January 11 started with all the cryptocurrencies in the market pained in red. This came across as a blow to several investors in the cryptocurrency market as most of the coins were showing a massive growth. Additionally, all the coins plummeted in the market within a matter of minutes. This includes a majority of the cryptocurrencies in the market, with some plunging by double digits.
Coins such as Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and XRP also witnessed a massive drop in their price due to the bear’s attack. Additionally, Ethereum lost its second position to XRP, days after regaining it.
According to CoinMarketCap, at press time, Bitcoin was trading at $3816.69, with a market cap of $66.69 billion. The cryptocurrency has a trading volume of $6.33 billion and has plunged by over 5% in the past 24 hours.
However, as the value of the cryptocurrency has taken a sudden downward trend, the number of daily transactions of Bitcoin has taken an upward trend. On January 9, 2019, the cryptocurrency recorded its highest confirmed transactions since the past one-year. Here, confirmed transactions refers to the number of transactions that have been confirmed on the Bitcoin blockchain.
Amoebanomaly, a Redditor, said:
“Looks promising! However, I doubt I am the only one who is reluctant to buy after the massive sudden drop from 6k”
To which, Robby16, said:
“Yeah tough one. You have technical analysis saying BTC might bottom at around 2000 – 2500 and you have fundamental analysis indicating that the ETF will most likely get denied because USA Government shutdown and bakkt most likely will be delayed for a while for the same reason. All the indicators are showing that the market is gonna keep dumping.”
He further said:
That being said, everyone thinks it’s going to dump so the opposite usually happens. 95% of traders miss the bottom. We could have hit the bottom already. Fuck this shit just rob the banks”
Cr0ft, another Redditor said:
“If they were near the peak, the transaction fees would be $50 again, and the wait time for transactions back to days. Bitcoin still isn’t capable of handling any kind of real load. Lightning Network is a far-away pipe dream, assuming it can even be made to work. Spiking transaction count is scary in this case, not positive. We already know Bitcoin can’t handle it.”
76467|Ripple partner SBI Holdings announces foray into mining space; will compete with giants Nvidia and Bitmain
SBI Holdings, Inc. announced the establishment of its chip mining arm, the SBI Mining Chip Co., Ltd or SBIMC. With this development, the Tokyo-based firm will foray into the manufacturing of mining chips, a strategic move to enhance its existing digital asset business.
The official notice issued by the financial giant stated that the SBI Group practiced its digital asset mining business overseas, and now planned to diversify its potential business scope.
SBI group partnered with a US-based semiconductor firm to roll out the new manufacturing unit. The group, which is a strong advocate of a wide range of businesses based on blockchain elucidated,
“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”
SBIMC will be led by Adam Traidman, who was an investor in the company and also served at NASA previously. Among his many accomplishments, Traiman formerly served as the CEO in Chip Estimate and WearSens.
SBIMC will be leading chip manufacturer, Nvidia’s latest competitor. The Taiwan-based firm sustained losses during the crypto-winter, but it recovered after the recent acquisition of Mellanox, a semiconductor player. The Bitcoin mining giant, Nvidia, had predicted a bullish crypto market was confident of clearing its stockpiled mining equipment. The chipmaker was also reported as the worst performer in the S&P 500 list, at the end of 2018.
Another big rival in the mining ecosystem is Bitmain. The Beijing-based mining giant has also been operating poorly after registering a loss amounting to $500 million, owing to the massive crashes in cryptocurrency prices.
76216|Anthony Pompliano’s Morgan Creek Digital Capital makes strategic investment propagating mass crypto adoption
The cryptocurrency market was helped along in its pursuit of mass adoption, with many proponents of the space lending a helping hand. The latest news about the bigger players in the cryptoverse included the tie-up between Morgan Creek Digital Capital and Ikigai Asset Management.
The official release stated,
“Morgan Creek Digital announced today that it will be the lead anchor investor in Ikigai Asset Management’s flagship fund focused on executing systematic and fundamental liquid hedge fund strategies as well as opportunistic venture-stage crypto asset investments. Ikigai is a crypto asset management firm launched in December 2018 by former Point72 Portfolio Manager Travis Kling and partners Timothy Lewis, and Anthony Emtman.”
Morgan Creek Digital partner, Anthony Pompliano, is a voracious supporter of Bitcoin, and has held a bullish viewpoint about the world’s largest cryptocurrency. Post the partnership with Ikigai, Pompliano talked about the company’s positive devleopments, and claimed that they were well-positioned to capture the outstanding returns brought by cryptocurrencies in the coming future.
Ikigai Chief Investment Officer Travis Kling said,
“DLT and crypto assets are fundamentally changing our world. We are honored to receive this investment from Morgan Creek Digital and look forward to working closely together with Mark, Jason, and Pomp in this exciting arena.”
Pompliano recently sat down with Galaxy Digital’s Mike Novogratz to discuss elements like liquidity, trust and custody that need to be given a boost. Novogratz stated that the cryptocurrency market was presently a booming place of business, especially with the entry of companies like JP Morgan, Telegram and Facebook. He further claimed that it was a big opportunity to invest, with Wall Street sentiments changing. The Galaxy Digital CEO added,
“Wall street earlier thought that you shouldn’t take risks on something small like cryptocurrencies. They are getting close though, not doing anything but are getting really ready. We are anyway working hard on the security token business and I promise you this, the upcoming tokens and ICOs will be a lot bigger but less sexy.”
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