The entire cryptocurrency market has had a rough week with Bitcoin, Ethereum and almost all the others dropping in value in gigantic proportions. The market’s drama started after news from Mt. Gox broke out about a trustee who sold almost half a billion dollar worth Bitcoin and Bitcoin Cash which analyst believe is what triggered the major sell-off starting at $17,000 around 20th of December 2017.
Traditional chart analysis on cryptocurrencies has generally disappointed traders, investors and general market enthusiasts because of the premature nature of the market. Analysts believe Bitcoin has yet to reach the stage where market moves could clearly be predicted.
We, therefore believe a sentiment analysis would reveal more on the emotional aspect of the prices and hence would help decision makers and investors think about buying/selling of their assets. These sentiments are taken from investors, skeptics and certain influencers. Only 2-3 most relevant quotes are revealed per asset, conclusions are based on the overall data set.
William Hunter, a Bitcoin investor with a portfolio of a $250K says,
“Rollercoaster or not, too darn interesting! I know folks who made 10% profits within a few hours. Heck, I made some. The most volatile markets are the best volatile markets – for an investor. Expecting a dip to $9K by tonight and then back to around $10K tomorrow”
Jason Cho, a Bitcoin miner who proclaims he has ~1500 Th/s from Chicago says,
“Waiting to upgrade my power, need 10K THs to successfully fulfill my ego. The sudden drop in prices is disheartening. Looks like FUD prevails. FUD everywhere.”
Stevie Mena, a Bitcoin investor and a ghostwriter for tabloids in London says,
“Although it is trading at $9800 right now, I feel it could go down to as low as $8500 again. Strong indicators for it go down. It has been a long wait and I know we will go back up.”
Bitcoin since the beginning of the year has had a bearish long wait. It seems like the wait could be longer, as investors, miners and analysts alike feel that this could bearish group could last a little longer.
Glenn Jones, a blockchain developer from Tallinn says,
“Ethereum is going nowhere. There is a high possibility of Bitcoin crashing but Ethereum is here to stay. With so many projects based on it, Ethereum is going nowhere. We should see a $2000 or even a $3000 by year-end”
Dave Thirtle, an Ethereum evangelist and investor says,
“It is unfortunate that we are so dependant on Bitcoin prices. I have a big spread on ETH but bears are not done yet. September’s Mt. Gox news still has people in fear. We could see the prices drop a bit more before it rises back up again”
Ethereum is a token that has had a lot of support over the past year. Entire systems were built on this platform and people are frustrated with the dependency of Ethereum’s prices on Bitcoin but people believe that all this could change with the advent of more direct fiat to ETH exchanges while some argue that is not the reason.
Ryan Nox, a Financial Advisor at BNY says,
“Ripple is a token that has proven itself over the past few months, multiple partnerships and tons of promise. XRP prices are probably at the bottom right now. $0.50 is probably the worst it could ever do and expect it to shoot up above $6 by next year maybe. Long-term HODLers will survive”
Tom Grey, a Ripple investor from early 2017 says,
“No other asset has ever given me such returns. This is not a pump and dump. You can’t pump and dump rather. I’m bullish on XRP.”
Ripple has had its fair share of critics in the past with tons of people questioning the centralized control of Chris Larsen. The current investors believe the future proposition is exciting and it is still a strong bet. Veteran cryptocurrency investors, however, feel that Ripple’s XRP goes exactly against what the current crypto community stands for.
Luke Sarner, a TRON and XLM investor from Dallas says,
“The only reason I hold TRX is because I believe in the future it holds. In such a short time Justin’s team has achieved so much. I believe when the markets turn green, TRX is going to be the leader in the bullish market.”
Brian Patel, a blockchain developer says,
“What we have right now is TRX getting added to a lot of exchanges and some interesting tech upgrades. It’s all bullish news but there really isn’t so much potential. People are getting bored of Tron, it might not survive but it will definitely make me a lot of money in the short term, which is why I HODL”
Justin Sun and TRON have been in the news for the past 2 weeks for reasons both good and bad. Tron supporters believe that TRX is just getting started and should see new highs within this year.
FTC introduces new blockchain working group – tracks down misleading cryptocurrency schemes
There is probably no cryptocurrency that hasn’t fallen prey to scams, hacks or deceivers. The Federal Trade Commission [FTC] recently announced a lawsuit against four individuals who allegedly promoted one or more fraudulent “chain referral schemes”. The lawsuit was filed because these alleged schemes used Bitcoin, a giant in the cryptocurrency market.
The FTC had requested the federal court to take action against such allegations, for which the court halted the activities of four individuals who were allegedly promoting deceptive money-making schemes which involved cryptocurrencies. They trapped people by falsely promising the participants big gains in return to the cryptocurrencies like Bitcoin or Litecoin, which were paid as enrollment fees.
Thomas Dluca, Louis Gatto, and Eric Pinkston where the three defendants who were promoting chain referral schemes called Bitcoin Funding Team and My7network using websites, YouTube videos, social media and conference calls. They created revenue only by recruiting new participants and convincing them to pay the enrollment fee.
Tom Pahl, Acting Director of the FTC’s Bureau of Consumer Protection said:
“The FTC will remain vigilant regardless of the platform or currency used. The schemes promoted by them were designed to enrich those at the top at an expense of everybody else.”
As requested by the FTC, the court has issued a temporary restraining order and frozen the defendants’ assets.
What is Cryptocurrency Technology?
Cryptocurrency technology allows every individual to transfer blocks of currencies electronically. They can verify to a second party without having to depend on a 3rd person, agent or a bank. The values of these currencies keep fluctuating from hundreds to even thousands of dollars. The privacy and security are because of the sophisticated software techniques like blockchain and encryptions.
FTC is the primary federal general consumer protection agency which has observed such patterns before. Tweets and comments on Twitter are always spammed with such scams in form of giveaways and other contests which attracts a large audience base who fall for them and end up losing their assets.
The lawsuit announced, identifies and targets such schemes while, cryptocurrencies and related technologies will affect the FTC’s broader consumer protection and competition missions in at least five other ways: Payments, New Schemes, Defendants’ Assets, Competition Policy and New Solutions.
The FTC Blockchain Group
An internal FTC blockchain workgroup has been created as a defense to the after-effects of the developments to the FTC’s work. This group enhances the significant work already done by the FTC and they have at least 3 goals.
- Build on FTC staff expertise in cryptocurrency and blockchain technology through resource sharing and by hosting outside experts.
- Facilitate internal communication and external coordination on enforcement actions and other related projects.
- Serve as an internal forum for brainstorming potential impacts on the FTC’s dual missions and how to address those impacts.
FTC tweeted a few hours ago supporting the announcement:
“Through the FTC’s 100 years of consumer protection, the agency has often seen old schemes dressed up in the clothes of fancy new technologies. But in addition to old-frauds-with-new-looks, cryptocurrencies and blockchain technology likely will affect the FTC’s broader consumer protection and competition missions in at least five other ways.”
Bitcoin [BTC], Litecoin [LTC], Monero [XMR] the three payment kings – Sentiment Analysis – March 16
Note: This article was edited after it was first published.
After a chaotic 3 day loss, the cryptocurrency markets now seem to be consolidating with minimal damage or gain in value. Bitcoin’s dominance is back at 42%, a value last seen in June 2017. In terms of the highest percentage gained last year, Ripple [XRP] was the winner which multiplied by 35 times.
Bitcoin came into existence for facilitating anonymous payment without any intermediaries in between. The three payment kings Bitcoin, Litecoin and Monero now according to the community have evolved over the past few years and have specific utilities. Many feel Bitcoin will be used for real-estate, car or big payments in the future. Litecoin will be used for buying your daily groceries, buying a cup of coffee and the small day-to-day purchases. Monero will be used to make anonymous payments.
Our Sentiment Analysis segment would now be published daily with different tokens given priority to every day. This segment came about after multiple news portals publishing redundant chart “analysis” for every token did not give both sides of the analysis to the investors.
With this segment, we try to cover the sentiments that are currently prevalent in the market. For this piece we have interviewed people from specific crypto markets; these include investors, miners, market analysts, journalists, skeptics, and influencers.
Bitcoin at press time was trading at $8171 with a market cap of $138 billion and a current circulating supply of 16 million. Although Bitcoin had gone down to $7600 yesterday morning, since yesterday afternoon, Bitcoin has been constantly trading at the $8100 mark with minimal 1-2% deviation.
Joseph Lee, a lawyer currently advising in ICOs says,
“No one is talking about the value of what these would bring to the market. Fact – the moment I have started accepting payments in crypto for my services, the current banking systems have failed. When more people transact and accept cryptos the systems will fail, it is just a matter of time. So then where do you think the prices would be at?”
Kirwan Mrikut, a hedge fund manager at Nuggs & Mons says,
“When you see someone you know who says, Bitcoin will drop to 0, please slap him. #slapbitcoinfuders is my new aim in life. Yes, it might drop further down to $7k or $6K, just keep buying. Bitcoin is going nowhere because crypto and blockchain are going nowhere.”
Ajmal Nawab Khan, a cryptocurrency enthusiast who has been investing since early 2016 says,
“The sadhus [enlightened teachers] in Nepal can remain calm under extreme duress because of constant exposure to intense climate. I think the immature, naive investors need some of that. Everything is panic, panic, panic. I am a HODL guy, I would rather sell when Bitcoin hits zero than sell it now!”
In conclusion, surprisingly in spite of a dramatic drop last week from $11,600 to the current $8000, impressive 74% investors and even non-investors were positive about the Bitcoin markets and feel that people are now in for the long haul. Certain respondents also stated they were not scared of the “whale” sellers anymore because they believe Bitcoin has reached a stage where the depth is strong and markets will never crash.
Pegged as silver to Bitcoin’s gold, at press time Litecoin was trading at $160 to a token with a market cap of $8 billion. Although LTC is way below its all-time high at $366 which it hit on December 19th last year, Litecoin has seen an improved momentum in their tech as well as adoption.
Karthik Nair, a Litecoin believer says,
“We haven’t seen the full potential of Litecoin yet. There is so much more to be achieved. The markets would always have swings but if you follow a token with great philosophical value then do not fret. We will see a bounce back up again”
Edward Dreyer, an altcoin miner, mining since 2015 says,
“Unlike everyone else, I believe the altcoin market is growing up. With direct fiat conversions to major altcoins, BTC dependability will come down which will make the markets more independent and less volatile. Litecoin hasn’t hit bottom yet. It could go to $120 a piece before seeing daylight again”
Walton Smith Jones, a student of economics at Hazelton University says,
“This is just 2018, technically the crypto market is just a baby. Let it grow up guys. All the coins in the top 25 are pretty amazing with great prospects. Litecoin has to be the killer this year. By June 2019, Litecoin could be at $1500.”
Out of the 23 people interviewed for the Litecoin sentiment analysis, 42% believe that Litecoin is still heavily in the bearish territory as nothing new has happened. A good 58% believe that Litecoin could be the next mega coin.
Monero has been in the news over the past couple of week for both good and bad reasons. From hackers hacking into home automated systems and major government assets to mine Monero to Apple’s decision of removing the Monero mining app this token has had its 2 minute fame. At press time Monero was trading at $205 with a market cap of $3 billion.
Luis Njagi, a Financial Advisor from Chicago says,
“Monero is definitely going down some more. Just 2-3 weeks ago, Monero was the only coin to gain so much, probably due to the Monero V hardfork but ehhhh, it’s shit. All your anonymity is probably done with and I think people are realizing it slowly. It will tank, probably go to $150ish.”
Jess Daniel, a blockchain ghostwriter for tabloids in London says,
“XMR was probably the only currency I saw in the news last week. All for bad reasons. I think except for your anonymity protection I don’t think it provides real value. The XMV shit show is probably the reason it would lose value. In the long run yes, it would be cool but for the next two months it is down hill”
Out of all the three tokens, Monero was probably the only token where 78% of the respondents feel that the token could lose some more value. People still feel skeptical about Monero’s hard fork and that seems to the major reasons for panic right now.
Litecoin [LTC], NEO, TRON [TRX] the upcoming giants – Sentiment Analysis – March 17
Stellar Lumens [XLM] the biggest loser with a 27% drop in the past week
Ripple [XRP], Stellar Lumens [XLM] building partnerships – Sentiment Analysis – March 17th
Bitcoin Cash [BCH] the clear winner in the past 24 hours with a 10% bounce to breach $1000 again!
FTC introduces new blockchain working group – tracks down misleading cryptocurrency schemes
‘DASH’ing through the market DASH makes three new announcements
Ripple [XRP] creates a one-of-a-kind mobile app called MoneyTap
Stellar Lumens [XLM] to revolutionize crypto-transfers by partnering with KeyBase
New Chief Market Strategist in Ripple’s house to save XRP from the 13% drop?
Koinex completes 30 million TRON [TRX] transactions in less than a day, but customers are still unhappy
Altcoins2 days ago
Ripple [XRP], Stellar Lumens [XLM], Tron [TRX] back to the ring – Sentiment Analysis – March 15th
News2 days ago
Ripple’s [XRP] continues to build partnerships – BBVA Compass next on the list
Altcoins2 days ago
Bitcoin heading to $7000? The whole cryptocurrency market turns upside down and bleeds red
Altcoins2 days ago
Monero [XMR] crashing the hardest – XMV delay and Apple’s mining app removal the reason!