Its 9am WAT, the first day of the second week of July, 2019. Cryptocurrency market stands at a salutary market capitalization of 327 billion dollars with Bitcoin dominating at 62.1%.
The new week opens with cryptocurrency at an eye grabbing and mouth watering market capitalization with Bitcoin as usual taking the lead at 4.1 million naira ($11429) at market capitalization of 73 Trillion naira ($203 billion). At its dominance, Bitcoin is over x6 of Ethereum marketcap standing at $32 billion. Ethereum is reporting an increase of 6.34% as against Bitcoin which stands at a 1.93% on 24hour changes.
Ethereum is currently trading at over $300 which was unlike this time the previous week where it was below the $300 mark. XRP currently reports a 0.01% Red indicative of a minor loss the third largest cryptocurrency by market capitalization. Litecoin shows less that 1% gain as against bitcoin cash which reports 1.36%.
Least of the top ten cryptocurrency reporting gains is the embattled BitcoinSV with a 0.25%. Binance Coin, EOS shows over 2% increase while top gainer on this opening day is Tron wit a 9.26% rise.
With Cryptocurrency sweeping across the world, Africa is trying to move with the flow though efforts has been somewhat not meeting expectations of enthusiast. Nigeria being the populous black nation on the planet and the Giant of Africa, host a thriving population which owing to the losing faith in the Naira and the desire to exploit every avenue of self betterment, the drive into cryptocurrency has since been seeing great thrust.
According to Google Trends over the month of July 2019, the search for Bitcoin has seen a spread across the state especially the south of nigeria known to be rich in natural resources. Ekiti State of the Yoruba people tops the chart as top searches of the keyword BITCOIN.
Next is Delta State which is an oil filled state. Osun state takes the third position with Ondo being the fourth while Bayelsa neighbouring to Delta state the fifth position. Enugu, Edo, Ogun, Ebonyi, Anambra follows after.
The desire to know about cryptocurrency and blockchain is reflected on the rising search topics on Google with “Public-Key cryptography” talking lead. Play and earn is not left out of the mix as free bitcoin for video game stands at +70% as a rising search topic. “Key” as a topic is posiitoned at +60% and rising.
As cryptocurrency and blockchain continue to create avenues of making life easier via adoption, the most populous black nation on earth though its government has not expressed open interest in the technology, the citizenry are not stepping into the shadows. They are taking on the initiative in driving the growth of the technology and adoption and innovation.
The numbers of Shows, Conferences, Seminars, Tour etc going on in the country is testament to this fact. We can only hope the interest continues climbing till it gets to those in authority to bring full legitimacy to the operations of cryptocurrency in the Country. Our eyes will always be on the chat. Happy New Week, there is green everywhere.
Market Retraces its Steps after Opening the Week with Green across the Market.
The first day of the week just three days ago opened the week to a wide spread gains across the cryptocurrency market with Tron reporting the highest gains of over 9%. Today opens with significant losses that have wiped out the gains made in opening day of the week. Bitcoin is currently trading at a loss of 11.01% as at press time standing at $11,503. Total market capitalization sits at a $313 billion. Opening day of the week, it was at $327 billion
The second largest cryptocurrency by market capitalization Ethereum is trading at $271 which is over $30 lower than its week opening price. It is currently reporting 11.94% loss. XRP of Ripple is trading at a negative of 15.79% as Litecoin is also a little below standing at loss of 14.59%. The price of XRP stands at $0.33 while Litecoin is just over $100.
Tron which recorded the highest gains in the opening day of the week is reporting an astonishing 16.56% loss with Bitcoin SV, the embattled Bitcoin fork showing 18.56% in red. Top loser on today is EOS which is trading at $4.66 with a market capitilization of $3.9 billion but suffering a loss of 20.13%. Bitcoin cash is at 18.48% red trading at $339.29.
Tether the stablecoin positioned at number 8 by marketcap is stable at $1 but reports a 0.06% red which should be normal as it is of course a stable coin.
The industry continues at grow and thrive with the reported achievements of Blockstack to conduct a SEC compliant token sales, the market normally responds favorably to such news. While its is normal for the market to step back a bit after an upward surge, could this be the result of the 7300s BTC dumped on Binance?
Someone on Binance is in a hurry to sell ~7.5k+ bitcoins ($100 million). It's a limit order, but it's aggressively adjusting it's price to be on top of the orderbook. Pushed down price from $12.6k to $12.1k. 5k btc left pic.twitter.com/f6jwAyDDc0
— Madoff wasn't on the blockchain (@bccponzi) July 9, 2019
We can only look at the charts and open our ears to hear positive news. And by the way, Bitcoin has increased in dominance to 65.4% as against its week opening dominance of 62.1%.
Trouble Looming for Bitcoin with Stocks Plunge?
Could bitcoin and other “risk-on” assets be open to a possible plunge alongside the traditional stock market?
With what is happening in the stock market, inferences could easily be drawn that social media (tweets particularly), not only affect the traditional markets but also has real-time effects on digital assets. With a recent revelation from the United States president-Donald Trump, where he makes plans to increase the tariffs on Chinese-made commodities from 10% to 25% in a few days time, global assets like stocks and bitcoin BTC, recorded a minus in the market.
For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars….
— Donald J. Trump (@realDonaldTrump) May 5, 2019
Bitcoin Records Slight Dip with Trumps Chinese Tariff Statements.
While many will argue that President Trump’s intentions had a good possible economic result, the stock market took the news quite badly. As at 1 pm today, Futures for the S&p 500 were 1.75% down and this would invariably mean an open red. More so, as of the time of compiling this article, there exists a whopping drop for the SSE Composite Index of about 5.35%, which means the loss of billions of dollars in less than 24 hours.
Just as we mentioned earlier, bitcoin also recorded some losses alongside its counterparts in the traditional exchanges. this was pointed out by a crypto trader who saw this trend as the Monday Asian market opened. In this trading path, BTC fell in indicating a negative reaction to the tariff threat of the U.S. President.
If we argue that BTC price loss could be coincidental, we might also need to take a look at a similar situation where BTC lost almost the same value to the Hang Sang withing the same time frame. This is yet another proof to show that though BTC is sadly still vulnerable, it also now responds to market forces.
Market participants continue to view Bitcoin as a risk-on asset.
Sunday evening's sell-off occurred simultaneously with the Hang Seng's precipitous 3.4% drop at the open following Trump's new tariff salvo. pic.twitter.com/Oa9RiVXuRg
— Light (@LightCrypto) May 6, 2019
More insights show that cryptocurrencies are risk-on and this means that investors in these areas are particularly interested in markets trending higher.
Crypto is a risk asset. Global capital flows matter. pic.twitter.com/giZ186F4kc
— Travis Kling (@Travis_Kling) April 30, 2019
Bitcoin To Become Safe Heaven As Digital Gold
From all the information provided above, it is clear that bitcoin maybe conforming to traditional markets’ risk-on assets after all.
Many might not have heard already, but bitcoin, alongside all other cryptocurrencies, have been disregarded an in fact touted as an uncorrelated asset. Check this out in the CNBC interview a few months ago where Anthony Pompliano of Morgan Creek mentioned that the correlation between BTC and the S&P (SPX) was practically non-existent. A confirmation was put forth by Three Arrows Capital’s Su Zhu, showing that given “high prices and low prices, high volatility and low volatility, the correlation between the aforementioned assets is still near-zero.
All of the correlations confirmed this Monday, have gone to validate the John Normand theory that gold remains a better safe haven or hedge against downturns than Bitcoin. John is the Head of JP Morgans’s cross-asset management arm.
According to optimists, Max Keiser’s explanation of a possible break-even for the digital asset class is a thread strong enough to hold onto. Max is of the opinion that BTC will eventually become a “risk-off” asset, hinting at a few characteristics that make it a form tradeable money.
Amongst many reasons for his belief are that BTC is a non-sovereign, decentralized, censorship-resistant and easily- transferable asset that is deliberately scarce and is not controlled by the whims of central banks and the various existing financial institutions.
The market and consumers alike may need a bit of a nudge in the right direction to truly comprehend this fact, and this is predicted to come from the impending financial crisis which experts say is much around the corner.
Have your say in our comments section below.
Fructus Integrating Bancor Protocol to Provide Continuous Token Liquidity
By integrating the Bancor Protocol, Fructus token holders will gain access to continuous liquidity regardless of trade volume or exchange listings, through the Bancor Network, where any integrated token can be automatically converted to any other directly from the Bancor Wallet or any Web3 wallet, such as MetaMask
Fructus is aiming to change the business of fresh produce trade and delivery. Starting in the diverse agricultural landscape of Europe, we see an opportunity to scale and change the world
We believe we can solve global problems regarding fruit and vegetables. Big problems concerning products being GMO’s (Genetically Modified Organism) or 100% organic, expiration date fraud and food waste.
The way we solve these problems is by making the supply chain for fruit and vegetables transparent.
All transactions are processed and registered in the blockchain, giving all parties involved the ability to keep track of products and payments. Customers can see where products are coming from and what was used to help grow the crop. Suppliers can find customers connect without a grocery store in between, keeping products clean and fresh and reducing the food waste.
Together we can make a difference, so join the Fructus Community and support Fructus.
Visit Fructus to know more about the fruit-safety blockchain project.
Bancor is the world’s largest decentralized liquidity network. Bancor functions similar to a decentralized exchange, with a key difference: orders are processed against automated smart contracts on the blockchain, instead of matching two parties in a trade. Any project can easily integrate their token by creating a Relay on the Bancor Network to automate fair and efficient token conversions for users, directly from their wallets. Tokens on Bancor are instantly convertible for one another, with 8000+ trading pairs across ETH, EOS, DAI, BNB & more.
Bancor technologies impact organizations and people across the globe, from blockchain teams to token holders to real-world communities in Africa, Asia and beyond. Visit the Bancor Web to convert tokens instantly, list your token on the Bancor Network or join the Bancor Telegram group for more information.
Cryptocurrency Prices are Plunging Again and Here’s the Reason
It has been a tough week with news of a sharp decline and a looming bear market. It seems cryptocurrency is taking a harder hit as compared to the traditional market. Bitcoin fell as far as 75% from its ATH in December. There are a few possible negative catalysts for the plunging of cryptocurrency prices as bitcoin is not the only one to take a hit. Other digital currencies have experienced their fair share of loss this past week. But what could be the reason for the bear market?
Bitcoin Hash Wars
The bitcoin cash network forked from Bitcoin (BTC) last year after a bitter fight between the developers who managed the community. This year another argument arose in the Bitcoin Cash camp that led to the network splitting into two groups. The new fork created two new cryptocurrencies, Bitcoin ABC and Bitcoin SV. What this disagreement in the BCH camp has caused is a chaos in the market. Exchanges had to go through a tough time decoding which cryptocurrency they wanted to trade while the market was hit with a panic as bitcoin dropped.
Cryptocurrency exchanges often enjoy a certain freedom. There’s no watchdog watching over their neck and this has led most investors into dumping in a lot of funds. Bitfinex a crypto exchange has been called out for using Tether Coin to artificially pump up the price of bitcoin and other digital tokens. Researchers at the University of Texas published the evidence and investigation are ongoing to determine if the price manipulation is true.
The Securities and Exchange Commission is clamping down hard on companies violating the securities law with their offerings. Across the world countries like India and China are taking crypto regulations seriously and clamping down on crypto companies. Just last week, the SEC fined two companies $250,000 each for failing to follow the proper laws for registering securities. Paragon, one of the firms, is working to legalize cannabis and utilising cryptocurrencies.
We do not know how long the bear market would hold, however, some crypto analysts are sure it wouldn’t be for long. Some even think it’s the market’s way of testing those with weak hands and shaking them out.
What do you think might be the cause of the bear market? Share your opinion with us in the comment section below.
Image credit: Pixabay
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