization of $ 1.62 billion.
Do you think we will continue to see bearish market action across the cryptocurrency markets in the short-term? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Tradingview
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The post Markets Update: ETH Hits 14-Month Low Amid Heavy Altcoin Losses appeared first on Bitcoin News.
US stocks finished lower Tuesday as losses for health care and technology companies canceled out gains for banks, per the AP . Investors didn’t commit to many big moves as trading resumed after the Labor Day holiday. They are likely to focus on trade this week, as the US is scheduled…