Bitcoin has dropped close to 30% in November and is hinting more losses. But many prominent crypto figures believe the digital currency will recover one way or another.CNBC Crypto Trader Ran Neu-Ner said that the crypto market is at most bearish not in a full-fledged panic mode. He predicted that bottom was near which could allow people to reestablish their long positions in Bitcoin and other top crypto-assets.Up until now even though we have been in a bear market we haven’t seen panic or capitulation. In the last few days panic is clearly upon us. It’s a great signal that the bottom is near…— Ran NeuNer (@cryptomanran) November 20, 2018Keep Calm and HODLAnalysts from all across the crypto-sphere had previously highlighted $6,000 as their potential bitcoin bottom. Bears broke the said level on Thursday last week, which ultimately shifted many preconceived notions about Bitcoin supports. Some predicted it will crash to as low as $4,500 before it corrects higher. While a widely reported analysis by Bloomberg called $1,500 an achievable bottom for Bitcoin.The crypto market, which mainly consists of retail investors prone to emotional trading, tends to react to these predictions. A dump orchestrated by bear whales can easily send jitters across the whole community, leading them to sell shortsightedly fearing additional losses.Changpeng Zhao (CZ), the founder and CEO of Binance, the world’s leading digital assets exchange, highlighted this problem and requested the community to avoid reacting to Bitcoin bears. He reminded how bitcoin since inception has gone through similar wild swings only to reemerge as a winner.been through this many times already. Secret of success? Keep your head down and build.— CZ Binance (@cz_binance) November 19, 2018Earlier this month, CZ had predicted a bull run in the Bitcoin market albeit without mentioning the catalysts that would drive it.Glorious Spring AheadJohn McAfee echoed his pro-crypto view albeit with a dramatic touch to it. Comparing the current bearish bias with a harsh winter, the antivirus pioneer predicted a spring – a strong upside correction based on the historical price action of Bitcoin.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.— John McAfee (@officialmcafee) November 20, 2018While Bitcoin bulls attempt to re-inject confidence in the market, Bitcoin is already undergoing a free-fall. On Bitfinex, the BTC/USD rate briefly breached the $4,500-support area and established lower lows towards $4,400. A minor correction appeared later and took value back above the so-called bottom.Nevertheless, on Coinbase, the BTC/USD is now trading at $4,403 at the time of this writing, with its daily low already established at $4,218.All eyes are now fixed on the launch of the ICE-backed Bakkt trading platform in December. If it does prove bullish, then the SEC’s decision on Bitcoin ETF remains the only interim catalyst that could drive the Bitcoin higher – as the crypto celebs mentioned above predict. Image from Shutterstock
Almost $20 billion has been lost in 24 hours; Bitcoin Cash is dying, its Big Brother not far behind.
Yesterday’s crypto free-fall has continued unabated sending all cryptocurrencies to their lowest levels for well over a year. Total market capitalization is back to August 2017 levels making the end of year crypto surge feel like a dream as it has now been completely wiped out.
Bitcoin has hemorrhaged almost 12% in 24 hours sending it below $5,000 for the first time since October 2017. The only difference then was that bulls were in control of the markets whereas today it is the bears. Dropping to a new 2018 low of $4,843 a few hours ago according to Coinmarketcap, BTC is now trading at just above $4,900.
Ethereum is dying a slow death and another SEC charge on two ICOs has put them all in panic mode. ETH has been smashed again today falling another 13% to below $150, its lowest level since May 2017. Even before the ICO boom Ethereum was performing better so it could be the end of days for high priced ETH.
Altcoins are all suffocating like dying fish in a pool devoid of oxygen during the Asian trading session today. Bitcoin Cash has been absolutely hammered with a 40% drop in 24 hours taking it down to $230. It has not been this low since it was spawned from Bitcoin back in August last year.
BCH has fallen so hard that Stellar has taken fourth spot despite losing almost 6% on the day itself. XLM is currently trading at $0.229, but has weathered the storm much better than its brethren. Looking at the long term chart it even appears to be climbing.
Ripple’s XRP is another survivor, losing only marginally during the recent rout and remaining just below $0.50. In the past three months XRP has made around 70% when all others have crashed. Yesterday’s talk of a flippening may well become reality if the current trends continue.
Needless to say the rest of the altcoins are in a world of pain with most of them losing double figures at the moment. Only three stable coins are post green right now as they’re just above a dollar. Even the more stable altcoins such as Maker and DigixDAO are getting pummeled, both losing over 20% on the day.
Total market capitalization has plunged to a dangerously low level, dropping over $20 billion since the same time yesterday. A further 11% has been smashed out of crypto markets over the past day leaving them bleeding and on the floor around at $160 billion. Have we reached the bottom now, or does the abyss go deeper?
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
Featured image via Shutterstock.
The judges at the Greek supreme court have been accused of violating Alexander Vinnik’s rights. The alleged Btc-e operator has been detained in Greece since July last year. The hearing against his extradition to France has also reportedly been postponed.
Alexander Vinnik, who allegedly operated the former cryptocurrency exchange Btc-e, has been detained in Greece since July last year. He was accused by the U.S. of laundering $4-9 billion through the exchange.
His attorney, Zoe Konstantopoulou, told a court session on Monday that the judges of the Greek supreme court “have blatantly breached the rights” of the Russian national, Tass wrote. The session was to appeal against the ruling of Vinnik’s extradition to France.
Konstantopoulou was quoted as saying: “You have violated the rights of Alexander Vinnik, who hasn’t received an official translation of the French request by November 17 … those documents haven’t been translated into Russian, they have no seals and signatures … You only employ this practice towards Vinnik because he is a Russian. You wouldn’t do this with any Greek, or EU citizen.”
A Sputnik correspondent reported from the court on Monday that the hearing for the appeal of Vinnik’s extradition to France has been postponed until Nov. 29.
The Charges and Extradition Requests
Vinnik was detained in Greece on July 25 last year on a warrant issued by the U.S. Department of Justice (DOJ). A grand jury in the Northern District of California indicted Vinnik and Btc-e for operating an unlicensed money service business, money laundering, and related crimes. “The indictment alleges that Vinnik obtained funds from the hack of Mt. Gox and laundered those funds through various online exchanges, including his own Btc-e and a now defunct digital currency exchange, Tradehill, based in San Francisco, California,” the DOJ wrote.
After Vinnik was detained, Russia sought his extradition. France also sent a similar request in June and Greece is pressing criminal charges against him, Tass conveyed. In May, he allegedly confessed to charges of fraud and money laundering.
Vinnik, however, told the news outlet that he was only a technical expert at Btc-e. “I gave some advice to that platform. That’s not a crime, and the exchange itself is not a crime, it is just a platform for exchanging cryptocurrency,” he claims.
Furthermore, the New York Times reported that Vinnik is accused of operating Btc-e at a time when American prosecutors say “hackers used such funds to finance the electronic break-in at the Democratic National Committee and other targets.”
What do you think of Vinnik’s case? Let us know in the comments section below.
Images courtesy of Shutterstock, the DOJ, AP Photo/Petros Giannakouris, and AFP/Sakis Mitrolidis.
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