TechnologyCrypto Crash Prompts Guessing Game as Bitcoin Breaches $10,000 Again
In Wild Crypto Week, Bitcoin Gains and Grabs Bigger Market Share
In another wild week for digital assets, Bitcoin extended its dominance, grabbing a greater share of the cryptocurrency market as most alternative coins declined. Bitcoin now makes up close to three-quarters of the entire crypto universe, according to data from Coinmarketcap.com. Its market capitalization is above $211 billion, 10 times that of the next-largest digital asset, Ether. And in a week when traditional financial markets were roiled, its price has held up, too: Bitcoin rose 14% over the seven days through Friday, while prices for alternative assets including Ether and XRP dropped.
(Bloomberg) -- Cryptocurrencies plunged suddenly in afternoon trading on Wednesday, spurring a guessing game of potential catalyst among enthusiasts and investors. The price of Bitcoin dropped below $10,000 for the first time since July.
The largest digital token fell as much as 5.6%, before trading at $9,686 as of 3:40 p.m. in New York. Peer coins also sold off, with Bitcoin Cash falling close to 4% and Litecoin dropping about 8%.
As with many things crypto, enthusiasts and skeptics alike were quick to point the finger on Twitter and Reddit, though it remained anyone’s guess as to what the catalyst was.
Bitcoin’s Surge Means Smaller Rivals May Be Due for Rallies
In the crypto world, Bitcoin continues to reign supreme. The largest digital asset is outperforming the next three biggest alternatives this year. It’s managed to hold above the key $10,000 level in the face of increasing headwinds. In times of recent market turbulence, it’s even taken on somewhat of a safe-haven accreditation. But technical indicators show the price action between Bitcoin and alternative tokens is nearing its highest correlation this year, indicating that a so-called alt season may be on the horizon.
“From our end, it looks like it was a sell-off to cash settle futures that are coming due on Friday for BTC,” said Dave Balter, chief executive of Flipside Crypto Inc. in Boston. His firm tracks blockchain transaction data, differentiating between users and speculators, and includes large trades and their originations.
Thin trading volumes likely exacerbated the moves. That made sense to Jeff Dorman, chief investment officer at Arca.
“It’s the week before Labor Day. Half of crypto is at Burning Man and the other half is sitting on their hands doing nothing,” he said. “Volumes are low and it takes very little to move markets right now, and you have big futures/options expirations coming up at the end of the week. The only definitive thing I can point to is that the move was led by declines in EOS, ETH, XRP, BCH, LTC and other large-cap tokens that have been out of favor for months. I just don’t think there are a lot of investors willing to defend price right now.”
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Bitcoin weak - Where is the problem?
After recovering from the April low near $ 6,000 and even scratching the $ 10,000 mark, Friday's downhill has been down. Bad news from Korea burden.
As reported by, the Korean UpBit is under suspicion of fraud. The website of the world's fourth-largest crypto exchange states that people are being prosecuted but are working diligently on it. Furthermore, all transactions including payouts work normally. "Your assets are securely kept in your account," is probably the most important sentence in the statement. Further details are not known yet.
The example clearly shows that regulation is needed to a healthy degree. Only then will institutional investors enter the market with great capital and help bring the cryptos back to new heights.
In the short term, the Blockchain Conference Consensus in New York, which started on the weekend, could provide a positive impetus. Consensus is one of the largest events of its kind. 8,000 people are expected and the ticket costs $ 2,000. In the last three years, the conference has always been followed by a bullish reaction from Bitcoin.
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Venezuela may not just be using its own cryptocurrency to dodge the consequences of international sanctions. Bloombergtipsters say the country's central bank is testing the possibility of holding on to cryptocurrencies in order to help the state-controlled oil company Petroleos de Venezuela SA. The firm reportedly has troves of bitcoin and ethereum, and moving that money to the central bank might let it pay suppliers and avoid "potential blocks"The bank is likewise considering proposals to count cryptocurrencies toward international reserves that have plummeted in recent years.
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