Cryptocurrency Market Update: The Friday Dump is Getting Tedious

FOMO Moments
Cryptocurrency markets in predictable pain as the week ends; Bitcoin Cash, SV, getting killed, Stellar not far behind.
As if scripted by some kind of delirious director, crypto markets are dumping again this Friday. The same thing happened last Friday and the one before that and the end of week selloff is getting a little tedious.
Bitcoin fell to its yearly low again a few hours ago when it dumped 5% from over $3,400 to below $3,290. This marks a revisit to the 2018 low BTC made on December 8, almost a week ago. As before BTC managed to bounce off this weak support zone but it won’t be three times lucky if all the analysts are to be believed.
Ethereum is forever losing ground as it drops even further, another 3.5% on the day taking it back to around $85 – the lowest ETH price for 18 months.
Altcoins are bleeding again as we end another painful week in crypto land. Without even looking at the top ten you can probably make a good guess which one is falling the most. Bitcoin Cash yet again is getting hammered with a 9% plunge back to $85. Its rival Bitcoin SV is taking a similar beating and Stellar is not far behind with a 6% slide.
Most altcoins in the top twenty are losing 4-6 percent since yesterday at the time of writing. Only Ethereum Classic and Maker are treading water with no losses on the day so far.
As usual there are a couple of fomo pumps occurring and the lucky teams today include Dentacoin and Waves, the only two cryptos making double digits. Again, from the same script as the Friday dump, are the altcoins in pain today, namely yesterday’s fomo spikes – Bitcoin Private, DEX, WAX and Factom dumping double figures.

Total market capitalization is almost back to its lowest level for 2018. Dropping 3.7% on the day markets are just below $105 billion at the moment – not far to go to set a new record low. After reaching a weekly peak of $117 billion markets have dumped back to last weekend’s low levels and the likelihood of them dropping further is high.
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.
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Bitcoin Back at 2018 Low, Price Halved in a Month

A few hours ago Bitcoin revisited its lowest level in 2018. After a week of down trending and failure to break key resistance levels this latest plunge comes as no surprise.
Bitcoin Revisits 2018 Low
With a 5% slide Bitcoin dumped from $3,450 down to $3,284 during intraday trading. This repeats the yearly low it made almost a week ago on December 8. According to Coinmarketcap BTC fell sharply around 19.00 UTC after spending most of the week above $3,400.
Bitcoin reached $3,680 briefly on Monday but has been in a downward slide ever since, hitting the bottom a couple of hours ago before rebounding a little. At the time of writing BTC was trading at just over $3,300. It is the second time it has hit this level and is likely to stay there for a while before falling further.

Bitcoin has almost halved since the same time last month when it was trading closer to $6,400. Since all-time high, a year ago next week, Bitcoin has hemorrhaged 83.6% to its current low. Previous crashes have been worse however so the daddy of digital currencies is not out of the woods yet.
Analysts have predicted a fall to $3,000 which is looking more likely every day as markets weaken further. Friday’s have been particularly painful in crypto land for the past few weeks. Last Friday saw a $15 billion dump to a new low for the year and previous ones have not been much better.
Total cryptocurrency market capitalization has not quite hit a new low at the moment but is very close to it. With a level of just below $105 billion at the time of writing it does not have that far to go and the weekend could see things plunge below the psychological barrier of $100 billion.
The near future sees no catalyzing factors to reverse this trend and crypto aficionados are pinning hopes on institutional heavyweights such as Bakkt and Fidelity getting their products off the launch pad.
The general public, fed by mainstream media FUD, has largely written off Bitcoin and cryptocurrencies as a flash in the pan. Only the hardcore hodlers, and whales that loaded up years ago, are still in the game it seems.
Those that have done their research and actually understand what they are investing in will weather the storm. A further drop for Bitcoin is unlikely to faze the people that are here for the long run.
 
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Crypto Friendly Revolut Granted European Banking License

Revolut, the London-based fintech unicorn that offers users a digital alternative to traditional banking services, has been granted a European banking license by regulatory authorities, allowing them to offer Europe-based users a plethora of digital banking services.
Revolut features an in-app exchange that allows users to gain exposure to five cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. The platform, which in many ways is a competitor to the US-based Robinhood, allows users to buy and sell crypto commission free, with the only cost being a 1.5% exchange rate markup to account for volatility.
Revolut Gains Access to Significantly More Users, Could be Bullish for Crypto 
On Thursday, the company announced that they had received a banking license from the European Central Bank (ECB), which will allow them to begin expanding their services across the continent, entering key markets like Germany, the U.K., France, and Poland, over the next year.
Revolut will offer users nearly all the services that traditional banks offer, including business and consumer lending, direct salary deposits, overdrafts, and up to €100,000 protection covered by the European Deposit Insurance Scheme.
Revolut, which offers users quick and simple access to cryptocurrencies, is opening between 8,000 and 10,000 accounts per day, and has plans to expand into the US, Canada, Japan, Singapore, Australia, and New Zealand, throughout 2019.
Nik Storonsky, the founder and CEO of Revolut, spoke to CNBC earlier this week, and said that the company already has a significant amount of users in the US waiting for accounts.
“At the moment we have about 100,000 waiting in the U.S. without any marketing,” he said.
As Revolut expands its services across the world and gains more users, it could potentially siphon a significant amount of money into the crypto markets due to the easy and cheap access it offers users.
In addition to offering easy access to crypto, Revolut also launched a debit card that allows customers to receive cash back denominated in one of the five cryptocurrencies offered on its platform. As more users begin shifting their traditional banking accounts to digital providers, like Revolut, it is plausible that they will begin dabbling in other digital-based and nascent markets, like cryptocurrencies.
Revolut Propelled by Massive Funding
The fintech unicorn’s rapid expansion stems from a combination of a shifting trend away from traditional banking services, and a massive flow of funding that is allowing them to efficiently propel their operations.
Earlier this year, Revolut raised $250 million in a funding round that brought its valuation to $1.7 billion, and recent reports claim that the company is in talks with SoftBank to raise additional funding worth as much as $500 million. Storonsky told CNBC that his company “doesn’t need the money,” but said that the SoftBank partnership “may happen in the future.”
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Bitcoin Extortionists Turn From Blackmail to Bomb Threats

Dozens of U.S. businesses, public buildings, and more have been evacuated in response to a string of bomb threats currently sweeping the nation.
The person or persons making the threats, are demanding a sum of Bitcoin be sent to a wallet address, or are threatening to detonate a bomb, potentially harming many in the process.
Bitcoin Bomb Threats Sweep the Nation, Police Say It’s A Hoax
Much of the United States spent the greater part of Thursday, December 13th, on edge and in fear of an attack from a Bitcoin scammer, threatening to denote bombs at a number of locations across the country. The threats were sent via email using the subject line “we can make a deal”, requesting a sum of $20,000 USD worth of Bitcoin.
“I write to inform you that my man has carried the bomb (Tetryl) into the building where you business is located,” the threat letter reads, continuing “there will be many victims in case of its explosion.”
The letter goes on to threaten that if payment isn’t received by the end of the “working day” the bomb “will explode.” The would-be bomber claims he and the other members of his group aren’t terrorists, but the situation is being treated as such by authorities nationwide.
Related Reading | Teenager Threatens to Blow Up Miami Airport Over Bitcoin Scam
At the moment, the threats to appear to be a hoax, and nothing more than an attempt to extort Bitcoin from the masses. The New York Police department put out a bulletin on Twitter, warning the public of the threat, but also revealing that “no devices have been found,” during numerous searches.
“At this time, it appears that these threats are meant to cause disruption and/or obtain money,” NYPD said in a statement, calling the threats “not credible.”
The Federal Bureau of Investigation told Reuters that they are working with local law enforcement and “encourage the public to remain vigilant and report suspicious activities that could represent a threat.”
The bomb threat reports are widespread, stretching from San Francisco to Boston.
Bitcoin Scammers: From Blackmail to Bomb Threats
Bitcoin and cryptocurrency scammers will try any avenue to try and steal funds. Scammers have made Twitter a hunting ground, preying on social media users regularly by impersonating celebrities and hacking accounts. They’ve also recently infiltrated Facebook as well.
Related Reading | Bitcoin Blackmail Scam Terrorizing Paradise Valley Residents
Scammers are also blackmailing U.S. residents, threatening to reveal details about affairs to spouses unless a sum of Bitcoin is sent to an anonymous address – much like the current bomb threat causing great concern across the United States. The occurrence of the blackmail threat has been frequent enough for the Federal Trade Commission to issue a warning to the public.
Back in November, the scam targeted Paradise Valley, Arizona residents, prompting the local law enforcement to warn users via social media.
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Bitcoin Falls Below $3,500, Analyst Claims Likelihood of a Bounce is Diminishing

Bitcoin has been unable to stabilize above $3,500 which has led to a widespread sell-off that has sent most cryptocurrencies down 2% or more. Despite today’s drop, many altcoins have been able to maintain their recently established levels of support.
At the time of writing, Bitcoin is trading down 1.8% at its current price of $3,440, down marginally from its 24-hour highs of $3,550. Earlier this week, Bitcoin climbed to highs of nearly $3,700 before quickly being pushed downwards, signaling that this price level could be a level of resistance for Bitcoin.
Over the past several days Bitcoin appears to have found support at $3,400, bouncing slightly when this price was touched on both today and this past Tuesday.
Analyst: Bitcoin Less Likely to Bounce the Longer it Trades Sideways
As Bitcoin continues to range between $3,400 and $3,700, one analyst claims that the likelihood of a bounce is continually decreasing.
While speaking to MarketWatch regarding Bitcoin’s sideways trading in the mid-$3,000 region, Jani Ziedins of CrackedMarket said that the longer any asset trades at a low price, the less likely it is that the asset is oversold.
“Bitcoin continues to muddle along in the mid-$3k range. The longer we maintain these levels, the less likely it becomes that prices are oversold and poised for a pop. The public has largely written cryptocurrencies off as a fad and no new money is coming in. The lack of demand will continue to be a big liability.”
Although there are no catalysts for a price run in the near-future, the release of institutional-aimed products throughout 2019, like the ones being offered from both Bakkt and Fidelity, could lead to both an influx of funding as well as an influx of positive news from the mainstream media regarding the cryptocurrency markets.
Altcoins Trade Marginally Lower
Bitcoin’s inability to stabilize above $3,500 has led the altcoin markets to drop slightly, although they have generally held steady above their recently established support levels, which were formed earlier this week when Bitcoin fell to $3,400 from $3,700.
Ethereum is one of today’s best performing altcoins and is currently trading down 0.5% at its current price of $91. Earlier this week, Ethereum formed the $88 region as a level of support and appears to have stabilized above the $90 mark.
XRP is currently trading down 1.5% at its current price of $0.305 and is continuing to closely follow Bitcoin’s trading patterns. XRP has found support in the $0.30 region, and only briefly dipped below this price earlier this week.
One of today’s worst preforming altcoins is Bitcoin Cash (BCH), which is currently trading down nearly 6% at its current price of $98. Bitcoin Cash is currently hovering right around its all-time-low of $97 and is showing little to no signs of fundamental strength.
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Tom Lee Declines to Update Year-End Bitcoin Price Forecast

Outspoken Bitcoin bull Tom Lee is one of the cryptocurrency’s biggest cheerleaders, and has made a number of lofty price predictions that have unfortunately fallen short.
With the price of Bitcoin hitting new one-year lows after the break of critical support at $6,000, Lee is now saying that Bitcoin is currently extremely undervalued, by as much as $10,000. He’s also uncharacteristically declining to make any future predictions on the cryptocurrency’s price.
Tom Lee Tight-Lipped on Future Price Predictions
While speaking to Bloomberg, Fundstrat Global Advisors’ head of research, Thomas Lee, refused to offer an amended year-end forecast for Bitcoin, saying he was “tired of people asking us [Fundstrat] about target prices.” Lee has made some bold predictions in the past, making a call back in May claiming that the cryptocurrency would reach $25,000 by the end of the year.
Related Reading | The Future is Brighter Than Ever for Crypto, Says Roger Ver
Not only did Lee’s lofty prediction not come true, he missed his target by over 85% unless Bitcoin makes a sudden, sharp recovery. Given the current market sentiment, reaching Lee’s year-end target would seemingly be impossible, which may explain Lee’s reluctance to make another prediction. Lee later lowered that prediction to a more modest $15,000, but even that target is a far way off.
Without making another specific prediction, Lee did point to Bitcoin’s price being fairly valued at $150,000 per BTC if the amount of wallet addresses can reach 315 million, which would be 7% that of VISA’s 4.5 billion accounts.
Tom Lee: Bitcoin Fair Value is Between $13,800 and $14,800
According to Lee, Bitcoin’s fair value is between $13,800 and $14,800 – making the leading cryptocurrency by market cap undervalued by more than $10,000. Lee based his fair value figure on the number of active wallet addresses, the amount of transactions across each account, and the overall supply.
“Fair value is significantly higher than the current price of Bitcoin,” Lee explained.
Bitcoin recently breached a repeatedly-tested price floor at $6,000 sending the market into a state of panic, and the price plummeting over another 40% to a one-year low of $3,250. Bitcoin is currently trading at around $3,400, making the original cryptocurrency undervalued by $10,400 on the low end, and $11,400 on the high end, according to Lee’s valuation.
Related Reading | Tom Lee: Bitcoin is the Best House in a Tough Neighborhood
As for why Bitcoin is so undervalued, Lee claims that it’s a combination of factors. This includes the mounting fears surrounding a potential global economic collapse and the corresponding de-risking by investors, initial coin offering treasuries selling off assets to fund operations, and the normal market cycling following the break of a parabolic advance.
Lee neglected to mention another factor that the cryptocurrency community finger points as the reason for the current downward spiral: the ongoing war between two opposing Bitcoin Cash camps. Regardless of the exact reasoning, enough factors have piled up to send the market into a state of fear, and as a result, the entire cryptocurrency market has been bleeding out – with no end in sight.
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Major Crypto Exchange Kraken Values Itself at $4B: is it Too Much?

Amid a multi-month bear market in crypto land, this industry’s leading startups have still shot for the stars. Case in point, leaked documents indicate that a distinguished crypto exchange, Kraken, is seeking to be valued at a jaw-dropping sum, which may place the platform among the ranks of Earth’s foremost startups. While the firm’s appetite for grandeur is respectable, analysts fear that the startup could be well overshooting the mark.
Report: Crypto Exchange Seeking $4 Billion Valuation
According to an exclusive report from Finance Magnates, Kraken, a U.S.-centric crypto exchange and long-time industry participant, is discerning whether it should issue a private offering for bigwig investors, not Main Street. In leaked emails gathered by the aforementioned financial news outlet, if the San Francisco-headquartered platform, championed by Bitcoin (BTC) savant Jesse Powell, decides to go ahead with a private placement round, it will self-value 100% of its shares at $4 billion. Yet, it remains to be seen how much Kraken is seeking to garner via its first share offering.
Kraken reportedly stated that the minimum investment for its proposed round will be $100,000, disallowing a majority of retail investors, especially those non-accredited, from throwing money at the leading cryptocurrency exchange. The company message, specifically targeted at Kraken’s high volume and well-known clients, will reportedly have until December 16th to show interest in the potentially once in a lifetime offer.
Explaining its reasoning behind the push for a larger war chest, the exchange noted that it sees the currently depressed industry as ripe for disruption, due to the innumerable opportunities for bigwigs and household names to acquire promising crypto startups. Reassuring investors, the company added that it isn’t in a financial bind due to Bitcoin’s 82% decline off its all-time highs, citing its “significant reserves” likely garnered when Kraken was founded in mid-2011.
Overvalued?
The company’s intent to acquire startups en-masse may be a valiant effort, but some say Kraken isn’t ready, more so when you look at its proposed self-valuation. Andrew Rennhack, a crypto-friendly markets researcher and analyst, recently took to Twitter to break down the American startup’s private placement.

1/ Kraken valuing itself at $4B. According to bitcoinity, they did $1B in btc trading volume last month. Let's call it $1.5B in total crypto trading. Assuming fees of 0.3%, they had $4.5M in revenue x 12 = $54M revenue/year. https://t.co/5U3JEkGA3k
— Andrew Rennhack (@andr3w321) December 11, 2018

Through a multi-threaded tweet, Rennhack, who prompted responses from The Block’s Cermak and Bitfinex’ed, claimed that according to Bitcoinity, a Bitcoin-centric data aggregator, the platform posted $1 billion in BTC volumes in November. In a bid to prove a point, the commentator made a quick assumption that Kraken posts a conservative $1.5 billion in average monthly volumes, and charges 0.3% in fees.
Doing some napkin math, Rennhack determined that Kraken is likely generating $4.5 million in monthly revenues, a relatively shabby $54 million per year, especially considering Binance’s ability to rake in the latter figure each and every month. Making some further reasonable assumptions, Rennhack then explained that considering a 60% operating margin, similar to that of the CME, Kraken could be turning a net profit of $32 million a year.
Considering the exchange’s proposed $4 billion valuation and a speculated profit of $32 million, in Kraken’s upcoming investment round, it may be valuing itself at 125 P/E (profit to earnings), with such an overvaluation being only reserved for the most promising startups. Even Amazon (AMAZ), often considered one of the Nasdaq’s most overvalued companies, currently trades at a 93.26 P/E.
Yet, some say Kraken’s sky-high valuation isn’t totally nonsensical, as it remains one of the oldest, most tried exchanges throughout crypto’s relatively short ten-year lifespan.
Still, fellow Bay Area startup Coinbase, which arguably touts countless more prospects than its rival in Kraken, recently secured $300 million at an $8 billion valuation. And even while some doubted Coinbase’s investor-determined valuation, others claimed that $8 billion is well within logical bounds, as some lauded the platform for its penchant for innovation throughout nearly all of the crypto ecosystem’s subsectors. For instance, along with incessantly adding altcoins in recent months, Coinbase recently launched an over-the-counter platform behind closed doors to satisfy its growing institutional branch.
Related Reading: Bitcoin Friendly Square Tops iOS Store: Can Coinbase Reclaim Its Throne?
Kraken’s $4 billion value may seem unreasonable when you look at the recent sale of Bithumb, a prominent crypto exchange in South Korea. According to Reuters, the platform, which purportedly posted a jaw-dropping $1.1 billion (figure may be manipulated) in 24-hour trading volumes, was sold to BK Global Consortium for a relatively measly $354 million.
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Sign Of The Times: Basis Shutters $133M Crypto Project Due To Regulation

Although crypto startups have been capitulating en-masse due to financial restraints, a direct byproduct of Bitcoin’s rapid drawdown in value, reports indicate that a promising stablecoin venture has folded due to regulatory qualms.
$133M Crypto Project Folds Due To “Regulatory Headwinds”
In recent months, stablecoins, cryptocurrencies tied to an asset deemed “stable” (ex. U.S. dollar, gold, etc.), have seen an unparalleled rise to prominence. Collaborating with Coinbase, Boston-based Circle launched USD Coin (USDC), while Winklevoss Twins-led Gemini, Paxos, and other leading startups also joined the fray with their own promising forays into the stablecoin realm. Although a majority of these ventures, namely USDC, have been deemed a resounding success, as such crypto assets could challenge Tether (USDT) in due time, some projects of the same sort haven’t fared well.
Related Reading: Bitfinex Expands Stablecoin Listings to Provide ‘Agnostic Platform’
Per an exclusive report from The Block, Basis, a stablecoin project headed by three Princeton University graduates, will be shuttering its blinds after seven months in operation.
The American startup got off to a hot start in April 2018, raising over $133 million dollars from well-known venture groups, such as Google Ventures (GV), crypto-friendly Andreessen Horowitz, and Bain Capital. What set Basis apart from Tether, the controversial stablecoin purportedly integrally linked to Bitfinex, was its intent to use an algorithm-based “central bank” and a multi-crypto asset ecosystem, with such features allowing the startup’s native stablecoin to inflate and deflate “just like a real currency.”
Although the brains behind the operation had high hopes for their venture, which garnered notable levels of traction from leading venture funds, as noted earlier, Basis has folded its cards in a surprising turn of events.
People familiar with the matter told The Block that Basis, even with support from the likes of Andreessen Horowitz, ran into “regulatory headwinds” as it attempted to launch its in-house crypto asset. The insider sources didn’t give any further details on the matter, however, so it remains to be seen who shutdown Basis, and for what reason. Yet, seeing that the product was to be based off the U.S. dollar, with Basis operating within the jurisdiction of the United States proper, it can be assumed that one of the nation’s financial bodies was against the product’s launch and propagation.
No matter which American agency killed Basis, the startup’s closure underscores the growing anti-crypto movement from western governments. In recent weeks, the U.S. Securities and Exchange Commission (SEC), which kept quiet in regards to crypto for a majority of 2018, began to lash out, attacking two initial coin offerings (ICOs) in Airfox and Paragon, while fining the founder of EtherDelta for operating an unlicensed digital securities platform.
Although SEC commissioners haven’t directly stated that all token crowd sales can be classified as securities offerings, the entity’s recent actions indicate that it is leaning towards such an overarching ruling.
A Changing Regulatory Landscape 
With U.S. bodies putting ICOs under increasing scrutiny, coupled with a rise in crypto-friendly behavior from Eastern Asian nations, commentators have begun to speculate that crypto startups will begin to flee to nations, such as Japan and South Korea.
As reported by NewsBTC previously, local media situated in Japan, citing insider sources, claimed that the nation’s Financial Services Agency (FSA) is looking into measures that would reign in ICOs, while ensuring that the crypto ecosystem maintains its health.
South Korea purportedly followed suit, even one-upping its Asian neighbor in a variety of senses. Per Korea Times, Hong Nam-ki, the nation’s minister of economy and finance, is looking into lifting the ban placed on ICOs, citing analysis pertaining to international trends, investor protection, and current crypto market conditions. Along with intending to lift the ICO blanket ban, South Korea has gone all-in on blockchain technologies, with the Asian powerhouse recently revealing the so-called “Blockchain Urban Plan” for the capital of Seoul. This initiative will see the local government allocate $100 million to bolster Seoul’s status as a blockchain capital, which should hopefully foster the adoption of this game-changing technology in the region.
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Crypto Users Double Amid Market Meltdown, a Sign of Recovery?

This year has undoubtedly been the worse one for cryptocurrencies in terms of prices but it is not all doom and gloom as adoption is growing as actual usage of cryptos is on the up.
Double The Users in 2018
With a dump of around 87% since January, crypto markets are on the floor showing no signs of recovery. Many industry observers have predicted further losses and the mainstream media is gleefully publishing a torrent of FUD.
According to a study from the Cambridge Centre for Alternative Finance the number of verified users of cryptocurrencies almost doubled in the first three quarters of the year as reported by Bloomberg. The research indicates that the actual figure has climbed from 18 million last year to 35 million users in 2018. In 2016 there were an estimated 5 million cryptocurrency users.
The study goes on to look at cryptocurrency accounts claiming that this figure has also jumped from 85 million in 2017 to 139 million this year. The signs are positive for an eventual market recovery as increased users will lead to greater adoption which in turn will boost digital token prices.
It was suggested that most users are speculators or long term investors, hodling whatever they have accumulated as selling in current conditions will lead to heavy losses for the majority.
“Conforming with popular narratives, survey data indicates that the majority of users – both established as well as new entrants – are individuals and not business clients. Individuals can be hobbyists, retail investors, consumers, or users seeking a better investment or payment alternative,” the study said before adding “Growth rates were at their highest in 2017, and the number of new user accounts as well as ID-verified users continued to rapidly grow in 2018 as well,”
Increasing user numbers has resulted in a massive boom for crypto exchanges which are still aggressively expanding despite the market meltdown. Binance still tops the charts for adjusted daily trade volume according to Coinmarketcap, however that too has plummeted from over $2 billion per day to around $400 million where it currently is.
Crypto markets are currently a few billion away from their all-time low of the year and capitalization is back at August 2017 levels. Over $700 billion has been wiped out of digital currencies this year but that money was once there, and is still waiting to re-enter the space when markets start to recover. That may not be for a few months yet though as current predictions are looking at late 2019 for any kind of real recovery to occur.
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Ripple Exec: Crypto Technology Needs Improvement Before Adoption

This year’s bear market has seen most of the top cryptocurrencies hemorrhage over 80% as they plummet from those lofty heights made almost a year ago. Some have fared better than others and Ripple’s XRP token has been one of them. Crypto technology, however, is still in need of vast improvement, at least according to the chief technology officer at the fintech firm.
Technology Before Adoption
Ripple has been one of the most pro-active blockchain companies during the downturn as it continues to sign up banking and finance partners to RippleNet and offer services based on XRP. The token itself may well be down 90% from its peak at over $3.50 but it has managed to usurp Ethereum and is now the second largest cryptocurrency on the planet.
Many have asserted that greater adoption will be the catalyst to reverse the trend and send crypto markets on the road to recovery. Ripple’s CTO, David Schwartz, however believes that the technology needs improving before that can happen.
The 2017 bull run saw crypto prices surge thousands of percent in a short space of time which led to their store of value being far greater than their potential for use. This catalyzed the inevitable selloff as adoption of a new method of money movement never actually happened.
According to Forbes some fear that the current problems cryptocurrencies face such as centralized exchanges, security and hacking concerns, and lack of regulation could put people off using them for their intended purpose.
“I don’t want the adoption to get ahead of the technology. It took a long time for the internet to get to the point where it was suitable for anybody to use it and you didn’t have to really understand the technology in great detail in order to be able to get it to work,” Schwartz said on a recent podcast.
Difficulties using cryptos such as setting up wallets and navigating often clunky exchanges may be holding back that adoption that the industry so badly needs. On the flip side, crypto offerings from the institutional heavyweights such as Bakkt and Fidelity could be the on-ramp for greater adoption.
True global adoption will only really take off when the volatility is tempered. Using a digital token to buy a coffee where the price can change by several percent by the time it is poured is not practical by any means.
 
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Crypto Market Update: Tezos Gets Huobi Listing, EOS Flips Bitcoin Cash

FOMO Moments
Crypto markets are still in decline; Bitcoin Cash, SV, still dropping, Tezos bounces back.
Crypto markets are still on the floor today as there has been no sign of even a minor recovery. The bears have kept the pressure on and prices are still sinking as total market capitalization continues to fall below $110 billion.
Bitcoin has slid back again falling close to $3,400, down 3% or so from a high of $3,530 it reached yesterday. BTC is down 11% from the same time last week when it traded above $3,800 and is dangerously close to hitting another 2018 low.
Ethereum is still flat with very little going on as it remains just below $90 for another day. The top ten is mostly in the red but losses are much smaller than previously. Bitcoin Cash has taken the biggest hit again of 3% as it slides into oblivion below $100. This has enabled EOS to flip it and take sixth spot with a minor gain on the day to $1.90. There has been very little movement for the rest of the altcoins in this section.
The top twenty is a mixed bunch of half red half green. Dash, Zcash and Nem are still falling back slightly but the big mover at the moment here is Tezos which has jumped 6% on the day. A listing on Huobi Global yesterday is driving momentum for XTZ.

Huobi Global launched $XTZ on 12 December 2018. @Tezos
For more information: https://t.co/VZvA6fb9if#HuobiGlobal pic.twitter.com/Atw58SI6Py
— Huobi Global (@HuobiGlobal) December 13, 2018

There are a couple of altcoins in the top one hundred getting a dose of fomo at the moment and they include TenX climbing 17% followed by Bitcoin Private and DEX up 14%, Waves also in double figures. Getting bashed today is Revain and Factom both losing around 12% at the time of writing.
Total crypto market capitalization has shrunk again today, falling marginally to $108 billion. Around $4 billion has been lost over the past few hours as markets did make a minor recovery late yesterday. Since the same time last week crypto markets have lost 12% and the downward pressure is still strong.
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.
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Calling All Gamers: Razer Wants You to Mine Cryptocurrency Using Idle GPUs

Razer, the multi-billion-dollar gaming equipment manufacturer, released a new program that allows gamers to easily utilize their idle GPUs to mine cryptocurrency. The catch to this seemingly simple program, however, is that users don’t actually get to keep the cryptocurrency they mine.
Razer Releases Cryptocurrency Mining Software Called SoftMiner
The new program, called SoftMiner, allows PC users to utilize their expensive GPUs while they are not using their computers, whether that be while they are at school, sleeping, or at work, and in exchange Razer rewards them with something called “Razer Silver.”
The San Francisco and Singapore-based tech company announced the program in a tweet earlier this morning, marketing their new program as a way to earn rewards for doing “nothing at all.”
“Have a gaming rig on idle at home? Here’s a new way to score Razer Silver: launch Razer SoftMiner on your PC and start racking up Silver—one step closer to the reward you want, for doing nothing at all.”
Once the software is downloaded, it will automatically activate the PC’s GPU when the computer is not in use and will disburse Razer Silver rewards depending on how much cryptocurrency is mined over a set period of time. Razer has not specified which cryptocurrency will be mined.
A Good Deal for Razer, But not a Good Deal for Users
Although SoftMiner seems like a simple way for users to obtain rewards points that can be exchanged for “coveted Razer rewards like our latest peripherals, games, discount vouchers, and more,” users could run mining software themselves and cash out their cryptocurrency for fiat currency.
Razer claims that with the proper set-up, users can generate up to 500 Razer Silver credits per 24-hour period, which basically amounts to $1.67 per day worth of rewards based on a $5 Razer reward costing 1,500 credits.
The comments on the Razer SoftMiner announcement on Twitter signal that nobody is too excited about this new program.
One user wrote “Seriously? This is an early April fools joke right?” While another user referenced the high cost of electricity incurred while mining cryptocurrency, saying “I’m just going to need to forward my electricity bill to you [Razer] every month and have you pay it.”
Another user criticized the “trade deal” Razer is offering users, calling it the “worst trade deal in the history of trade deals, maybe ever.”
Asus and Quantumcloud recently released a similar program that allows gamers to mine cryptocurrency using their idle graphics cards, although their program allows users to cash out the proceeds (minus a fee) to either their PayPal or WeChat accounts.
Although it is clear that SoftMiner isn’t the best deal for users, it does signal a growing trend for tech companies who are looking to generate additional income through mining cryptocurrency.
Programs like SoftMiner and the one being offered by Asus may also introduce more people to the crypto markets and could act as a gateway that leads gamers into the world of cryptocurrency mining.
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Square’s Crypto-Friendly Cash App is the Most Downloaded Financial Application on Play Store

Just days after been named the hottest download on the iOS application store, Square’s cryptocurrency-friendly Cash App has risen to the top of another chart. This time it has been named as the most downloaded financial application on the other leading operating system’s app store, Google Play.
Although obviously quite impressive in its own right (the Cash App is currently being downloaded more than offerings from competitors PayPal and Venmo), the news is all the more exciting because of Square’s fondness of all things cryptocurrency. The app not only offers Bitcoin buying and selling but is also headed by digital currency perma-bull Jack Dorsey.
Square’s Cash App Helping to Normalise Cryptocurrency Use
It was only yesterday that NewsBTC reported on the Square Cash app rising to the top of the most downloaded applications on the Apple iOS store. The news first broke by way of a Twitter announcement from the company’s cryptocurrency specialist, Miles Suter:

The easiest way for every single person in America to buy bitcoin is #1 on iOS today @CashApp pic.twitter.com/nYUt6tSkIJ
— Miles Suter (@WahWhoWah) December 8, 2018

Fresh on the back of this news, we have a very similar story, first reported by Breaker. This time it involves Square’s Cash App making it to the top of the Google Play Store for financial applications. Whilst not quite as impressive as being the overall number one downloaded application on the iOS platform, it is still exciting news for all those with a vested interest in Bitcoin’s widespread adoption.
Since Square is owned by one of the most vocal proponents of cryptocurrency, Jack Dorsey, it has been keener than its competitors to embrace and promote the technological innovation. This was most clearly highlighted by its decision to announce support for Bitcoin buying and selling just over twelve months ago.
Dorsey is also the CEO of Twitter and has frequently spoken publicly about his belief in blockchain technology and, somewhat surprisingly (given the opinion of many connected to firms providing more traditional financial services) cryptocurrency itself.
Recently, Square announced that it planned to open-source its cold storage solution for digital assets too. This distinguishes the company from other competitors, such as Revolut – the crypto offering of which being painfully superficial in its reach, offering no option to use cryptocurrency bought within the app outside it whatsoever. Clearly, Dorsey understands the importance of decentralisation to the digital asset revolution better than many other payment service providers.
Jack’s in the Cryptocurrency Game for the Long Haul…
It is not only its integration into the Square Cash App and numerous public statements about Bitcoin that highlights Dorsey’s commitment to digital currency, however. The CEO has even pledged his own money to help develop the BTC network into a truly industry toppling tour de force.
In March of this year, the billionaire used $2.5 million of his personal funds to finance a startup working on the Lightning Network Bitcoin scaling solution. Once Lightning Network is fully implemented and understood, it is believed to allow sufficient numbers of transactions to take place that could see Bitcoin emerge as a serious competitor to the likes of VISA and MasterCard. This could allow for the kind of adoption that Jack, and many others, are hoping for in the mid-to-long-term future.
 
 
 
 
 
 
 
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Bitcoin Climbs to $3,500, Analyst Claims There is Nothing Unique About the Crypto Bubble

Bitcoin was able to bounce after yesterday’s downturn, leading the entire cryptocurrency market to trade up. The latest move up may validate the support levels that multiple cryptocurrencies respected yesterday as mid-term bottoms.
At the time of writing, Bitcoin is trading up nearly 3% at its current price of just over $3,500. Bitcoin appears to have established the $3,400 region as a level of support, as its price failed to break below this level during yesterday’s market turbulence.
Bitcoin and Crypto Bubble Not Unique
Despite the market’s recent bubble seeming to be unprecedented, one analyst claims that there is nothing unique about the crypto bubble, and that similar movements have been seen before in multiple other markets throughout history.
While speaking to MarketWatch, Russ Mould, the investment director at AJ Bell, noted that “mania” is what drove the crypto markets to their all-time-highs, and the fundamentals are what dragged them down to their current levels.
“This brutal bear market looks like so many that we have seen before across a wide range of asset classes. A succession of rallies have tempted true believers and speculators alike to hold on, or even dive in again, only for those surges to become vicious bear traps, leaving holders of the cryptocurrency facing deeper and deeper losses,” he said
Mould further explained that similar bubbles have occurred in the dot com industry in the late-1990s, and in the Nasdaq Composite, which crashed and then attempted multiple rallies, “with at least eight of them failing and dragged investors deeper into the mire before the benchmark bottomed in March 2003 after a top-to-bottom loss of 75%.”
The Nasdaq Composite, after peaking in March of 2000 due to its high amount of tech holdings, didn’t recover back to those price levels until April of 2015. Mould insinuated that Bitcoin could see a similar trend, saying that “even if bitcoin is over the worst, it may be a long road for those who piled in near the top.”
Altcoins Follow Bitcoin’s Lead and Rise
Bitcoin’s climb to above $3,500 has led most altcoins to rise 3% or more.
At the time of writing, EOS is one of the best performing altcoins, and is trading up 10% at its current price of $2.02. Despite having a good day, EOS has still had a rough week and is currently trading 12% below its 7-day high of $2.31.
XRP is currently trading up nearly 3% at its current price of nearly $0.31. So far, XRP has respected the $0.30 region as a level of support, and this price may prove to be a mid-term bottom depending on how the markets trend in the coming weeks and months.
Ethereum has climbed back above the $90 mark and is currently trading up nearly 4% at its current price of $91.45. Yesterday, Ethereum established the $88 level as support, which could be validated as a mid-term bottom if the markets continue trading sideways or upwards.
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Only 4 Crypto Exchanges Have 100,000+ Active Users

With crypto still being years away from being widely adopted by the mainstream public, most of the market’s activity is driven by speculators and traders seeking to leverage the wild price swings and volatility in order to turn a profit.
However, new research data shows that the actual active users on top cryptocurrency exchanges is extremely low, with only four of the most active exchanges having over 100,000 active users.
Coinbase, Binance, Huobi, and OKEx: Over 100,000 Active Users
According to the November 2018 research report from the Blockchain Transparency Institute, only four of the top crypto exchanges can claim having over 100,000 active daily users.
The four exchanges with over 100,000 active daily users includes – to little surprise – San Francisco-based Coinbase, Changpeng Zhao-led Binance, Hong Kong-based OKEx, and Singapore-based Huobi.
Related Reading | Binance Boss Predicts Crypto Bull Run By Year’s End
Of the four exchanges, Coinbase leads the pack with 422,000 daily active users, with Binance trailing behind in second place with 313,000 daily active users. OKEx and Huobi barely made it over 100,000 daily active users, with 105,000 and 101,000 respectively.
Out of the 68 crypto exchanges included in the Blockchain Transparency Institute’s report, the average daily active users across all exchanges is a mere 27,000 users. On the absolute lowest end of the spectrum, Bisq, Coinrail, Kyber Network don’t even have 1,000 active daily users, topping out at 394, 573, and 874 users.
Coinbase: Highest Active Users, Very Little Transaction Volume
Coinbase coming out on top should be a surprise to no one, as the company has become the most recognizable name in crypto – especially to retail investors that primarily used Coinbase’s iOS app to purchase cryptocurrencies during last year’s bull run. The firm closed 2017 with over $1 billion in revenue, beating expectations by 66%.
What is shocking to see, is how little transaction volume Coinbase users contribute to the overall market volume. Of the four exchanges with over 100,00 active daily users, Coinbase ranks the lowest, with only $189 in transaction volume per user. By comparison, Binance transaction volume sits at $2,137 per user, while OKEx and Huobi’s customer transaction volume are $1,972 and $1,723 respectively.
Related Reading | Square Tops iOS Store: Can Coinbase Reclaim Its Throne?
Coinbase’s average customer transaction volume per user is about 10% of what other major cryptocurrency exchanges see for transaction volume. Bitfinex, which is known for its “whale” market makers, tops the list with the highest transaction volume per user at $3,518.
Due to how little money traders on Coinbase are transacting with, the incredibly popular exchange ranks 9th on the list for the highest 24 hour transaction volume, at $106 million in transactions each day. Binance, which currently wears the crown in terms of transaction volume, boasts nearly ten times that of Coinbase’s, with over $1.028 billion in transaction volume every 24 hours.
It’s worth pointing out that BitMex is notably missing from the data set provided by he Blockchain Transparency Institute, which is currently ranked 2nd – ahead of both Coinbase and Binance – on CoinMarketCap’s top 100 cryptocurrency exchanges by reported volume.
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