Crypto Markets Hold Supporting Levels With Small Fluctuations, BTC Trades Around $6,300

Crypto markets hold supporting levels with some small fluctuations, and Bitcoin is trading around $6,300.

Wednesday, September 19: crypto markets are holding recent gains and fluctuating around previous support levels. While 16 out of the top 20 altcoins by market cap are seeing some red today, total market cap still hovers around recent levels, according to CoinMarketCap.

Market visualization from Coin360

Bitcoin (BTC) is slightly down 0.12 percent over the past 24 hours, still holding the supporting level of $6,300 after dropping below that price point last week. Bitcoin is trading at around $6,334 at press time, and up about 0.48 percent over the past 7 days.

Bitcoin weekly price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is seeing more minor losses today, down about .2 percent over a 24 hour period. After having dropped to as low as $127 over the past 7 days, Ethereum is trading at about $208 at press time, which constitutes around 12 percent gains over the week.

Ethereum weekly price chart. Source: Cointelegraph Ethereum Price Index

Total market cap has been fluctuating around the $199 billion point over the day, currently at about $198 billion. The number of cryptocurrencies listed on CoinMarketCap is now 1,977.

Weekly total market capitalization chart. Source: CoinMarketCap

The general losses among the top 20 cryptocurrencies by market cap amount to between 2-3 percent, while the 20th top coin Dogecoin (DOGE) has seen a deep decline of 7.8 percent. The altcoin is trading at $0.0056 at press time, which is also about a 13 percent drop over the past 7 days.

Earlier this week, the CEO of SpaceX and Tesla Elon Musk asked Dogecoin developer Jackson Palmer to help him to get rid of “annoying” cryptocurrency scammers on Twitter.

Bitcoin Cash (BCH) is down almost 3 percent over the past 24 hours, still holding about 0.2 percent over the past 7 days, and trading at about $425.

Ripple (XRP), the third cryptocurrency ranked by market cap, which had seen the largest gains yesterday, is keeping upward trend today. XRP is up around 2.5 percent over the past 24 hours, and trading at $0.32, which amounts to almost 24 percent gains over the week.

On September 18, the New York Attorney General’s office issued a report warning that cryptocurrency exchanges are vulnerable to manipulation, conflicts of interest, and other consumer risks, according to an investigation based on information requests to 13 crypto exchanges earlier this year.

Recently, Germany’s Finance Minister Olaf Scholz expressed scepticism about the chance that cryptocurrencies can replace traditional fiat money, claiming he “would doubt today, whether is has a perspective as a currency model.”

Also on September 18, the U.K. Treasury Committee called for cryptocurrency regulations in order to protect investors in relation to major issues around the industry, such as price volatility, poor consumer protection, the risk of hacker attacks, and money laundering.

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TrustNodes: ICOs Sold 160,000 Ethereum Over the Past 10 Days

A TrustNodes study says that ICO projects sold 160,000 ETH in the past 10 days – three times the amount sold by ICOs in the month of August.

In the past 10 days, Initial Coin Offering (ICO) projects have sold three times more Ethereum (ETH) than they did in August, according to research by TrustNodes published September 13.

The 160,000 Ethereum tokens sold over the past few days amount to $33 million, according to the price index at press time. Per TrustNodes, ICO projects sold 82,000 ETH on September 4, which was followed by a sharp decline in crypto markets.

Average daily ETH sales from ICOs varied from 1,000 to 5,000 coins in August, with occasional sales around 10,000 ETH. In contrast, the same amount of 10,000 ETH became a far more common daily sales volume in September.

According to TrustNodes, the total amount of Ethereum sold by ICOs over the past 30 days now amounts to 283,000 ETH, which is almost $60 million at press time.

Citing crypto data provider Santiment, TrustNodes states that the highest share of ETH sales from ICOs is attributable to the Digix ICO project. Digix’s paper value Ethereum holdings amounted to $150,000 million, which is significantly higher than the current total market capitalization of DigixDAO coin, which is $69 million at press time, according to CoinMarketCap.

Earlier this week, Cointelegraph reported that funding for ICOs have seen its hardest decline in 16 months. In August, ICO startups raised $326 million, the smallest amount since May 2017.

Ethereum-based ICOs have been outlined as the main factor for the recent ETH price decline, as some projects withdraw their funds in order to cover costs amid concerns over a bearish market. Today, Ethereum skyrocketed almost 20 percent with an intraday high of $214.18, after plunging below $170 earlier this week, its lowest point in 2018.

Also today, Sonny Singh, the CCO of global crypto payment processor Bitpay, argued that altcoins “will never come back” to their previous levels. Singh said that institutions adding financial products like crypto ETFs will be the main drivers of a bullish trend in the market and they are “not going to launch altcoin products, they’re going to launch Bitcoin products.”

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Galaxy Digital CEO Mike Novogratz Calls Crypto Price Bottom

Galaxy Digital CEO Mike Novogratz said cryptocurrency prices have found a bottom, noting that “markets like to retrace to the breakout.”

Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital Capital Management, said that cryptocurrency prices have hit a bottom in a tweet today, September 13.

Novogratz also pointed out that the Bloomberg Galaxy Crypto Index (BGCI), which is designed to measure the performance of the largest cryptocurrencies traded in U.S. dollars, “retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble.”

Speaking at the Beyond Blocks conference in South Korea in July, Novogratz predicted that many institutions will enter the crypto industry “in the next two to three years.” However, he noted that the mass adoption of crypto and blockchain technology will come no earlier than in the next five years, naming the increasing “cost of technical talent” as one of the main reasons.

Later that month, Galaxy Digital published its first quarter report for 2018, which shows $134 million losses with $85.5 million as an unrealized loss on digital assets. As of March 31, Galaxy Digital had $281.7 million in assets, of which $225.8 million were digital assets and investments.

Meanwhile, the market has rebounded, with total market cap having surged by more than $13 billion today. The top 20 cryptocurrencies by market cap are in the green, according to CoinMarketCap, while several of them are seeing double digit gains. Ethereum (ETH) has gained over 15 percent on the day and is currently trading at $211. At press time Bitcoin (BTC) is trading at around $6,490, up 2.26 percent over the last 24 hours.

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Bitcoin’s Energy Consumption in Summer: Rise or Fall?

Bitcoin’s rising energy consumption doesn’t rise quite so fast in the summer.

It’s no secret that Bitcoin (BTC) mining is an expensive business, and in more ways than one. Not only has it become less profitable since July 2016’s halving of mining rewards to 12.5 BTC, but competition among miners and an increasing hashrate have resulted in ever-higher energy consumption, with all the damage to the environment that implies.

Yet, as energy-intensive as Bitcoin mining is, a question still remains: Is there a seasonal variation in the cryptocurrency’s energy consumption? Even if consumption is rising on the whole, does something different happen during the summer months?

Well, data hasn’t been collected on Bitcoin‘s electricity consumption for long enough to provide a truly authoritative answer to this question, yet what data there is suggests that the summer brings a slight, but noticeable weakening to the rise in BTC’s energy consumption. This is most likely because, globally, energy prices increase during the summer months, putting a strain on the profitability of Bitcoin mining.

Steady growth

When it comes to the question of Bitcoin’s energy consumption, the first thing that needs to be stated is that direct data on consumption hasn’t been made available by the big mining companies. Still, a number of indirect estimations have been produced over the years — based on such metrics as profits, network difficulty and hardware efficiency — and these all show that consumption has been increasing consistently.

Key Network Statistics

Back in June 2014, the first rigorous study on BTC energy consumption was published by Karl J. O’Dwyer and David Malone of the National University of Ireland Maynooth. It estimated Bitcoin’s annual energy cost to be something between 0.1–10GW (accounting for the uncertainty as to which mining equipment was being used), although the authors settled — though without fully explaining why — on 3GW, which was equivalent to Ireland’s yearly consumption level at the time.

Since then, the most widely cited data has come from the Bitcoin Energy Consumption Index (BECI). Produced by analyst Alex de Vries, the BECI settled on a higher figure than that of O’Dwyer and Malone’s model, and it has continued to reveal steady, day-to-day increases in BTC consumption ever since it started collecting data in February 2017. In December, it put annual consumption at 32TW/h per year — equal to 3.65GW. By contrast, its latest figure — for Sept. 12 — indicates that the Bitcoin network is now eating up 73TW/h — or around 8.8GW – each year. However, in a standalone, peer-reviewed paper from May, de Vries put annual consumption at 2.55GW (22.4TW/h).

As the table below illustrates, de Vries’ data shows that there have been very few dips during this overall rise. The strong increases continued even during the first half of 2018, when the BTC price saw a considerable correction from its December high of $19,900. For instance, when the price fell by 46.2 percent over three months to the Feb. 17 price of $10,707, BTC’s energy consumption increased by 42.6 percent over the same period — from 34.96TW/h to 49.85TW/h. And when BTC’s value dropped by 9.87 percent between April and the end of June (to $6,366), its energy consumption rose by 20.9 percent (to 71.1TW/h).

Bitcoin Energy Consumption Index

This goes to show that, despite the recent ups and downs, BTC’s price was high enough to continue driving increased competition among Bitcoin miners, who added capacity to the network in a bid to claim freshly minted coins for themselves. This has had the overall effect of pushing energy consumption ever upward, undermining the sense that there’s any seasonal variation.

Marc Bevand — an entrepreneur who has produced his own calculations on BTC energy consumption — largely agrees with this impression.

“We don’t notice seasonal variations because the network has been growing quite fast, so any — presumably small — seasonal variation is lost in the large amounts of hashrate capacity — and thus energy consumption — being added every month. For example, a year ago, the hashrate was at seven exahash/sec and has grown to 45 exahash/sec today.”

However, despite the overall impression that there has been one continuous increase in consumption, some subtle variations are observable in the data that de Vries has collected as part of the Bitcoin Energy Consumption Index.

For one, if you calculate the growth in consumption between the 2017 summer months and compare it to the three previous months, you’ll see a slackening in the overall rate of increase. For Feb. 10 to May 10 (Feb. 10, 2017 being the first date for which data is available), consumption increased by 33.1 percent:

  • February 10 – 9.6TW/h
  • May 10 – 12.8TW/h

But between June 1 and August 31 (meteorological summer), consumption increased by only 21.9 percent:

  • June 1 –13.42TW/h
  • August 31 – 16.37TW/h

BTC Energy Consumption VS BTC Price 2017

What’s interesting about this is that Bitcoin’s price increased by 96 percent between June 1 and August 31, 2017:

  • June 1, 2017 – $2,405
  • August 31, 2017 – $4,714

By comparison, the price increase between the winter months of Feb. 10 and May 10 was ‘only’ 79 percent:

  • February 10 – $978
  • April 21 – $1,759

Put simply, BTC’s price grew faster over these three summer months of 2017, yet its energy cost grew more slowly.

Why? And what about the summer of 2018?

Well, in the three months between June 1 and Aug. 31, BTC energy consumption increased by only 5 percent:

  • June 1 – 69.6TW/h
  • August 31 – 73.1TW/h

Over the same period, BTC’s value sank by 6.3 percent. The thing is, its value dropped by a hefty 27 percent between March and May, during which time energy consumption actually increased by 31.6 percent. And between Dec. 1 and February 28, consumption increased by an impressive 69 percent, while the overall BTC value grew by only 7.8% between these three months (although they were big spikes over smaller time frames within this quarter).

BTC Energy Consumption VS BTC Price 2018

As with the year before, 2018’s movements underline two things: a) that the growth in energy consumption slows down to an appreciable degree in the summer months, and that b) this slowdown can’t be correlated with price movements, particularly with regard to 2017’s figures. In 2017, energy consumption slowed down while price rises accelerated; in 2018, even though the price had sunk on Aug. 31 relative to its position on June 1, it was still 49 percent higher than it had been on Aug. 31, 2017. Such an annual difference should, in theory, provide a greater incentive for miners to mine Bitcoin and to increase their mining capacities, yet we nonetheless see that they eased up on their growth during the summer months.

Summer = higher electricity prices

The fact that BTC’s price doesn’t fully account for its energy consumption raises a conundrum. However, it’s one that’s solved via reference to the other biggest factor in Bitcoin’s use of electricity, which is the price of electricity itself. On the global level, electricity is generally more expensive in the summer, when there is greater demand for it, both from people turning on their air conditioners and from businesses — including mining farms — needing more energy for cooling.

For example, the United States Energy Information Administration — a branch of the U.S. Department of Energy — found in a 2013 review that energy consumption in the U.S. peaks in the summer for residential, commercial and industrial customers, with the variation ranging from 18 billion KW/h to 67 billion KW/h (compared to non-peak times). Similarly, in France and Germany, demand for energy during hot weather in June 2017 caused consumption to rise by 2GW and 4GW respectively. Meanwhile, China — home to some of the largest mining facilities in the world — has been facing the possibility of power shortages this summer, “as the nation’s distribution networks struggle to cope with soaring temperatures and the fastest power consumption growth in seven years.”

RMIT University’s Centre for Urban Research explained in a 2017 report on electricity pricing in Australia:

“During hot weather, the electricity sector aims to reduce peak electricity demand via ‘price signals’ — higher prices for electricity used at times when many households use air conditioning to cool their homes.”

As a single example, the U.S. Energy Information Administration notes in a January bulletin that wholesale electricity prices peaked at $55/MWh in California during August 2017, when they had been only $36/MWh in January of that year — amounting to a 52.7 percent increase.

It’s therefore clear that electricity demand and pricing tends to increase in summer, particularly on a global level — and particularly in China, where mining is most prevalent. By extension, this would explain why the increase in Bitcoin’s energy consumption also tends to level off slightly during the summer, since miners are reacting to increasing costs — and decreasing profitability — by temporarily reducing their capacity, at least in areas affected by hot summers.

This finding is backed up by the select few individuals who actually devote themselves to tracking Bitcoin’s energy consumption. Speaking to Cointelegraph, Ian Wright, the founder of Power Compare, confirmed that there isn’t really any significant or pronounced seasonality in Bitcoin’s energy consumption. However, what little seasonality exists is driven by the cost of electricity.

“If there is a seasonality effect, it would come down to electricity prices. So, for example, prices may come down in some areas with a lot of installed solar capacity when the sun is shining. Or it may go up in other areas that are hot, as more people turn on AC and increase demand.”

Marc Bevand, who doesn’t really see any significant variations in energy consumption, nonetheless also acknowledges that consumption levels are affected by profits.

“The energy consumption is driven mostly by increases of the price of Bitcoin. If miners make more profits, they will invest more capital in mining farms.”

While he doesn’t explicitly mention electricity here, this assessment is still consistent with the idea that seasonal electricity prices can affect consumption levels, since these prices will inevitably have an impact on profits.

This idea is also backed up by a May paper authored by CoinShares Research, in which Christopher Bendiksen and Samuel Gibbons investigated trends in the cost of mining Bitcoin. In particular, their research confirmed that mining companies are significantly influenced by seasonality:

“We also note that miner migration and/or price hikes occur during the dry season in China.”

Even though this paper didn’t describe any mining network reducing capacity, the fact that networks have a tendency to migrate whenever they can would suggest that, when they can’t migrate to an area with cheaper electricity, they may simply scale back. As the authors conclude:

“Some miners may have felt the squeeze during the market bottom, particularly if they were latecomers in terms of the modernity of their mining gear and/or operate in areas with comparatively higher electricity costs.”

Renewables

While what is above demonstrates that BTC energy consumption is lightly seasonal — in that the increase in capacity slips a little during the summer — there are two caveats worth addressing. The first, which is the less serious, is that the figures produced by Alex de Vries aren’t unanimously accepted by all those who track Bitcoin’s energy consumption. For instance, entrepreneur Marc Bevand constructed his own model for calculating BTC’s energy cost, finding that it was anything between 2.85TWh and 6.78TWh per year. This is considerably lower than de Vries’ first estimation of 9.6TW/h (for February 2017), which then grew to 32TWh for December, and then to 73TW/h for this August. It’s also lower than the estimation put forward by SetOcean co-founder Oscar LaFarga, who put the annual consumption at around 18.25TW/h.

Other commentators have put their estimations even higher than de Vries. However, even with this variation, de Vries recently noted that he used the BECI’s methodology to write a peer-reviewed paper — although it produced a lower estimate than that of BECI for overall production. He also notes that a Morgan Stanley report criticized Bevan’s approach, which allegedly underestimates the cost of mining networks for cooling, which alone can consume up to 30 percent or 40 percent of a network’s revenue. As such, this analysis has stuck with de Vries’ figures. What’s more, even if they are well into the upper range of possibility, the consistency of the methodology used for the BECI means that this would have little impact on the attempt to specifically follow increases and decreases in BTC’s energy consumption over time.

The second caveat, which is more significant, is that BTC’s modest seasonality may be weakened even further as the industry matures. Ian Wright says:

“[…] the price of Bitcoin relative to electricity prices is increasingly the main driver of consumption and is also driving a shift away from high-cost areas to places with lower prices.”

Marc Bevan describes a similar process:

“Miners also design their mining farms to run 24/7/365, so seasonal weather patterns don’t interrupt their mining operations.”

Here, Wright and Bevan are referring in part to the establishment of new mining centers in cooler nations such as Iceland, where Bitcoin mining is on course this year to burn more energy than all of the nation’s homes combined. Big mining companies, such as Bitmain, are increasingly flocking to areas with cheaper renewable energy and colder climates, such as Canada.

In the process, they’ll dilute the vague seasonality currently visible in energy consumption charts, enabling consumption to rise consistently for as long as Bitcoin’s price remains high and it retains its onerous proof-of-work (PoW) algorithm. And by doing this, mining firms will also help to reduce the impact Bitcoin is having on the environment. That said, an energy expert at the University of Pittsburgh recently observed that such firms are already making significant use of green energy sources, and that Bitcoin’s overall consumption is still negligible compared to that of the banking industry.

But until Bitcoin moves almost completely to renewables, its energy consumption will continue to exhibit some slight seasonality, easing its foot off the gas during the summer months just as the rest of world is doing the opposite. While this subtle decline might seem like a bad thing from the Bitcoin community’s perspective, it doesn’t appear to have any negative consequences in practice — except for maybe an increase in average confirmation time for transactions in the summer of 2017, something which hasn’t been a problem in 2018 due to the rolling out of the SegWit upgrade. In other words, Bitcoin’s capacity is growing very steadily, making it easier than ever before to send a transaction to its network and have it accepted.

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BitPay CCO Predicts Altcoins to ‘Never Come Back,’ Bitcoin to ‘Rebound’ in 2019

The CCO of BitPay says altcoins will “never come back,” calling Bitcoin “the leader in the space” to rebound in 2019.

The Chief Commercial Officer of global crypto payment processor BitPay said that altcoins “will never come back,” while Bitcoin (BTC) will “rebound” in 2019, in an interview with Bloomberg September 12.

The CCO of BitPay Sonny Singh said that cryptocurrency markets are now on the threshold of a new stage of progress, which requires a certain “defining moment,” or a “catalyst.” According to Singh, that “defining moment” will come when big institutional investors, such as Goldman Sachs and BlackRock, “become real” in 2019.

“But next year you’ll see the talk of the big entrants become real, where you’ll see Goldman does launch a trading desk, Fidelity does launch a Bitcoin product, Square offers Bitcoin processing for merchants, BlackRock launches an ETF… So all that will become real, and you’ll see some adoption actually. And then […] the price [will bounce] back up again.”

However, while predicting that Bitcoin “will rebound next year,” Singh was mostly bearish on altcoins. Singh said that altcoins “will never come back” to their previous levels, stating that firms like Fidelity and BlackRock are “not going to launch altcoin products, they’re going to launch Bitcoin products.”

Talking specifically about BitPay, the company’s CCO claimed that the they have “never been more bullish” on Bitcoin, saying the industry is going “full-speed ahead,” with a growing number of partnerships and new hires.

In this regard, BitPay was recently integrated by luxury auto retailer Post Oak Motor Cars to enable the U.S. dealership to accept BTC and Bitcoin Cash (BCH) as payment for Rolls-Royce, Bentley and Bugatti.

Concerning new “big entrants” to the industry, anonymous sources today revealed that U.S. banking giant Morgan Stanley is planning to offer clients Bitcoin trade swaps, which would enable them to trade crypto derivatives without holding any of the cryptocurrency.

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Market Rebounds: Ethereum Soars 18% Back over $200, Bitcoin Regains $6,500 Mark

Total market cap has today soared by almost $12 billion, as a flush of green spreads across virtually all of the top 100 crypto assets.

Thursday, September 13: total market cap has soared by almost $12 billion today, as a flush of green spreads across virtually all of the top 100 cryptoassets.

Several  top 20 cryptocurrencies are seeing double digit gains, with Ethereum (ETH) leading the pack, up over 18 percent on the day, as data from Coin360 shows.

Market visualization by Coin360

Ethereum has skyrocketed almost 20 percent on the day to trade at $207 at press time. After accelerated losses yesterday, September 12, saw the top alt sink below the $170 mark to post new 2018 lows, Ethereum has today rapidly recovered back to September 9 levels, reversing several days of declining value.

Ethereum nonetheless remains down around 9 percent on its weekly chat, and over 35 percent down on the month.

Recent comments by Ethereum co-founder Vitalik Buterin that the days of “1,000-times growth” growth in the crypto space are over left their mark on cryptosphere sentiment this week, prompting Buterin to publicly deny claims he is a crypto “pessimist,” arguing that media publications had “spun” his words.

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

Bitcoin (BTC) is trading just above $6,500 as of press time, up a solid 3.17 percent over the 24 hour period. The leading crypto has seen a volatile week, with major losses briefly taking hold September 8-9, since which Bitcoin has made a jagged and fragile recovery.

After a mild dip yesterday, Bitcoin has today bullishly traded upwards, reclaiming the $6,500 mark it held at the start of its weekly chart.

On the week, Bitcoin remains down by just over 3 percent, with monthly gains at 2.76 percent.

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Among the other top ten coins on CoinMarketCap, ubiquitous green shows gains within a 3 to 12 percent. Ranked 9th by market cap, altcoin Monero (XMR) is up about 11 percent to trade at $112.84 at press time, spiking as high as $116 earlier today.

Nonetheless, the anonymity-oriented alt is yet to reclaim its high towards the start of its weekly chart, when it was trading just above $119.

Monero’s 7-day price chart from CoinMarketCap

Other strong top ten contenders are Litecoin (LTC), up a bullish 8.24 percent at $54.90, EOS (EOS), up almost 12 percent at $5.46 and Cardano (ADA), up just 8.46 percent at $0.067.

Among the top twenty, Dash (DASH), IOTA (MIOTA), TRON (TRX) and VeChain (VET) are all in double-digit green, seeing 24-hour growth of between 9 and 13 percent. Dogecoin (DOGE) has seen the mildest growth of the top twenty coins, up 2.65 percent to trade at $0.0065 by press time.

As alts spearhead the market recovery, Bitcoin dominance – or the share of total market capitalization that is Bitcoin’s – is slightly down from yesterday’s multi-month highs at close to 58 percent. As of press time, BTC dominance is at 55.9 percent, according to CoinMarketCap.

Total market capitalization is up a bullish 6 percent, or almost $12 billion, on the day at $201 billion by press time. Total market cap is nonetheless still shy of its intraweek high at $208.8 billion on September 7.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Bullish price movement today has been accompanied by more positive news for potential institutional investor exposure to Bitcoin and other cryptoassets. Today saw reports that U.S. banking giant Morgan Stanley plans to offer clients Bitcoin trade swaps, the same week as Citigroup insiders hinted it is also planning an entry into crypto-based products.

Meanwhile, a joint report from the World Economic Forum (WEF) has today claimed that distributed ledger technologies (DLT) such as blockchain could generate $1 trillion in new trade globally over the next ten years.

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Altcoins Keep Dropping While Bitcoin Breaks Another Record of Market Dominance in 2018

Most altcoins see red, while Bitcoin holds $6,200 support and breaks a record of market dominance in 2018.

Tuesday, September 11: crypto markets have seen another decline today, with most of the top 20 coins by market cap in the red, according to data from CoinMarketCap. The majority of altcoins are recording losses, reaching around 5-6 percent among those top 20 currencies.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is slightly down today and currently trading at $6,238, which is around a 0.3 percent loss over the past 24 hours.

Weekly Bitcoin price chart

Weekly Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is also seeing significant losses today, with its price point having dropped below $190. The top altcoin is now trading at around $181, down roughly 4 percent over a 24 hour period.

Weekly Ethereum price chart

Weekly Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market capitalization has dropped to $191 billion, which is the lowest point since early November 2017, according to CoinMarketCap. At press time, the losses of the crypto market over the past 7 days constituted around 20 percent, down from about $239 billion on September 4.

Weekly total market capitalization chart

Weekly total market capitalization chart. Source: CoinMarketCap

In another wave of red, Bitcoin still continues gaining momentum in terms of market share, demonstrating a significant growth in its dominance over the altcoins. The percent of Bitcoin’s dominance has now reached 56.9 percent for the first time since December 16, 2017, which is the day before Bitcoin soared to its the all-time high of $20,000.

Weekly percentage of total market cap (dominance)

Weekly percentage of total market cap (dominance). Source: CoinMarketCap

In terms of the biggest losses among the top 20 cryptocurrencies over the day, Bitcoin Cash (BCH) and VeChain (VET) have suffered the most, seeing more than 5 percent declines over a 24 hour period. BCH is down about 5.4 percent, trading at around $445, while VeChain has dropped by around 6.2 percent, and trades at about $0.01 at press time.

Ripple (XRP), the third top cryptocurrency by market cap, is down about 2.4 percent over the past 24 hours, and trades at around $0.25 at press time.

While most of the altcoins are seeing another downward trend, controversial Tezos (XTZ) is up almost 12 percent instead. The altcoin is trading at about $1.34 at press time, still down more than 7 percent over the past 7 days, following the recent market sell-off.

Earlier today, the founder of the exchange services operator OKCoin and the second-largest crypto exchange OKEx Star Xu, was reportedly detained in China due to allegations of his involvement in reported cryptocurrency fraud.

Yesterday, Chinese social media giant WeChat reportedly banned the official sales channels of mining firm Bitmain, as well as other crypto “hype news” channels.

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Nasdaq Exploring Adding Crypto Data Sets to its Analytics Tool, Sources Say

Nasdaq is reportedly exploring adding crypto datasets to its market analytics tool due to “abundant” interest, according to an insider source.

New York-headquartered stock market giant Nasdaq is exploring adding crypto datasets to its market analytics tool, a Nasdaq source told Cointelegraph September 11.

Speaking to Cointelegraph, Nasdaq’s Head of Alternative Data Bill Dague said that “given [an] abundance of interest, we are exploring cryptocurrency related datasets. Whether or not we launch a crypto-related product remains to be seen.”

Crypto datasets would potentially be integrated into Nasdaq’s data Analytics Hub, which launched in 2017 with the aim to make unstructured data more intelligible for the benefit of investors.

The spectrum of the Analytics Hub currently parses a range of curated datasets, including “eVestment ESG,” — referring to Environmental, Social and Governance (ESG) data — a “Global News Exposure” investment risk management tool, and a monthly “iSentium Social Media Sentiment” dataset.

This July, Cointelegraph covered a closed-door meeting that was reportedly held by Nasdaq to discuss steps for legitimizing the crypto industry across global markets. Attendees are said to have included representatives from the Winklevoss twins’ Gemini crypto exchange, as part of a group of around half a dozen representatives from both the traditional finance sphere and the crypto industry.

This April, Nasdaq CEO Adena Friedman said that the platform would consider supporting crypto trade in the future if the market becomes more mature and transparently regulated.

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Bank of Korea Report: Crypto Price Gap Between Local, Foreign Exchanges Could Widen Again

The Bank of Korea claims it expects another “kimchi premium” — a widening of the gap in crypto prices between local and foreign exchanges.

South Korea’s central bank, the Bank of Korea (BoK), has cautioned of another possible widening of the gap in crypto prices between local and foreign exchanges, local news agency No Cut News reported September 11.

In the report, the bank warned the public about another possible emergence of the so-called “kimchi premium,” a phenomenon consisting of the difference between the prices of crypto at South Korea’s exchanges and crypto exchanges abroad. The kimchi premium is reportedly mainly seen in terms of Bitcoin (BTC) price.

Kim Dong-sup, the official behind the bank’s payment systems research team, has claimed that the “kimchi premium” is an “indicator of the overheated domestic market.”

South Korea is reportedly the world’s largest crypto user base, ranked third after the U.S. and Japan, having faced a whole crypto frenzy of altcoins that previously traded over 30 percent above the rest of the markets. Cryptocurrency price tracker CoinMarketCap removed South Korean exchanges from its index in January, citing an “extreme divergence in prices” from the rest of the world.

For example, during the period from July 2017 to May 2018, cryptocurrencies in South Korea cost 5 percent more than they did internationally. The “kimchi premium” rate peaked in January at 48.29 percent, while crypto prices at foreign exchanges denominated in major worldwide currencies such as the U.S. dollar and the euro had no real price differences.

Since then, Bloomberg reported in February that the “kimchi premium” has all but disappeared.

Speaking about the consequences of another “kimchi premium,” the official urged the country’s authorities to continue to monitor the market, as well as to raise public awareness of crypto in order to prevent investors from turning their life savings to crypto “on a false hope of a price increase.”

According to the BoK’s report, a high “kimchi premium” level can cause other side effects on the country’s market, such as an infusion of illegal foreign exchanges transaction.

In December 2017, the Korean authorities barred the public from anonymous crypto trading, while now a revocation of their Initial Coin Offering (ICO) ban is reportedly being considered.

Recently, South Korea’s Financial Supervisory Service (FSS) has suggested a need for greater international cooperation between regulators for crypto and ICO regulation, stressing that the country’s main challenge is to “improve transparency in transactions to prevent illegal activities.”

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Germany’s 2nd Largest Stock Exchange To Launch Zero-Fee Crypto Trading App

The Stuttgart Börse, which reportedly has a trading volume of $100 bln, has announced it is launching a zero-fee smartphone crypto trading app, dubbed ‘Bison.’

Germany’s second largest stock exchange, the Stuttgart Börse, which reportedly has a trading volume of $100 bln, has announced it is launching a zero-fee cryptocurrency trading app, Thursday, May 17. The smartphone app, dubbed ‘Bison,’ will be free to use as of fall 2018, and has been developed together with fintech startup Sowa Labs.

Four cryptocurrencies – Bitcoin, Ethereum, Litecoin and Ripple – will be supported from the app’s launch, with additional digital assets promised “in the near future.” The interface and trading process aims at convenience, forgoing the need for crypto wallets or paperwork.

The platform also gives users an artificial intelligence (AI) data analysis tool, ‘Cryptoradar,’ which analyzes over 250,000 crypto-related tweets from the crypto sphere daily to give real-time insight into community sentiment. As of press time, Cryptoradar’s algorithm on the Bison website shows Bitcoin, Ethereum, Litecoin as neutral, with Ripple edging towards the positive spectrum.

A prototype of the app was presented today at the finance and investment trade fair Invest in Stuttgart, with Dr Ulli Spankowski, Managing Director at Sowa Labs, commenting that Bison “is the first crypto app in the world to have a traditional stock exchange behind it.’ Sowa Labs claims that their survey of over 1,000 participants showed that the majority of investors would like “easier” access to the crypto markets.

Last week, Cointelegraph reported on stock trading mobile app Robinhood raising $363 mln in funding in order to expand its crypto-specific platform US-wide, with plans to support 16 different cryptocurrencies, all zero-fee. With the recent funding, Robinhood became the second most valuable fintech startup in the US, with a current valuation of $5.6 bln, and an SEC-compliant broker-dealer status, unlike leading US crypto trading platform Coinbase.

Beyond convenient entry points into the crypto space for individuals, perhaps the most important precedent for Stuttgart Börse’s new crypto venture is the New York Stock Exchange owner’s recent announcement of its own plans to offer Bitcoin (BTC) swap contracts that would be settled in BTC, allowing its traditional Wall Street clients to both buy and hold the cryptocurrency.

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