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.
Massive Gains Force Bitcoin Futures Trading to be Halted Twice in Quick Succession
With the CBOE Bitcoin futures going live, no one is surprised the demand is pretty massive. During the first few hours, things have progressed rather nicely. Â At the same time, the massive gains
Bitcoin Will be Legal, Mining to See Regulation: Russia’s Deputy Finance Minister
Russia’s deputy finance minister Alexei Moiseev has reportedly stressed that buying bitcoin and other cryptocurrencies will be legal in the country.
The Russian government will not outlaw nor punis
France Gives Go-Ahead for Blockchain Trading of Unlisted Securities
The French government has given the official nod for trading unlisted securities using blockchain technology, Reuters reports.
According to the article, the government has adopted new rules that wi
Chicago Exchange crashed by Bitcoin
The long awaited launch of Chicago Board Options Exchange Bitcoin futures contracts went off with a bang yesterday as the website was knocked offline by a surge in traffic. The first contracts were
Bitcoin Gold Price Technical Analysis – BTG/USD Buy on Dips
Bitcoin gold price moved above the $230 resistance against the US Dollar. BTG/USD is now a good buy on dips toward the $230-210 levels. This past week, we saw a downside reaction in bitcoin gold
4New’s Blockchain Based Ecosystem to Revolutionize “Waste to Energy” Utility Sector
4New, worldâs first tangible and eco-friendly waste to energy blockchain solution is pushing the energy manufacturers to adopt blockchain technology and revolutionize the Utility Sector, while
Trader who called bitcoin rally says cryptocurrency will surge above $100,000 in 2018
Bitcoin's runaway rally could accelerate next year as the cryptocurrency continues to gain wider acceptance, a trader said Monday. "I wouldn't be surprised to see a six figure headline," said Dave
Bitcoin Breaks CBOE as Futures Up 20% Hours After Launch, Trading at $18,210
Within three hours after its listing of bitcoin futures, the website and online trading platform of the Chicago Board Options Exchange (CBOE) were inaccessible, due to an unexpected spike in demand an