A Crypto Apocalypse Wipes Out Over $20 Billion in 24 Hours

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.

AltcoinToday.com

Featured image via Shutterstock.

Source: Newsbtc

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Crypto Really Is Cool in Israel

Cryptocurrencies and blockchain tech have taken the stage in Israel. The country’s first dedicated cryptocurrency investment company has launched two funds, expecting to raise $50 million in assets under management. Moreover, an Israeli mining company eyes an public offering in Canada.


Bear Market? Whatever…

Despite 2018’s declining prices, Israel’s top leadership has long considered issuing a state-backed digital currency, especially as the country’s cryptocurrency sector seems to be thriving.

Reportedly, the country’s first dedicated cryptocurrency investment company targeting institutional and accredited investors, Silver Castle Ltd., has launched two funds. It expects to raise as much as $50 million In assets under management by the end of 2018.

Notes Eli Mizroch, CEO at Silver Castle:

We spent close to a year building robust infrastructure for managing other people’s money at the level of institutional grade with very, very high security.

The fund also takes pride in its team, which is comprised of financial experts such as Zvi Ziv – former CEO at Bank Hapoalim – the largest bank in the country by means of asset ownership as well as Gabriella Ravid, the former CEO and founder of the country’s largest investment fund Psagot Ofek Investment House.

More than $8.5 Million in Bitcoin Seized by Israeli Police

But Wait… There’s More!

On November 11th, Israeli cryptocurrency mining company Bitfarms announced in an official press release that it has initialized a regulatory process to investigate the prospect of going public in Canada. The company has filed a preliminary prospectus with Ontario’s Securities Commission to examine its arrangement with Bitfarms Canada, the company’s local subsidiary.

Speaking on the matter was Wes Fulford, CEO at Bitfarms, who outlined:

We are currently evaluating a listing in Canada as we endeavour to grow Bitfarms’ visibility, improve our access to capital and streamline expense. […] Our analysis suggests that Canada has one of the most active public markets in our emerging industry, with several blockchain infrastructure and cryptocurrency mining companies having listed and raised significant capital over the last twelve months.

Whether it’s a state-backed cryptocurrency or a public offering, Israel’s crypto future appears to be bright.

What do you think of Israel’s increasing involvement in the cryptocurrency world? Don’t hesitate to let us know in the comments below!


Images and media courtesy of Bitcoinist archives, Shutterstock.

Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones Hearing

Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones Hearing

News

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.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Rights Violation

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.

Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones HearingZoe Konstantopoulou.

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

Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones HearingVinnik 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.

Greek Court Accused of Violating the Rights of Alleged Btc-e Operator, Postpones HearingAfter 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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