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   989

"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 .

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   282

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.