Tag: crypto crash

Cryptocurrency Market Shows Life, Adds $40 Billion in 2 Days

By Ryan Lau | @agorisms

Over the past several months, the cryptocurrency market has slowed. Its peak market cap of $830 billion has fallen dramatically, losing over two thirds of its value.

However, over the past several days, it is beginning to show life again.

On July 2, Bitcoin finally saw growth after it reached a 12 month low in value. As of June 29, the cryptocurrency had fallen as low as just over $5800 USD. Yet, the value, as of July 3, has soared back to $6658 USD.

This shows nearly a 15% increase in Bitcoin in just four days, which averages to slightly under 4% a day.

Of course, since the cryptocurrency’s fall from a January high of nearly $20000 USD, it has jumped up by these percentages a number of times. Despite this, some investors believe that this rally is longer term.

Sustainable Cryptocurrency Market Gains

As Bitcoin rose, the cryptocurrency market as a whole also saw considerable gains in volume. In the past 48 hours, it has added $40 billion dollars in total volume. As part of this, Bitcoin’s volume rose to $4.6 billion.

Other coins, such as Bitcoin Cash, Cardano, and Ripple, have also risen in value and volume over the same span. Ethereum also showed strong recovery, bouncing from $400 to $467 USD.

Because of the increase in both volume and value, many expect this growth to continue. Some market estimates place a short-term value of Bitcoin at slightly over $7000 USD. If this occurs, it will represent a 21% payout since the cryptocurrency reached its low.

Smaller cryptocurrencies have yet to see the same rebound and uptick in volume. Yet, the market trend suggests that they may soon see similar looking gains, as demand for crypto increases.

The Cryptocurrency Market in U.S. Cities

Clearly, there has been a rapid increase of cryptocurrency market recognition since just one year ago. As this continues, demand not only rises for coin ownership, but for work opportunity. in fact, first quarter 2018 blockchain jobs on the freelance site upwork.com rose a staggering 6000%.

While some, like those on upwork.com, seek employment in blockchain, many others are finding another way to join the market.

Throughout U.S. cities, Bitcoin ATMs are beginning to appear. As of mid-June, over 2,000 of the machines existed in the United States, with almost 100 in the state of Michigan.

For a fee of 7 to 8 percent, consumers may purchase the cryptocurrency in order to hold, invest, or trade.

Generally, the machines exist in low income areas. Of course, many families with lower incomes do not have bank accounts. As an alternative, they may use these ATMs as a cheap alternative means of storing money.

Some even view the machines as an alternative to lottery tickets. With high levels of risk and reward, both are capable of bringing massive success for a small price.

Unlike a lottery, however, the cryptocurrency market shows trends that users can monitor for maximum gain. Detroit gas station owner Andy Attisha says that users of his Bitcoin ATM are doing exactly that.

“A lot of people do day trading on it,” Attisha remarked about his ATM. “I see people coming in here every day messing with the machine.”


To support 71 Republic, please donate to our Patreon, which you can find here.

Featured Image Source.

 

 

Advertisements

Facebook Sued for Defamation Over Scam Cryptocurrency Ads

By Mason Mohon | @mohonofficial

United Kingdom financial advisor Martin Lewis is suing Facebook for defamation after cryptocurrency ads using his name and face continued to pop up on the site.

Continue reading “Facebook Sued for Defamation Over Scam Cryptocurrency Ads”

No, Cryptocurrency Is Not “Quietly Dying Out”

By Mason Mohon | @mohonofficial

On Sunday, Russia Today posted an article titled “Is the cryptocurrency market quietly dying out?”, which was full of nothing more than explanations of recent cryptocurrency events along with market declines.

The article merely discusses recent market trends but uses a loaded editorialized headline to make it seem like crypto is dying. The recent decline and widespread burns are quite the opposite, though. The market is organic, and consumers have to take responsibility and learn for themselves.
Those who were scammed or bought Bitcoin at $19,000 may be too depressed to ever buy cryptocurrency again, but if they are wise they will see it as a learning experience. People who have been burned will now use a skeptical eye when looking towards any potential investments.
The failure of the cryptos with “broken blockchains” is just creative destruction at work. They couldn’t serve the consumers, so a better and safer technology is coming to take their place.
A decline in the price of popular currencies is not the end of an era. It is a learning opportunity, so take advantage of it and use it as such.
Note: This is not investment advice.

India Just Crashed the Crypto Market

By Mason Mohon | INDIA

The walls are red over on my go-to crypto tracker, Coin Market Cap. Most cryptocurrency is crashing down between 10-20% of its 24 hours value.

There is a reason for this.

As Russia Today reported on Thursday morning, the India Finance Ministry has declared that cryptocurrency is now illegal, and a complete ban is on its way.

“The government does not consider cryptocurrencies as legal tender or coin and (will) take all measures to eliminate the use of crypto assets” – Finance Minister Arun Jaitley

India has a ten percent share in Bitcoin’s market, so this is likely to have a huge impact.


Update

Coin Telegraph reports that there is no ban happening, yet crypto-media has interpreted Jaitley’s statements as such. The aforementioned RT report even said it was on track for a full ban, which is just another instance of blowing things out of proportion.

While Jaitley’s speech noticeably avoided any mention of legality of crypto in and of itself, commentaries by third parties and mainstream media journalists controversially claimed that a ban was imminent.

The Minister’s statements have still crashed the market, though, yet as soon as the waters clear and people realize no ban is happening, a recovery may very well be in order.

THE BITCOIN FOMO SELLOFF IS HERE?

By Jesse Stretch | USA

Newcomer Bitcoin hotshots are panicking on Reddit, crypto forums, everywhere. We read these quotes and sigh:

“Why is it crashing? Help!”

“Soon it will be worthless. SELL OUT NOW.”

“Bitcoin is dying! Agh!”

According to an article in Newsweek, the international suicide hotline is/was advertising on the Cryptocurrency Reddit forums.

The “Fear of Missing Out” or FOMO sell-off attitude in the crypto space prompts criticism from a wide host of onlookers and participators alike, and yet as it occurs, those same writers preaching “hold hold” have their Binance accounts open dumping everything they can back into Coinbase on the prayer of cashing out ahead or at a slight loss.

But alas how some of us forget that this was and is the point.

Volatility. Lots of movement. Big Charts. Big gains, big losses.

Without volatility, cryptocurrency is boring. After all, what small or medium-sized investor wakes up and checks the price of Ford stock every single day—virtually none. Glance at the Ford Stock Reddit and see that in the top four topics is this heading, Why does Ford price fluctuate so little day to day?… Enough said. The stock market is basically a bore to this caliber investor, and rightfully so.

Young crypto-minded investors don’t want to wait. The tech culture doesn’t have time to wait. We need lunch delivered to the office, we need fast electric cars, we need Prime for toilet paper, leggings, and custom bearding kits. We don’t have a decade to gain 40% on Ford stock like Grandpa did. In a decade, many of the Bitcoin investors will be in their late twenties or early thirties—nearly dead and/or retired! There’s simply no time to wait for the NYSE.

Bitcoin is a rollercoaster, and roller coasters are a short, wild ride; but, the ride starts again at some point or another when new people get on. Sometimes, if you know the ride operator like we did when we worked at the theme park growing up, you get to ride over and over again as many times as you like. When you’re done, you have nothing to show for it, but it was a wild ride. Such is the same with Bitcoin—but maybe not if you hold.

In his seminal guide, the Intelligent Investor, Benjamin Graham espouses the idea that in the instance of a very large short-period investment gain of over 100%, the investor should consider selling half of the investment to safeguard the principal and capture some gain on the initial capital. This is an easy theory to read and comprehend, but it’s a bit harder to practice. One might argue that with prices moving from $10k to $20k and back to $10k, all essentially inside of one rolling month’s time, this is exactly what has happened—profit grabbing, a correction, a harvest of income. It is one of the most common occurrences in high-risk investing.

My point here is that the FOMO selloff on Tuesday and Wednesday the 17th and 18th of January of 2018 were expected, was predicted, is expected to continue for an indefinite time, and is likely not the “end” of crypto-currency. People harvest profits, and harvesting profits lower the market cap and price of the stock or commodity. This is normal. What we are seeing here is just another exaggeration of what would usually take much longer to happen in your grandad’s brokerage account.

In crypto, the equivalent of weeks on the NYSE happens in mere minutes, sometimes moments. Percentage gains and losses are exacerbated by an eager, new, and often timid investor who is likely not as flush or seasoned as the rich boys on Wall Street. For this reason, there is a great hunger for a rapid gain and a great fear of a rapid loss. Were it Gold these crypto investors were trading in, we’d see the movements occur much slower, but this isn’t gold—it isn’t, arguably, anything.

The FOMO selloff may be just so, or rather it may also be a high-volume version of the traditional marketplace profit grab. Tomorrow, Bitcoin may be worth $2. Tomorrow, Bitcoin may be worth $25,000. Neither would surprise anyone with a history in this market space. The fear (and the hope) is real.

But as bulls, let’s be optimistic: Any high-volume selloff will ultimately increase the strength of the crypto market, should it sustain itself, because it will trim out the weak-stomached investor. When this investor returns, he/she will return with a confidence in the market, which will make FOMO selloffs less likely to occur in the future. Should the crypto market continue to grow over the coming years, this is how its legacy and stability will be forged. The new investor must experience both gain and loss, and then a recovery from loss, in order to develop a trust and a respect for the market, and through time this trust will stabilize the currency and lessen its fluctuation as an investment vehicle and/or pseudo-commodity.

And so as you distractedly read this article, I will continue clicking my mouse to see if Coinbase will finally process the lagging sale all of my holdings and transfer them safely back to my FDIC insured big-brother bank account—all for a hefty but reasonable fee.

Relax… I’m kidding…


Author’s Note: The author currently holds positions in numerous cryptocurrencies and is not engaged in a volume-oriented selloff of these positions—but he knows you are.