Blockchain Market Update: 26 November 2018
The crypto sell off continues as last week wiped almost another 34% off the total market cap, bottoming at $115 million. Bitcoin has fallen to its 420-day low at around $3,500 representing a 36% weekly loss. Although this Monday will bring Americans back from the holidays, which has helped to push the price towards $4,200, BTC is currently back below $4,000 and continues to fight its support. Ethereum is no different, more than a 37% intra-week loss has brought ETH towards double digits at $99 on Sunday, and the same as BTC, ETH has slightly recovered and currently sits at $114. The sell-off has no particular trigger, although some may argue with the increased negative activity of the SEC, Bitcoin Cash and Bakkt launch delay, experienced traders called sub $4k and BTC is most likely bottoming at ~$3k from August via historical BTC charts.
- Bitcoin’s dominance rose to 53.9% from 53.4% a week ago. The total Crypto Market fell by almost 27%, and overall volume has increased 32%. Bitcoin is down by more than 25%, Ethereum lost 29%, XRP is down by 24%, and EOS is down by 21%. Best performers among top-40 crypto were Bitcoin Diamond (-10.4%) and Dogecoin (-16,3%).
- US Justice Department Tether Investigation
- European Commission Launches Blockchain Association
- UK Considers Banning Crypto Derivatives
- Major OTC Desks Creates OTC Sport Index
- Bakkt Moves BTC Futures Launch
- ICOs Liquidated 172,000 ETH Over Past 2 Months
- Bitcoin Merchant Payments Down by 80%
- Auditor Claims USDC Stablecoin is Fully Backed
- Ethereum Development Plan Acceleration
- Singapore Authority Approves Digital Security Exchange