Market Overview
The crypto markets have taken another dive, leaving Bitcoin and its brethren in a sad state of affairs. As we approached the end of the week, the numbers reflected a chilling trend. Bitcoin SV (BSV) is the biggest loser amongst the top 20 cryptocurrencies, plummeting over 6 percent over the last 24 hours. It’s a tough day for coin enthusiasts, no doubt.
Bitcoin’s Struggles
Bitcoin has hit a bit of a snag. After holding its breath at the $3,500 support level, it teetered on the edge, falling just under the $3,400 mark earlier today. Though it staged a bit of a comeback, the leading currency limped in with an intraday low of $3,397. Let’s not forget the dreadful intraweek low of $3,280 on December 7. As of the latest update, Bitcoin is sulking just above $3,400, reflecting a 2 percent loss over the last day.
Ripple and Ethereum: The Downtrend Continues
Our second largest friend, Ripple (XRP), didn’t escape the gloom either, dropping nearly 1 percent and trading at around $0.29. This marks its first plunge below the $0.30 threshold since mid-September. On the other side of the chart, Ethereum (ETH) is pulling its own downward spiral, losing over 3 percent and hovering around $88—an unfortunate dip below the $90 line for the first time since May 2017. Not fun!
The Broader Cryptocurrency Landscape
The total market capitalization has dropped under $110 billion yet again, landing at approximately $107.8 billion. Daily trading volume stands at a pitiful $12.7 billion. Out of the 2,068 cryptocurrencies gracing CoinMarketCap, the majority are likely feeling the weight of this market chill, with Bitcoin’s dominance increasing to 55.1 percent—a curious comfort in the chaos.
Expert Opinions and Operational Challenges
In the midst of this turmoil, Kenneth Rogoff, ex-chief economist of the IMF, chimed in, suggesting Bitcoin is more akin to a “lottery ticket.” He ominously predicted a long-term price of $100 rather than dreaming of $100,000. Let’s hope he’s wrong! Meanwhile, the mining industry has started to face its own Harsh Truths, with reports suggesting that only two miners using ASIC chips for algorithm SHA-256 remain profitable. That’s a grim reality for those hoping for an upswing.
Regulatory Developments
On the legislative side, South Korea’s National Assembly recently discussed crypto regulations, creating a buzz in response to the financial regulator’s decision to allow bank services for crypto exchanges adhering to proper Anti-Money Laundering and Know Your Customer policies. Meanwhile, Gemini, a U.S.-based crypto exchange founded by the Winklevoss twins, has launched a mobile trading app. Cameron Winklevoss even tweeted about the changing sentiments in the crypto crowd, contrasting the enthusiasm of 2018 with the uncertainty of 2019. Who would have thought that? What’s next, a crypto reality show?
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