Crypto's 80% Fall to Exceed Dot-Com Crash Already

Bloomberg's journalist Michael Patterson says that overall cryptocurrency fall of 2018 had already exceeded the well known dotcom crash of 2000s
12 September 2018   426

"The Great Crypto Crash of 2018," as Michael Patterson, the Bloomberg columnist, calls it, has already beaten the anti-record of the dotcom market at the beginning of the new millennium. Such a comparison was made on the basis of the Nasdaq composite index, according to which the drop in the dotcom market in 2000 from the peak to the lowest was 78%.

At the same time, MVIS CryptoCompare Digital Assets 10 data from Nasdaq, which tracks the results of the ten largest and most liquid crypts, on Wednesday, September 12, showed that the digital assets market has fallen by 80% since January.

The Great Crypto Crash of 2018
The Great Crypto Crash of 2018

According to Michael Patterson, like their predecessors during the boom of shares of Internet companies almost two decades ago, today's investors who decided to bet on revolutionary technology are experiencing a painful return to the ground.

As the analyst notes, the cryptocurrency mania of 2017, fueled by hopes that bitcoin will become "digital gold," and the tokens created on the blockchain that transform virtually all industries - from finance to the food industry - quickly gave way to concerns about too much excitement, security, market manipulation , the need for more brutal regulation of the industry and its too slow adoption on Wall Street.

He also says that the cryptocurrency bulls do not attach importance to negative comparisons with the dot-com era, pointing to the recovery and rise to new heights of the Nasdaq index, to the enormous influence that the Internet has had on society, and also recalling that bitcoin, after previous similar falls, .

Nevertheless, Patterson writes, even if the optimists eventually turn out to be right and the cryptocurrency will change the world, this year's events show that this process will not be smooth and even.

As of 10:00 UTC Wednesday, September 12, the aggregate market capitalization of the cryptocurrencies was $ 187.4 billion, which is the lowest in 2018. The vast majority of altcoins are in the deep red zone, having lost in value in the last day from 3 to 13 percent.

Top 20 Cryptocurrenies
Top 20 Cryptocurrenies

Bitcoin currently trades around $ 6264 (-1.4%), the average rate of Ethereum dropped to $ 174.47 (-10.29%). In the Top-20 CoinMarketCap, Dogecoin still stands alone: ​​over the past 24 hours, this cryptocurrency has grown by 2.62% (+ 24.36% per week) and, having surpassed Nem, Tezos and VeChain by market capitalization, has already risen to 17th place .

OKEx & Kraken to List Bitcoin SV

Kraken notes that Bitcoin SV doesn't meet its usual listing requirements
19 November 2018   51

OKEx Bitcoin exchange, charged holders of Bitcoin Cash with BCHABC and BCHSV coins. Bidding for each asset is available in pairs with Tether USD, Bitcoin, Ethereum and OKB token.

Note that futures, margin trading and fiat pairs will remain unavailable for new assets. The withdrawal of coins is also closed indefinitely.

In turn, the Kraken exchange assigned the BCH ticker to the Bitcoin ABC chain, but also made a decision on the listing of Bitcoin SV (BSV).

WARNING: Bitcoin SV does NOT meet Kraken’s usual listing requirements. It should be seen as an extremely high risk investment. There are many red flags that traders should be aware of:

  • No known wallets supporting replay protection (be careful!)
  • No support in major block explorers
  • Miners apparently subsidized or operating at a loss
  • Representatives threatening and openly hostile toward other chains
  • Chain’s survival may be mutually exclusive with other chains
  • Supply is temporarily constrained because of limited wallet support
  • Some large holders have indicated they’d be dumping everything ASAP
  • Kraken has done only very minimal code review

Custodial losses taken on due to attacks originating from nChain or its affiliates will be socialized among all BSV holders on Kraken. Given the volatile state of the network and threats that have been made, Kraken cannot guarantee perfect custody of BSV.
 

Kraken Team

BSV trading will be available in pairs with Bitcoin, fiat USD and Euro.

Meanwhile, the BSV rate in the last 24 hours fell by almost 30%, dropping below $ 90.