The crypto market recovery stalled on Wednesday with the vast majority of coins posting minor pullbacks. The ethereum and bitcoin prices were at the head of the retreat, leaving neither able to hold above the major threshold it targeted yesterday.
Chart from CoinMarketCap
It is likely that the markets are just cooling off following their ~$35 billion recovery from last week’s lows. That said, fears remain that the Chinese government will order miners to shut down their operations–putting roughly 65% of the bitcoin network hashrate in jeopardy–but many industry observers believe Japanese companies will quickly fill the void. This is evidenced by the fact that the Tokyo-based bitFlyer has seen a surge in trading volume since Chinese bitcoin exchange ceased accepting CNY deposits. Others, including MGT Capital’s John McAfee, do not believe there will be a ban on mining.
Chart from CoinMarketCap
Amid this uncertainty, the total cryptocurrency market cap ended the day in decline. After beginning the day at $135.5 billion, the total crypto market cap rose as high as $139 billion Tuesday evening but then reversed course and began to skid. After briefly falling to $133 billion, the combined value of all cryptocurrencies now sits at $134.8 billion, representing a 24-hour decline of about $700 million.
Once again, the bitcoin price successfully made a run across the $4,000 threshold. However, it has thus far been able to find the support necessary to hold above that mark. Ultimately, the bitcoin price dropped back down to $3,914–a daily decline of 2%. This gives bitcoin a market cap of $64.9 billion.
Bitcoin Price Chart from CoinMarketCap
Like bitcoin, the ethereum price experienced a minor daily decline. After entering the day at $286, the ethereum price spent most of the day attempting to tread water. Wednesday morning, it temporarily dropped below the $280 level, but it has since recovered to a present value of $282. This translates into a $26.7 billion market cap–a 24-hour pullback of about 1%.
Ethereum Price Chart from CoinMarketCap
Bitcoin cash was the only top 10 cryptocurrency to make a significant gain on Wednesday. The bitcoin cash price actually assembled quite a rally, climbing as high as $550 leading into Wednesday morning. Unfortunately, it could not sustain this momentum, and it has since pulled back to $488. Nevertheless, this represents a 24-hour gain of 4%, which leads all top 25 coins. Bitcoin cash now has a market cap of $8.1 billion.
Bitcoin Cash Price Chart from CoinMarketCap
This advance has helped make bitcoin cash about 10% more profitable to mine than the main blockchain, according to data from Coin Dance.
The altcoin markets followed the prevailing current, leading most coins into a slight decline. The Ripple price declined about 1%, while litecoin dipped 3% to $52. Dash managed to post a gain of about one-half of a percent, bringing its market cap close to $2.5 billion.
Altcoin Price Chart from CoinMarketCap
NEM and IOTA each declined about 3%, while Monero and ethereum classic rounded out the top 10 with 2% declines.
Featured image from Shutterstock.
Report: Japanese Crypto Exchanges Unite to Form Self-Regulatory Group
A group of Japanese cryptocurrency exchanges is reportedly uniting to form a new self-regulatory body in the wake of the recent Coincheck hack.
According to Reuters, which cites unnamed sources clo
Bitcoin’s bouncing back, here are the next big catalysts for the cryptocurrency
Bitcoin is back. The cryptocurrency surged Tuesday, closing in on the $12,000 level. One bitcoin bull says progress on the regulatory front could send it even higher. According to CNBC "Fast
EU Regulators to Discuss Crypto Regulation Next Week
A group of European Union regulators will meet next week to discuss the regulation of cryptocurrencies.
Speaking to reporters on Tuesday, European Commission vice president Valdis Dombrovskis said
Lisk Relaunches Blockchain Project With 'Accessibility' in Mind
The team behind the Lisk blockchain network is hosting a relaunch event in Berlin today, boasting a new look and long-term plan for the project.
"Rebranding normally only involves a change of desig
Finland Mandates Cold Storage, Public Auctions for Seized Bitcoins
Finland's government released new guidelines today that set out how law enforcement officials must handle cryptocurrencies they confiscate.
The official agencies in charge of storing the cryptocurr
500 Startups, Huobi Labs Team Up to Incubate Blockchain Projects
500 Startups, the Silicon Valley startup accelerator, announced today that it is partnering with cryptocurrency exchange Huobi's incubator wing, Huobi Lab.
The two companies will support startups i
Bitcoin Price Ticks Higher Amid Strong Korean Demand
Bitcoin's recovery continues apace, with prices passing $11,600 in the morning's trading.
According to CoinDesk's Bitcoin Price Index, at around 07:00 UTC today, the cryptocurrency reached $11,
Final 4,200,000 Bitcoins To Be Mined, The Big Game Of Mining Chip Algorithm
Miners used to mine bitcoins via CPU of PC at the birth of bitcoin. Simply downloading a software, “puzzles” then could be solved automatically and bitcoins’ awarded. However, the price of bitco