Category Archives: Cryptocurrency

The issue of race when it comes to cryptocurrency is a sensitive one, and not without reason. The African-American community is largely born at an economic disadvantage, with a legacy financial system fueled by unethical practices like redlining, among many others. However, cryptocurrencies may give them the opportunity to eventually level the playing field.

Jack Dorsey, CEO of Twitter, is no stranger to controversy himself. His platform currently hosts 330 million people around the world, and his individual followers currently number just over 4.3 million. On Sunday, he used that influence to promote a new book discussing Bitcoins potential benefits to the African-American community.

Bitcoin & Black America, written by Isaiah Jackson, offers an analysis of the role cryptocurrency can play with African-Americans, a group historically underserved by major financial institutions. Yet, the author notes, black people in the U.S. have largely not utilized cryptocurrency to try and achieve financial autonomy.

One of the problems, according to Jackson, is the perception of cryptocurrency among the African-American community. They are not the only ones to see Bitcoin as a scam, with new schemes continuing to exploit lack of regulatory oversight popping up in the news. Misinformation coupled with a lack of banking access has made investing in cryptocurrency a challenge among black people in the United States. Jackson says this must change going forward.

Originally published in July 2019, Bitcoin & Black America received a boost from the recent resurgence of the crypto market. Dorseys endorsement this week may do likewise.

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Bitcoins Potential to Benefit the African-American Community - Cointelegraph

Cryptocurrencies and Bitcoin are barely a decade old. But they have already had a significant impact on the world of finance. When Facebook announced that it will float its own digital currency Libra, it was another sound reminder that the world is about witnessing a major shift in paradigm in the finance sector.

Now a prominent figure in the finance sector has come out again to warn those in the mainstream to keep up with the rapid changes taking place in the finance sector as a result of cryptocurrencies and Bitcoin.

U.S. Federal Reserve governor and chair of the Financial Stability Board, Randal Quarles, has warned central bankers and finance ministers to take note of the quick changes happening within the finance industry, brought by cryptocurrencies and bitcoin.

In his statement,

Technology is changing the nature of traditional finance, bringing innovations that create both potential benefits and risks.

He made this statement in a letter for the G20 summit this week. According to him, the rapid changes in the finance sector may bring about new challenges for many central banks and governments around the world.

Earlier this week, the U.S. government stated that cryptocurrency and Bitcoin can pose a challenge to the USD in retaining its status as the worlds reserve coin. Currently, its looking for researchers who would look into the extent of risks digital coins pose to the continued dominance of the USD.

And there has been growing support for the US to start developing its own government-backed digital currency.

Already, many central banks and governments believe that the introduction of Libra could have an impact on governments stronghold on their economies if the digital currency becomes widely used around the world. Some are having fears that it could lead them to lose their financial and regulatory control of economies. `

Some E.U. countries, including Spain, Italy, Germany, and France, have reiterated their desire to block the use of Libra in their respective countries because of the risk it poses to the financial sector. However, instead of using Libra, the countries are supporting the proposal of an alternate public cryptocurrency run by the central bank.

On a similar note, some top companies like eBay, PayPal, Mastercard, and Visa, who initially supported the introduction of Libra, are now backing out. They view the Libra currency as a major competition, which can put their line of business at risk, should the digital coin become a reality.

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Finance Sector Concerned Over the Increasing Dominance of Cryptocurrency - Inside Bitcoins

The Swedish Central Bank will establish a test group for its potential digital currency the e-krona. It will run for a year and should confirm if theres an actual need case for launching a digital krona.

Recently reported by local news, the Riksbank is ready to launch a group to examine the potential e-krona. The participants will play out different scenarios to determine if the digital currencys performance is sufficient and reliable. A statement from the bank outlines the various requirements that the e-krona needs to address before launching:

The aim of the project is to show how an e-krona could be used by the general public. A digital krona should be simple, user-friendly as well as fulfill critical requirements for security and performance.

The project will run on the blockchain technology in an isolated test environment. The participants will store the e-krona in a digital wallet. They will use a mobile app to make payments, deposits, and withdrawals. Additionally, users will also make payments via cards and smartwatches.

The bank will run the test group for a year until February 2021.

The Swedish central bank will also collaborate with other countries to discuss potential cases for issuing their cryptocurrency. To do so, the Riksbank will enter a dedicated group with the banks of Britain, the Eurozone, Japan, and Switzerland.

The report also outlines the real purpose of the potential digital krona. It informs that the Swedish population has stopped using cash as the primary source of payment transactions. More specifically, the percentage of people paying with cash has dropped from 40 to 13 between 2010 and 2018.

Despite that, though, the Riksbank doesnt plan to replace cash entirely if it launches the digital krona. Instead, the central bank said that it would be used as a complement. It will continue to issue banknotes and coins, as long as theres a demand in the country.

Deutsche bank recently also touched upon the topic of cash necessity in todays society. It concluded that some banks, debit, and credit card providers, and governments are attempting to eliminate cash from daily usage. However, their document ultimately refuted the option of the end of cash.

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Swedens Central Bank To Begin Testing National Cryptocurrency - CryptoPotato

Ripple has launched a new portal designed to give cryptocurrency investors a way to report malicious activity connected to the XRP Ledger.

People can now fill out a request form asking Ripple to explore a long list of unusual activity, including theft, phishing attempts, giveaway scams, suspicious exchanges, money laundering, unauthorized transactions and other financial crimes.

Although it will investigate matters connected to the XRP Ledger, Ripple says it will not make victims whole and cannot reverse transactions.

Ledger and the users of the XRP Ledger are not customers of Ripple therefore Ripple does not have the power to reverse transactions, even in the case of a reported financial loss (ex: theft).

By submitting a request to Ripple, the company says consumers are effectively giving the company permission to report the matter to US lawmakers on the federal, state, or local level.

Ripple may also report the issue to international law enforcement or regulatory agencies.

Featured Image: Shutterstock/Dmitriy Rybin

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Ripple Battles XRP Scams, Launches Initiative to Combat Cryptocurrency Theft, Fake Giveaways and Financial Crimes - The Daily Hodl

Whether you text, type, scrawl chicken scratch onto a doctors pad, or inscribe calligraphy in your bullet journal, everyone who shares a language uses the same alphabet. But where does it come from? And who invented it? Even as our own alphabet changes and we devolve into the pictorial non-syllabic communication of emojis, tracing the history of writing is its own form of investigative journey.

And now archaeologists have found another piece of the puzzle: excavations in Israel have unearthed a 3,200-year-old Canaanite temple that once served the city of Lachish, the last Canaanite city. The discovery promises to shed light on the political and religious relationship between the Canaanites and Egyptians, ancient Canaanite religion and deities, and even the Israelite conquest. But among the most important discoveries at the site was the earliest example of the proto-Canaanite letter samekh a letter that would survive in Hebrew and Aramaic, find its way into ancient Greek, and enjoy an afterlife in 21st century technology.

The discovery was made by a team jointly led by Prof. Yosef Garfinkel of the Hebrew University of Jerusalem and Prof. Michael Hasel at Southern Adventist University in Tennessee. Though the temple was unearthed two years ago, it has taken several years for the finds and evidence to be analyzed and news of the discovery only emerged this week.

In the Bible, Lachish is mentioned several times; in particular with the conquest of the land of Canaanites by the Israelites (Joshua 10:3, 5, 23, 31-35). According to the book of Joshua, Japhia, the King of Lachish, was one of five kings who tried to push back the Israelite invasion. After being caught unawares by a surprise attack, Japhia and his allies took refuge in a cave, were captured, and then executed. Joshua then launched a siege of Lachish that lasted for two days before the city fell and Joshua had the inhabitants of the city exterminated. The city and land surrounding it was then assigned to the tribe of Judah. If all of this sounds like a war crime to you, then youre correct: the Israelite conquest narratives are stories about divinely mandated and supported genocide. The city is mentioned again on a variety of occasions; the prophet Jeremiah names it as one of the last cities to fall to the Babylonian king Nebuchadnezzar II, for example.

The city itself is located in central Israel about 25 miles southwest of Jerusalem in the Shephelah (lowlands) region of Israel between Mount Hebron and the Mediterranean coast. In both the Canaanite and Judahite periods Lachish was second in importance only to Jerusalem. For an ancient city, Lachish is remarkably well-documented in our historical records. It appears in ancient Assyrian, Egyptian, and Biblical texts and is even referred to on stone panels found in Nineveh (modern day northern Iraq). The earliest literary reference to Lachish is in Egyptian sources: the so-called Amarna letters, a set of clay tablets that document correspondence between Egypt government and their representatives in Canaan. These everyday administrative letters reveal that Lachish was an important and powerful city in the foothills of Judea.

Even before the arrival of the Israelites, the city had had a violent history: It first rose to prominence in 1800 BCE and, for some 400 years thereafter, it flourished and prospered. It was then destroyed by Pharaoh Thutmose III in 1550 BCE as part of the 18th Dynastys expansion into Canaan. The city was rebuilt and destroyed on multiple other occasions throughout its history but the newly discovered temple dates from the citys resurgence between roughly 1200-1150 BCE. Garfinkel calls this incarnation, the last Canaanite city.

The structure of the temple is unusual for the Late Bronze age: The entrance, which featured two towers and pillars, led to a large rectangular hall. Garfinkel told Haaretz that this kind of structure was more common in earlier temples found in Syria. But the style appears to have influenced the first Temple in Jerusalem built by King Solomon which, according to the Bible, also featured pillars, towers and a central hall.

As we would expect for an urban center with close ties to Egypt, many of the artifacts found at the site revealed Egyptian influence in the region. In addition to bronze cauldrons, axes, and daggers adorned with bird heads and scarabs, the team found a gold-plated bottle inscribed with the name of Rameses II. They also discovered an amulet that references the goddess Hathor, an Egyptian bovine deity who might also have been local to Canaan. In Egyptian mythology Hathor was associated with music, fertility, love and sex and was often charged with greeting the dead in the afterlife. The discovery of Egyptian religious traditions at the temple at Lachish is evidence of the contact between and mutual influence of Canaanite and Egyptian culture on each other.

Also discovered within the Temple, however, were religious elements that would not have been found in either ancient Egypt or ancient Israel. In particular, the discovery of two small statues of the god Baalone of the God of Israels principle competitors in the Biblereveal that this was unambiguously a center of Canaanite religious life.

Arguably the most stunning revelation from the temple was the discovery of an early Canaanite inscription on a shard of pottery. Among the letters etched into the clay was the proto-Canaanite letter samekh. This letter resembles a mirrored capital letter E (a vertical line crossed by three perpendicular shorter lines). The example from Lachish is the earliest example of samekh that we have and thus adds to our understanding of the development of alphabet writing systems. Many scholars believe that ancient writing began in ancient Sumer (Mesopotamia) with the development of pictographic writing forms such as that found on the limestone Kish tablet. The Kish tablet is often seen as a bridge or transitional example between proto-writing systems (symbolic systems of communication that arose independently in various regions of the ancient world) and syllabic writing systems; in the case of the Kish tablet cuneiform, a system of wedge-shaped marks.

Whether one is willing to name the Sumerians as first (and some arent) its clear that ancient writing systems developed in the Early Bronze Age in a variety of places including Sumer (cuneiform), Egypt (hieroglyphics), Crete (hieroglyphs), China (logographs), the Indus Valley (Indus/Harrapan Script), and Mexico (Cascajal block). The aleph-bet-gimmel semitic writing system known as proto-Canaanite that would eventually develop into Hebrew and Aramaic emerged in 1800 BCE and can be seen in early examples from Egypt and Sinai. In the Lachish temple example we see for the first time how the proto-Canaanites wrote the letter samekh. Garfinkel told Haaretz [Other examples of proto-Canaanite writing] had the other letters, het and resh and shin and so on, but not samekh. Scholars were able to identify the letter because sometime between 1000 and 950 BCE the Phoenicians adopted the proto-Canaanite alphabet, refined it, and formalized it into a more structured and organized system and in the Phoenician system this is exactly how samekh looks. Now we know for sure where they got it from.

The discovery at Lachish helps us chart the shifts and changes from proto-Canaanite to Pheonecian and then to Hebrew and beyond. Dr. Robert Cargill, an archaeologist and professor of ancient Judaism and Christianity at the University of Iowa told me the samekh has an odd history because even though it is a somewhat redundant sibilant (a hissing sound, to you and me), it persists in Hebrew and Aramaic, and even in the Greek alphabet via the Phoenician alphabet. In other words, even though it was somewhat redundant, the influence of this letter is felt in a number of important writing systems. In Greek it gave rise to the letter Xi, which continues to be used (outside of just the Greek and old Cyrillic alphabets) in mathematics and science where it has over a dozen applications. Perhaps most strangely it is a monetary unit of Ethereum, a cryptocurrency that some have claimed is used by criminals to run Ponzi schemes and investment fraud. From ancient temple pottery to sophisticated Ponzi schemes, this letter has come a long way.

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Inside the Lachish Temple, the Earliest Example of the Letter Samekh - The Daily Beast

What Is a Cryptocurrency?

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technologya distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Cryptocurrencies are systems that allow for the secure payments online which are denominated in terms of virtual "tokens," which are represented by ledger entries internal to the system. "Crypto" refers to the various encryption algorithms and cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions.

The first blockchain-based cryptocurrency was Bitcoin, which still remains the most popular and most valuable. Today, there are thousands of alternate cryptocurrencies with various functions and specifications. Some of these are clones or forks of Bitcoin, while others are new currencies that were built from scratch.

Bitcoin was launched in 2009 by an individual or group known by the pseudonym "Satoshi Nakamoto." As of Nov. 2019, there were over 18 million bitcoins in circulation with a total market value of around $146 billion.

Some of the competing cryptocurrencies spawned by Bitcoins success, known as "altcoins," include Litecoin, Peercoin, and Namecoin, as well as Ethereum, Cardano, and EOS. Today, the aggregate value of all the cryptocurrencies in existence is around $214 billionBitcoin currently represents more than 68% of the total value.

Some of the cryptography used in cryptocurrency today was originally developed for military applications. At one point, the government wanted to put controls on cryptography similar to the legal restrictions on weapons, but the right for civilians to use cryptography was secured on grounds of freedom of speech.

Central to the appeal and functionality of Bitcoin and other cryptocurrencies is blockchain technology, which is used to keep an online ledger of all the transactions that have ever been conducted, thus providing a data structure for this ledger that is quite secure and is shared and agreed upon by the entire network of individual node, or computer maintaining a copy of the ledger. Every new block generated must be verified by each node before being confirmed, making it almost impossible to forge transaction histories.

Many experts see blockchain technology as having serious potential for uses like online voting and crowdfunding, and major financial institutions such as JPMorgan Chase (JPM) see the potential to lower transaction costs by streamlining payment processing. However, because cryptocurrencies are virtual and are not stored on a central database, a digital cryptocurrency balance can be wiped out by the loss or destruction of a hard drive if a backup copy of the private key does not exist. At the same time, there is no central authority, government, or corporation that has access to your funds or your personal information.

Cryptocurrencies hold the promise of making it easier to transfer funds directly between two parties, without the need for a trusted third party like a bank or credit card company. These transfers are instead secured by the use of public keys and private keys and different forms of incentive systems, like Proof of Work or Proof of Stake.

In modern cryptocurrency systems, a user's "wallet," or account address, has a public key, while the private key is known only to the owner and is used to sign transactions. Fund transfers are completed with minimal processing fees, allowing users to avoid the steep fees charged by banks and financial institutions for wire transfers.

The semi-anonymous nature of cryptocurrency transactions makes them well-suited for a host of illegal activities, such as money laundering and tax evasion. However, cryptocurrency advocates often highly value their anonymity, citing benefits of privacy like protection for whistleblowers or activists living under repressive governments. Some cryptocurrencies are more private than others.

Bitcoin, for instance, is a relatively poor choice for conducting illegal business online, since the forensic analysis of the Bitcoin blockchain has helped authorities to arrest and prosecute criminals. More privacy-oriented coins do exist, however, such as Dash, Monero, or ZCash, which are far more difficult to trace.

Since market prices for cryptocurrencies are based on supply and demand, the rate at which a cryptocurrency can be exchanged for another currency can fluctuate widely, since the design of many cryptocurrencies ensures a high degree of scarcity.

Bitcoin has experienced some rapid surges and collapses in value, climbing as high as $19,000 per Bitcoin in Dec. of 2017 before dropping to around $7,000 in the following months. Cryptocurrencies are thus considered by some economists to be a short-lived fad or speculative bubble.

There is concern that cryptocurrencies like Bitcoin are not rooted in any material goods. Some research, however, has identified that the cost of producing a Bitcoin, which requires an increasingly large amount of energy, is directly related to its market price.

Cryptocurrency blockchains are highly secure, but other aspects of a cryptocurrency ecosystem, including exchanges and wallets, are not immune to the threat of hacking. In Bitcoin's 10-year history, several online exchanges have been the subject of hacking and theft, sometimes with millions of dollars worth of "coins" stolen.

Nonetheless, many observers see potential advantages in cryptocurrencies, like the possibility of preserving value against inflation and facilitating exchange while being more easy to transport and divide than precious metals and existing outside the influence of central banks and governments.

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Cryptocurrency Definition

#NameMarket CapPriceVolume (24h)Circulating SupplyChange (24h)Price Graph (7d)#NameMarket CapPriceVolume (24h)Circulating SupplyChange (24h)Price Graph (7d)

1

$175,132,022,926

18,227,775 BTC

-5.19%

2

$28,324,598,073

109,779,741 ETH

-7.88%

3

$11,990,763,460

43,734,776,327 XRP *

-7.12%

4

$6,830,268,718

18,288,875 BCH

-9.70%

5

$5,191,035,782

18,286,302 BSV

-7.59%

6

$4,660,006,235

4,642,367,414 USDT *

0.48%

7

$4,474,985,148

64,124,509 LTC

-9.71%

8

$3,809,753,314

953,770,826 EOS *

-12.40%

9

$3,388,458,254

155,536,713 BNB *

-9.02%

10

$2,538,048,289

701,368,049 XTZ *

-3.89%

11

$1,510,652,894

350,000,000 LINK *

-8.89%

12

$1,490,706,176

25,927,070,538 ADA

-8.00%

13

$1,427,038,925

20,187,010,846 XLM *

-6.57%

14

$1,364,707,052

17,451,660 XMR

-8.67%

15

$1,319,106,142

66,682,072,191 TRX

-10.97%

16

$1,086,088,135

233,370,545 HT *

-7.59%

17

$1,021,144,114

116,313,299 ETC

-8.43%

18

$986,729,179

999,498,893 LEO *

1.03%

19

$977,239,530

70,538,831 NEO *

-9.60%

20

$972,904,885

9,336,154 DASH

-8.75%

21

$831,573,875

190,688,439 ATOM *

-3.93%

22

$801,552,427

13,792,694,064 CRO *

-6.47%

23

$773,272,887

288,208,798 HEDG *

-3.47%

24

$733,720,141

2,779,530,283 MIOTA *

-9.18%

25

$636,655,182

987,418 MKR *

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Cryptocurrency Market Capitalizations | CoinMarketCap

In the early days of blockchain, cryptocurrency trading was seen by many as merely exchanging a few dollars for Bitcoins (BTC). The birth of other tokens and the high volatility in cryptocurrencies have led many traders to speculate by buying a few coins through exchanges in hoping the value will increase for the sake of profit.

The decision to switch to floating exchange rates was made in the second half of the last century, when it became clear to financial institutions that they could not provide the right amount of United States currency secured by a gold reserve. Thus, financial regulators abandoned the gold standard by adopting a system of floating exchange rates. This stage is perceived by many as the beginning of the emergence of the forex market.

Related: How to Trade Big Crypto Volumes, Explained

Cryptocurrency trading is the exact opposite of forex and its options for owning an asset. On crypto exchanges, traders buy the desired token and place an order to sell it, exchanging for another coin or fiat. That is, cryptocurrency trading is a real exchange of one cryptocurrency for another.

At the same time, forex exchange rates reflect the state of the economy of countries. Being very stable assets especially compared to cryptocurrencies the value of fiat currencies mainly change within three to five decimal places. Cryptocurrencies change much more noticeably, and can gain as much as 100% against the U.S. dollars within 24 hours.

Cryptocurrency trading, due to its high margin, can generate good income even without leverage, which very often leads to a loss of deposit. Investing in coins at their early stages has proven to be a highly effective trading tool for increasing capital.

Due to the high volatility in the crypto market, many traders begin to seek or return to the traditional trading market. The price stability of many trading pairs puts the market in a state of hibernation, which is why many traders lose money.

Related: Why Is the Cryptocurrency Market So Volatile: Expert Take

In search of a solution, some part of the community pays attention to other types of trading: futures, options, stocks, or the most popular forex. Forex turnover reaches nearly $6.6 trillion per day. At the same time, futures trading volumes are $440 billion and the U.S. stock market shows a value of $257 billion, while the cryptocurrency market volatility is only $4.8 billion a day.

Despite the advantages of trading on cryptocurrency exchanges, the long history of the forex market stands as one of its strong points. For a long time, traders have received several popular platforms, such as MetaTrader 4 and 5, thousands of indicators, and tools for forecasts and technical analysis. Recently, brokers have begun to add an imitation of a cryptocurrency trader to their platforms. But the essence of the market remains the same.

The impact of the forex market can be removed if cryptocurrency companies can improve on their security levels. One of the main reasons why traders have a hard time trusting cryptocurrency exchanges is because user funds can often go missing. A recent example is Binance being hacked in 2019, wherein an estimated $40 million was withdrawn from the exchanges hot wallets.

Related: Most Significant Hacks of 2019 New Record of Twelve in One Year

One of the solutions for reducing the impact of the forex market in crypto is a project based on the Stellar blockchain. Bridge token enables its users to convert from forex to crypto with outstanding trading conditions and transparency.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Oluwatobi Joel is a U.S.-based freelance copywriter, community manager, blockchain expert and serial entrepreneur. He has worked with various blockchain startups as a marketing strategist.

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How Cryptocurrency Trading Has Evolved in Recent Years - Cointelegraph

The cryptocurrency known as Tezos is among the years best performing altcoin assets, rising more than 200% year-to-date.

And while the surging crypto asset is showing no signs of stopping, it could go on to double from here, according to a prominent crypto analyst and short-term parabola.

Tezos is a clear cryptocurrency industry standout.

The altcoin recently exploded into the top ten crypto assets by market cap, after an early 2020 rally smashed all expectations and then some.

Related Reading | Top Trader: Tezos Cryptocurrency Can Surge 5-10x After 100% Rally in 2 Weeks

Since the start of the year, Tezos is up an insane 200%.

From the assets late 2019 downtrend bottom, Tezos has quadrupled in value, with a sky-high, over 420% return.

And from the assets bear market bottom, it has grown in value by a staggering 1,125% in a little over a years time.

Analysts have been warning late-to-the-game investors from FOMOing into an asset that has already risen so much, but Tezos has continued to rally, leaving cautious traders filled with regret.

That regret will only grow if Tezos does as one analyst believes and extends its parabola to as much as $6.30 per XTZ token.

The current high is set at $3.70, so reaching such a target would mean that Tezos price doubles from current levels.

Such a rally would cause yet another 100% push from here, taking year-to-date gains to over 400%.

It would also take any investments made from the very bottom to as high as just under 2,000% returns in less than 16-months.

Tezos has completed these amazing feats, all before the bull market has truly begun for cryptocurrencies.

And because Tezos is a relative newcomer alongside other altcoins like Link, who missed out on the last crypto bubble, these shiny new altcoins have less tarnish and negativity to break free from.

The assets also dont have support levels turned resistance to contend with, and instead are in price discovery mode.

Related Reading | Tezos & Ethereum: These Top Performing Altcoins Flash Dangerous Sell Signals

This means that any peaks are just psychological barriers while a true value is established by the way of the push and pull of market dynamics.

This is the exact reason why Tezos could easily double from here, and reach prices of $6.3 in the coming days because no one knows truly what Tezos should be worth, so the speculative asset is likely to explode further until a strong psychological resistance is reached.

When assets perform like Tezos, sky is the limit. But remember, just like Bitcoin at the last bull market peak: everything that goes up that fast, eventually falls back down quite hard.

And with how much Tezos has rallied, while it can certainly go a lot higher, when it does turn around, much of the gains could be erased.

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Tezos to the Moon: How The Unstoppable Cryptocurrency Rally Could Double - newsBTC

In the last three days, the cryptocurrency market has experienced a minor reversal of sorts, with more than $31 billion wiped from the total market capitalization of all cryptocurrencies in the last three days.

Much of this loss can be attributed to the recent bearish momentum seen by Bitcoin (BTC), which fell from over $10,300 on February 15 down to briefly touch below $9,500 today as more than $14 billion was wiped off its market cap. Bitcoin has since recovered slightly and currently sits at just south of $9,600.

Other major cryptocurrencies are also experiencing similar, if not greater losses. As it stands, every cryptocurrency in the top ten by market capitalization is in the red today, with Bitcoin Cash (BCH) and XRP currently performing the worst after losing between 7-8% apiece. Likewise, Ethereum (ETH) and EOS are down around 4% each.

Although it is currently unclear why the market has taken a bearish turn, recent performance issues seen by Binance may have contributed to a change in investor sentiment. Nonetheless, despite its recent losses, the global cryptocurrency market is still up by almost 14% in the last month, and almost 17% in the last three months. As such, there is still some leeway before this adverse market movement can be considered a long-term change in market dynamics.

Story continues

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Bitcoin touches $9,500 as $31 billion wiped off cryptocurrency markets - Yahoo Finance