Bitcoin Market Cap Establishes New Yearly Low, Drops to $92.53 Billion

Twitter Facebook LinkedIn The market cap of the world’s leading cryptocurrency has established its new yearly bottom. Bitcoin on Monday continued its downtrend, and its valuation dropped to a new bearish low at $92.53 billion. At the same time, the price of the digital currency fell to an average of $5,322, according to aggregate data available at CoinMarketCap.com. Overall, the bearish action intensified the possibility of Bitcoin establishing a double bottom anytime this year. As reported on CCN last week, the forking of Bitcoin Cash has turned out to be…

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China’s IT Ministry Calls for ‘Acceleration’ of Blockchain Standardization

A document published Nov. 12 on the official website of the Cyberspace Administration of China (CAC) calls on the country to “accelerate” the development of standards for the blockchain industry. The text has been authored by the Ministry of Industry and Information Technology (MIIT)’s Zhou Ping, who is also secretary general of the China Blockchain Technology and Industry Development Forum and director of the Software Engineering and Evaluation Center at China’s Electronics Technology Standardization Research Institute. The document argues that the development of a reference blockchain architecture standard is of…

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Cryptocurrency Is ‘a Big Deal’ But Needs Institutional Investment, Says KPMG Report

Netherlands-based ‘Big Four’ auditor KPMG released a bullish report on cryptocurrency Nov. 15. The report argues that institutional investors must join the industry for it to “realize its potential.” The report, dubbed ‘Institutionalization of Cryptoassets,’ focuses on why and how institutional investors should enter cryptocurrency, along with “challenges” the process faces and under what circumstances crypto could become a “full-fledged asset class.” “Cryptoassets have potential. But for them to realize this potential, institutionalization is needed,” the report’s authors argue, continuing: “Institutionalization is the at-scale participation in the crypto market of…

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Korea’s Largest Power Provider to Use Blockchain for Eco-Friendly Micro Grid

Korea’s largest power provider KEPCO says it will use blockchain and other innovative energy solutions to develop its next-generation micro grid (MG), according to an official press release Nov. 19. KEPCO is a $15.9 billion market cap corporation in which the South Korean government and state-controlled bank hold a majority stake; it has a “virtual monopoly” over power generation and distribution in the country, according to Asia-focused publication Nikkei. KEPCO’s new “Open MG” will reportedly harness blockchain and other technologies to improve energy infrastructure, particularly for the local hydrogen economy.…

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Kraken Begins Bitcoin Cash SV Trading but Says Users Face ‘Extremely High Risk’

Major U.S. cryptocurrency exchange Kraken confirmed in a blog post Nov. 18 that it had begun supporting both forks of Bitcoin Cash (BCH), while warning traders about “many red flags.” Kraken, which initially said it would only support only one of the two BCH chains – Bitcoin Cash ABC – has at press time already launched trading of its counterpart chain, Bitcoin Cash SV (BSV). The product of a contentious hard fork of the BCH network Nov. 15, Bitcoin Cash SV currently sits at the center of controversy over BCH…

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Will ICOs Continue to Drag ETH Down?

Bears hit the cryptocurrency market today, and Ethereum was among the most severe casualties. The world’s third largest cryptocurrency erased as much as $2.25 billion from its market cap. Meanwhile, its value plunged 12 percent from an intraday high at $177 to $155.60 – its new intraday low – within a few hours, according to aggregated data available at CoinMarketCap.com. Aayush Jindal, a crypto market analyst at NewsBTC, predicted further declines in the Ether-to-dollar market, citing a critical bearish trendline that is capping every upside attempt of the digital currency. SOURCE:…

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Bitcoin Price Hits a New Yearly Low at $5,170; is $4,000 Inevitable?

Twitter Facebook LinkedIn Within a period of 12 hours, the price of Bitcoin (BTC) has dropped from $5,560 to $5,170, to a new yearly low. After dropping to $5,750 on June 11, BTC has defended the $6,000 support level relatively well with sufficient volume and trading activity in the exchange market. $6,000 has since become a major resistance level for the dominant cryptocurrencies. Is Bitcoin Headed to $4,000? Last week, Crypto Rand, a well-recognized cryptocurrency trader and analyst, stated that the next likely range for BTC is between $4,800 to…

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Bitcoin Price Hits 13-Month Low as Crypto Market Slumps

Bitcoin (BTC) dropped to its lowest level since October 2017 on Monday, as losses are seen across the broader crypto market. The leading cryptocurrency fell to $5,165 earlier today – the lowest level since Oct. 18, 2017 – having breached the crucial support of $6,000 last week. As of writing, BTC is changing hands at $5,283 – down 5 percent on a 24-hour basis and 16 percent week-on-week – according to CoinDesk’s Bitcoin Price Index (BPI). Further, the year-on-year loss now stands at 32 percent, as prices were trading well above…

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Crypto Investment House Launches Two New Funds for Institutional Clients

Israel’s first dedicated crypto investment firm for institutional investors, Silver Castle Ltd., has launched two new crypto funds this month, Bloomberg reported Nov. 18. The firm – whose high-profile lineup includes the former CEO of Israel’s largest bank, Bank Hapoalim, as well as the founder of the country’s largest investment fund, Psagot Ofek – reportedly expects to have $50 million in assets under management (AUM) by the end of the year. As Bloomberg notes, global competition is fierce for crypto investment funds today, with over 370 crypto-focused funds with as…

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$14 Billion Wiped Out of Crypto Market as All Major Assets Plunge in Value

Twitter Facebook LinkedIn Over the past 24 hours, more than $14 billion has been wiped out of the crypto market as Bitcoin (BTC) dropped by five percent. Bitcoin, the most dominant cryptocurrency in the market in terms of price, market cap, and volume, demonstrated the smallest loss out of all major cryptocurrencies. Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Stellar (XLM), Litecoin (LTC), EOS, and many other cryptocurrencies recorded losses in the range of 7 to 15 percent. Why is Crypto Tanking? Cryptocurrencies have been in a bear market since…

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