Will cryptocurrency recover? Who will be left standing when the dust settles?
The cryptocurrency market is falling without a parachute, with the price of a single bitcoin down to $4,483 as of press time. This is the lowest price since October of last year - which was before the market exploded in value.
Ethereum has also lost around 15 percent of its value over the last 24 hours, reaching its lowest price since May of last year. The drop has been fuelled by the transfer of approximately $20.2 million from the 33rd wealthiest Ethereum wallet address, which has been emptied of ETH completely.
The identity of the account holder cannot be confirmed.
XRP, the cryptocurrency behind Payments company Ripple, has overtaken Ethereum to become the second-most valuable cryptocurrency. This has happened in the past on a couple of occasions, but this time it looks like it might be a more permanent swap - there is now $5 billion between the two. Ripple has been doing good business lately, which is why XRP has dropped less than its peers.
Stellar Lumens, the token associated with an open-source Blockchain network and non-profit organisation that works with cross-border payments, has overtaken Bitcoin Cash. The latter is suffering because a significant proportion of its network users have defected to a new cryptocurrency created by an Australian computer programmer named Craig Wright.
Litecoin has dropped so much in price that its creator, Charlie Lee, who sold off all of his Litecoins in December 2017, could now buy them back nine times over.
Regulatory pressure
One reason for the drop could be the US Securities and Exchange Commission demanding reparations for two ICO campaigns that happened a year ago, which sets a worrying precedent for a great many businesses.
Bloomberg posits that the US Justice Department's continuing probe into Bitcoin price manipulation is harming confidence that the market ever had a real basis.
Another clear driver is the ongoing Bitcoin Cash civil war - mining devices configured for Bitcoin Cash also serve Bitcoin, and as the former is attracting a much greater amount of network power than is usual, Bitcoin is suffering. And Bitcoin is the backbone of the whole system. This is without mentioning the damaging effect on market confidence this dispute is having.
The Wall Street Journal posits that recent reports of falling profits from cryptocurrency mining device manufacturers have added to the doom.
One interesting result of the crash is that trading on Bitcoin futures has suddenly become much more popular, according to Bloomberg. These are derivative contracts which allow investors to bet against a commodity, so people can make money wagering that prices will drop.
Neil Wilson, chief market analyst at Markets.com, told The Guardian: "The crypto bloodbath continues. Things looks like they only get worse from here. Where is the incentive to buy? It does rather look like the bottom is coming out of this market."
John McAfee had a different take:
People have panicked. But there's no fucking need. We're in a bear market. They suck, yes, and not like a hooker with no teeth. But I'm 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It's always followed by a glorious Spring. Fucking relax.
The cryptocurrency market is falling without a parachute, with the price of a single bitcoin down to $4,483 as of press time. This is the lowest price since October of last year - which was before the market exploded in value.
Ethereum has also lost around 15 percent of its value over the last 24 hours, reaching its lowest price since May of last year. The drop has been fuelled by the transfer of approximately $20.2 million from the 33rd wealthiest Ethereum wallet address, which has been emptied of ETH completely.
The identity of the account holder cannot be confirmed.
XRP, the cryptocurrency behind Payments company Ripple, has overtaken Ethereum to become the second-most valuable cryptocurrency. This has happened in the past on a couple of occasions, but this time it looks like it might be a more permanent swap - there is now $5 billion between the two. Ripple has been doing good business lately, which is why XRP has dropped less than its peers.
Stellar Lumens, the token associated with an open-source Blockchain network and non-profit organisation that works with cross-border payments, has overtaken Bitcoin Cash. The latter is suffering because a significant proportion of its network users have defected to a new cryptocurrency created by an Australian computer programmer named Craig Wright.
Litecoin has dropped so much in price that its creator, Charlie Lee, who sold off all of his Litecoins in December 2017, could now buy them back nine times over.
Regulatory pressure
One reason for the drop could be the US Securities and Exchange Commission demanding reparations for two ICO campaigns that happened a year ago, which sets a worrying precedent for a great many businesses.
Bloomberg posits that the US Justice Department's continuing probe into Bitcoin price manipulation is harming confidence that the market ever had a real basis.
Another clear driver is the ongoing Bitcoin Cash civil war - mining devices configured for Bitcoin Cash also serve Bitcoin, and as the former is attracting a much greater amount of network power than is usual, Bitcoin is suffering. And Bitcoin is the backbone of the whole system. This is without mentioning the damaging effect on market confidence this dispute is having.
The Wall Street Journal posits that recent reports of falling profits from cryptocurrency mining device manufacturers have added to the doom.
One interesting result of the crash is that trading on Bitcoin futures has suddenly become much more popular, according to Bloomberg. These are derivative contracts which allow investors to bet against a commodity, so people can make money wagering that prices will drop.
Neil Wilson, chief market analyst at Markets.com, told The Guardian: "The crypto bloodbath continues. Things looks like they only get worse from here. Where is the incentive to buy? It does rather look like the bottom is coming out of this market."
John McAfee had a different take:
People have panicked. But there's no fucking need. We're in a bear market. They suck, yes, and not like a hooker with no teeth. But I'm 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It's always followed by a glorious Spring. Fucking relax.
Binance Assists Dutch Authorities in Exposing $30M Online Fraud
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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